Economic experts warn that a US recession could occur anytime in the second half of 2023. Though experts have been anticipating a recession for a while now, Paul Christopher, the head of investment strategy at Wells Fargo, states that business owners must pay attention because the event can lead to higher interest rates and tighter credits. The Federal Reserve has already raised interest rates higher and quicker than in decades, making it harder to borrow money for potential business growth.
Due to these warning signs, businesses must start preparing for possible economic downturns. Your preparations can begin with hiring professionals who can help your business thrive during a recession, such as the following roles:
Crisis manager
Crises are always unexpected. As such, businesses should never wait for a crisis to happen first before hiring a crisis manager into their team.
Our guide on ‘Navigating a Crisis’ points out that you should already have a crisis management plan in place because this plan outlines the action that everyone should take during emergencies. These plans can help businesses mitigate problems and resolve them efficiently because they already outline the roles and responsibilities of each staff member. So before it’s too late, your business should hire an expert certified or trained in crisis management. These individuals should have excellent communication and problem-solving skills to ensure that they can get everyone aboard on their crisis management plans.
Financial analyst
Financial risks are at an all-time high in a recession. Thus, businesses need to rely on a financial expert who can help them navigate through an uncertain market and make wise financial decisions.
Financial analysts are one of the most essential business roles in times of recession. The financial analyst job description by LHH shows that these experts can help with decision-making by collecting industry research, writing financial reports, and predicting a return on investment via various business ventures. These experts’ ability to study a company’s data and give advice for financial strategies will be necessary, especially in times when businesses have limited resources. Before the economy experiences a downturn, it’s critical to work with financial analysts who can already plan strategies in advance.
HR personnel
HR personnel are important all year round. However, you need the most competent ones on your team when you may have to work with limited human resources during a recession.
Jason Walker, the co-founder of Thrive HR Consulting, points out that HR personnel have a number of roles to play in helping an organization navigate a downturn. To illustrate, compensation and benefits specialists are critical in assessing and managing the company’s budgets during a time when benefits are more essential yet expensive. Businesses also need HR personnel with legal expertise because they can help organizations analyze which positions can be let go in a fair and legal manner.
Content marketers
Most people will limit their spending during economic downturns. As such, your business must identify how you can continue to market your offerings, even in a recession.
One of the professionals you’ll need during these times is a content marketer. The Content Marketing Institute states that 65% of content marketers have a documented strategy, making them efficient in developing content based on your business goals, audience, and preferences. These marketers are skilled in creating helpful and valuable content for consumers, which can instill in consumers that your products and services as essential during a recession. By hiring competent content marketers, you can ensure that consumers support your businesses during good times and bad.
There are plenty of businesses that don’t survive in a recession. You can ensure the survival and even the growth of your business by hiring these professionals into your team.
Exclusively for levelupmag.com by JB Baker
