Why recruit in a downturn?
13th December 2011
If you believe the recent news, then the economic outlook is dire and the jobs market is virtually non-existent. At the end of 2011 there doesn’t appear to be much to be cheerful about, with the retail sector in apparent freefall and the public sector undergoing massive redundancies. In the science sector, there have also been a number of high profile site closures, including the Pfizer site in Kent and the Forensic Science Service which has sites across the UK. But is it really all doom and gloom?
At CY Partners, we remain positive about the future for science businesses in the UK. We are constantly in touch with clients in the Pharmaceuticals, Chemistry, Bioscience and Engineering sectors, who are growing and still actively recruiting for new staff. They are able to land new investment and win new customers, proving that growth is still possible. But what is the secret of their success?
Our experience working with clients has been that the most critical investment to make is in their staff. A motivated multi-disciplinary team, working together and with the right skills is essential to the ongoing success of a business. Companies that can identify weaknesses within their staff and rectify them quickly stand a much better chance of survival and growth than those that do not.
For a science and technology company, the expertise held by staff can be immense. Whether this be in R&D, Sales, Marketing or any another discipline, the value of this knowledge can be almost immeasurable and should certainly not be overlooked. Staff that feel valued are also more motivated and loyal, so will work harder and be less likely to leave. Further, when considering potential redundancy, it is essential to fully understand the cost to the business of losing a potentially valuable resource.
Ensuring the presence of the right skills is also essential to the correct function of any team. If a particular skillset is required and found to be missing, then it is important to ensure that it is added either through recruitment or retraining. Of course, this requires an investment in both money and time. When finances are tight, it may be necessary to replace existing staff members to ensure this happens.
Finally, you need to ensure that the mix of skills and disciplines matches the stage of your business. For a smaller R&D intensive SME, the focus is often on creative scientists with the capabilities to bring a new product to life. This mix of staff will need to change as the business grows. It might be tempting to put off recruiting a Sales or Marketing specialist until you have more time and money, but this is likely to be counter-productive. The team needs to be equipped to reflect and fulfil business need, which will dramatically increase the chances of success and growth.
Against a backdrop of economic uncertainty, a range of businesses are growing throughout this downturn. Companies who work as a team, who are innovative and able to seize the opportunities available to them, have seen continuing growth. This can only happen with a strong workforce working together effectively. Probier Chatterjee, Director at CY Partners, said, ‘We are very optimistic about the recruitment opportunities coming over the next 12 months, within our clientbase. Many new and established scientific businesses have bucked the apparent trend and continued to grow even in these challenging times. They have demonstrated a willingness to continue to invest in their staff in order to improve their chances for growth and success!’
