2024 is shaping up to be a record-breaking year. For the first time in history, nearly 50% of the world’s population live in countries that are holding (or have held) major governmental elections. Pair this with economic volatility, shifting global dynamics and rapid technological advancements, and it’s no surprise that for many businesses, hiring feels as though it’s entering unchartered territory.

Here are five tips to help you sail these uncertain waters and secure the talent your business needs to survive, and most importantly, thrive:

Our 5 tips for hiring in unpredictable markets

1. Stay in the loop

While research might be showing that we’re following the news at lower levels than ever seen in recent history, it’s increasingly important that business leaders stay informed about global events and trends that can impact their organisation. Regularly consuming reliable news sources helps ensure that you are aware of economic shifts, political changes, and technological advancements that could affect your hiring strategy.

Staying in the global loop enables you to identify emerging trends and innovations, allowing you to reposition your strategies proactively for growth and resilience. According to McKinsey, companies that reallocate their resources dynamically and adjust to shifting opportunities show significant improvements in capturing economic profit.

2. Be open-minded

In unpredictable markets, actively seeking to diversify your workforce is a win-win for companies, from improving employee retention to boosting profits. Research has shown that 57% of employees want their company to be more proactive in increasing diversity, and businesses that do take this proactive approach are also 35% more likely to outperform their competitors. A diverse team with a wide range of experience can be your advantage in unpredictable markets, where the ability to pivot quickly and respond to changes can make all the difference in maintaining a competitive edge.

In the face of economic volatility and changing global dynamics, embracing remote or flexible work arrangements is another strategy that can significantly benefit your business. Remote work opens up access to a global talent pool, allowing you to hire the best candidates regardless of their location, and this flexibility not only helps in attracting top talent, but also improves employee satisfaction and retention. According to research by Global Workplace Analytics, 72% of businesses reported that offering remote work had a high impact on employee retention, and 90% of employees said that flexible work arrangements positively impacted employee morale.

3. Use data and analytics

This might seem obvious, but we can’t overestimate the importance of being informed when it comes it your hiring strategy. Most businesses aren’t taking full advantage of the power that data insights give them. Only 26.5% of organisations would describe themselves as “data-driven”, and even more shockingly, up to 97% of the data companies collect sits completely unused.

Implementing advanced data analytics can help you gain insights into market trends, workforce availability, and candidate performance, enabling you to make informed hiring decisions and anticipate future needs. According to McKinsey, businesses that leverage data analytics are 23 times more likely to acquire customers, six times as likely to retain them, and 19 times more likely to be profitable.

These days, there are several tools that can help you see deeper into your hiring strategies’ performance and track the things that you actually need to know.

4. Invest in your employer branding

A strong employer brand is always going to be important, both for attracting and retaining top talent. Research by LinkedIn found that companies with strong employer brands had a 28% lower turnover rate than companies that didn’t, and Gallup found that employees who connect with their company’s mission and values were 70% more engaged in their work.

In times of economic uncertainty, a strong employer brand can set your company apart in a crowded market. By clearly communicating your culture, values, and commitment to employee well-being, you can attract (and keep) candidates who align with your mission, are more likely to thrive in your organisation, and will stick around if times get tough.

Read our blog on how to build an impressive employer brand here.

5. Be prepared – but don’t panic!

While it’s important to remain vigilant and responsive, don’t panic. Focusing on long-term goals and strategic adjustments is much more productive than impulsive short-term reactions. Being able to pivot and adapt quickly is a necessary skill, and creating and maintaining a flexible workforce is the key to being able to do this.

A good place to start is building a strategic hiring plan, if you don’t already have one. This involves aligning hiring resources with business goals and long-term staffing needs, and includes gathering stakeholders, determining financial resources, setting company goals, understanding headcount requirements, and performing skills gap analyses.

Lastly, it may be comforting to hear that everybody is in the same boat when it comes to many of these major macroeconomic changes, so you’re not alone in this. Lean on your network for support and advice, and don’t be afraid to ask for help when you need it - sharing insights and strategies with peers can provide invaluable perspectives and solutions that help you move forward.

Find out how Osavus can be your hiring ally in turbulent times here.