The news came out there is a significant increase in the jobless rate. According an an article in Yahoo, the jobless rate is now at 6.1%, which is a five year high. On one hand this is dismal news. On the other if you have a business that is holding its own or doing well in this economic downturn, a large pool of unemployed offers you a better selection.
While others wallow in the shock of it, perhaps this is when you can move in a scoop up some highly skilled and very qualified employees that were recently let go. Hiring someone now when they are out of work and the economy is in a slump will often engender loyalty. You helped someone out in rougher times.
Of course you want to be sure they were laid off because of downsizing or lack of business. You don’t want someone who was discarded for incompetence, theft or any of the other grievances that can expose you to lawsuits and public embarrassment. So it always helps to conduct background checks as part of your preemployment screening program.
The thing is to be able to absorb the current bad patch and still plan for the future. Sometimes there is nothing like new blood to help you do so. Be patient and choose wisely. There indeed may be bargains out there.
Check them out before you hire.
