Building Up Your Bench During a Market Downturn

Story by Gemma Beasley / November 6, 2023

When clouds roll in, it’s tempting to hunker down and pray for sun. But storms can also offer firms a chance to fortify foundations and erect even stronger structures.

Because while economic downturns invariably signal distress, proactive leaders can utilize these periods to upgrade their talent, hone efficiencies, and boost their competitive positioning. With the right strategy, you can not only weather the storm but emerge primed for blue skies ahead.

Rather than battening down the hatches, forward-thinkers view tempestuous times as an opportunity to chart a course toward future success.

Layoffs Shake Up the Construction Talent Pool

In a downturn, many firms unfortunately need to make cuts to stay financially afloat. This suddenly shakes loose a lot of top-notch talent into the open job market – project managers, estimators, superintendents, and more. Workers who expected to climb the ladder at their current company are left looking for a new home.

So the best time to pick up all-star team members is when the competition has let them go. It’s like having first dibs at the trade deadline in fantasy football, when you can scoop up free agents to fill gaps in your roster.

When this unique hiring opportunity emerges, you need to be ready to act quickly and decisively. Make sure you’ve evaluated your needs and identified target players whose skills and experience fit.

Get Your Hiring Wishlist Ready

Create a wishlist of dream hires – the standout project manager who could lead complex builds, the superintendent known for on-time and under-budget projects, the senior estimator with a proven bid winning track record.

Having this wishlist is crucial so when all-star candidates become available, you can make an appealing offer before competitors snap them up. Be ready to show top talent why your firm is the ideal home for them to thrive.

Expand Your Talent Search

Don’t just wait and hope the right candidates fall in your lap. You need to cast a wide net and proactively seek them out. Tap into your professional network, attend industry conferences and mixers, and get the word out that you’re looking to bring great people on board.

Many talented workers who get laid off feel adrift, but you can show up as their port in the storm. Let people know about job openings and entice qualified prospects by promoting your company’s strengths. And even if you struggled to compete for talent in the past, simply seeking new staff at a time where others have freezed hiring is enough to make you stand out in the crowd.

This downturn may have leading talent questioning their future. Could you be the firm to provide stability and bridge the next exciting phase in their career?

Invest in Retaining Your Talent

While apprehending new talent, don’t forget to take care of your existing crew. A downturn creates uncertainty and anxiety across the industry. You can keep morale up through clear communication, empathy, and displaying commitment to your staff. Make sure they know their jobs are secure and their contributions are valued.

Providing reassurance and inspiration helps ensure your A-players don’t start glancing at the lifeboats. You can also solicit their input on important decisions as they have invaluable insights and institutional knowledge.

By caring for your current crew and making them part of the solution, you ensure a steady hand at the helm to guide your firm through stormy seas. Your workers are your most valuable asset – you support them, and they’ll support you.

Use Slowdowns Strategically

When business hits a slow patch during a downturn, it’s tempting to just keep everyone busy with low-value make-work. But similar to a project delay, it’s wise to use the slow time productively.

So why not have teams refine plans to prepare for the next upswing? Whether streamlining systems, cross-training to build bench strength, or investing in professional development. You can also bring in experts to update skills in new technologies, and deep dive into data analytics to identify efficiency opportunities.

The key is having a plan ready for how to utilize the slowdown, rather than waiting for things to pick back up. That way when the market rebounds, you’ll be a lean, agile operation firing on all cylinders. Your company will emerge smarter, versatile, and better positioned to capitalize on new opportunities.

Recessions Provide Construction Growth Opportunities

Downturns force hard but often beneficial changes. Weak competitors go under, opening up market share. Banks and investors get selective, funding only the soundest projects. Companies are compelled to reduce bloat, operate more efficiently, and focus on higher ROI work.

It’s said necessity is the mother of invention. Similarly, challenging times inspire construction innovation and sharpening of competitive advantages. With strategic moves during the slowdown, your crew can emerge stronger and leaner.

Take Advantage of the Winds of Change

Shifting economic winds signal opportunities for those construction firms who are prepared to strategically adjust. Survival mode won’t always survive long periods of uncertainty.

To thrive in the storm, you need a proactive plan to actively strengthen your talent bench, refine processes, and boost your market position. Bring on board the standout performers that short-sighted competitors let go. Invest in upskilling and development to upgrade your crew’s capabilities. Tighten up processes to improve quality and efficiency.

With the discipline to implement these moves during the downturn, you’ll ride out the storm in a position of strength. While others scramble to stay afloat, your firm will be plain sailing. Why scramble to survive when you can leverage these unique conditions to excel?

Navigate the Talent Landscape with an Expert Guide

As we’ve explored, a downturn opens up chances to upgrade your crew’s skills and strengthen the core of your construction team. But recruiting is its own skillset – one that demands keen market insights and networking savvy to surface the best candidates.

That’s where a trusted talent advisor can help. At Hudson Cooper Search, we’ve guided many firms through shifts in the hiring climate, just like the one we’re going through right now. Our insight and connections will assist you at every step, positioning your brand to attract today’s displaced talent. We’re here to provide an extra set of experienced hands on deck during this crucial moment to shape your crew for the road ahead.

Let’s connect to explore how a partnership could look.

Categories: Hiring Insights

Tags: Candidate attraction, construction jobs, construction workforce, labor shortages, Leadership