The Fear of Hiring in 2024- Here we Grow Again!

Are you a hiring manager with open headcount you fill but aren’t sure if it’s right time to hire? 

Did you over-hire and over-pay in 2022 and 2023 and had to let people go?

Are you a job seeker that has interviewed for the same job for months with no end in sight?

If you answered yes to any one of the above questions, you’re not alone.  I’m starting a support group for all of us, and you’re officially invited to our first meeting😊

My story is likely familiar to most of you; we hired at a high clip rate over the last couple of years; over paying for new hires and growing at an exponential rate in both revenue and staff.  We won all the awards and accolades but didn’t pay attention to our culture and cut too many corners in our hiring practices.  As a result, we spent last year making some tough decisions on staff and getting lean as an organization.

Now we’re ready to grow again, but I’m scared to do it.  Business has picked up, but I find myself interviewing a lot candidates and putting them through several rounds only to be indecisive on making the hire.  What’s so ironic about this is that we make a living helping companies hire and grow, and I’m having trouble overcoming my fear.  This is likely why I need a support group!

It’s a weird time; interest rates remain high, inflation still up, it’s an election year; yet most companies are running lean, and they need to grow again.  We’ve seen quite a bit of activity since the start of the year.  Most of our customers are working on getting back to even; which means they have to fill the jobs they cut last year.  Also, since the start of 2024, we’re seeing companies adding headcount, adding new products service lines. 

Guys, it’s time to grow again!  We just need our support group!  Let’s get over our fears together!

Below are three factors that we can work on getting past together:

Economic Uncertainty

One of the primary drivers behind the fear of hiring is economic uncertainty. Economic downturns, such as recessions or market fluctuations, can significantly impact a company's ability to forecast its financial future. In such times, businesses often adopt a cautious approach, hesitant to commit to new hires due to concerns about financial stability and the potential for layoffs in the future.  I call this the post COVID Purge.  Companies froze hiring processes and resorted to layoffs to navigate the economic turbulence brought on by the pandemic. Even as economies recover, the memory of such uncertainty lingers, making companies more conservative in their hiring decisions.

Technological Disruption

Another aspect contributing to the fear of hiring is technological disruption. Automation, artificial intelligence, and digital transformation have revolutionized industries, leading to a shift in required skill sets. Companies fear hiring employees who may quickly become obsolete as technology advances, rendering their skills redundant.

Cultural Shifts

Companies are grappling with cultural shifts that influence hiring decisions. The rise of remote work, for example, has challenged traditional hiring practices. While remote work offers flexibility and access to a broader talent pool, it also introduces new challenges in terms of communication, collaboration, and company culture.

Employers fear hiring remote workers whom they may never meet in person, unsure of their commitment or ability to integrate into the company culture. Additionally, the blurred lines between work and personal life in remote setups raise concerns about employee burnout and productivity.

So let me leave you with this: you’re not the only one, and the fear is real.  We can overcome this fear by adopting proactive strategies that include data-driven decision making during the interview process, efficiency of the interview steps, and finally and most important, trust in your hiring experience.  And if you’re a job seeker, over-prepare for every interview and trust in your abilities.

By embracing change and investing in our work force, we can navigate these uncertain times and thrive in a dynamic job market.  And if that doesn’t work, you can always join my support group 😊.  Here’s to a great second half of the yearr!