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A number of employers have been waiting before hiring new staff but some are going ahead, says Marc Burrage, executive general manager of Hudson recruitment.
Burrage is not expecting to have a clear idea of where the market is heading until March, but says whatever is happening there will be a skills shortage.
"A lot of people have frozen their head count and now there is a lot of talent in the market," he says.
Burrage does not see the market getting a lot worse and his advice for businesses with a little spare change is not to let the gloomy headlines get the better of them.
"I would say if you're an organisation that can make money you should get ahead now so you can be at the top when everyone else's businesses start picking up again. Don't get caught up in the hype - if you can push on don't short-change yourself by missing out on business opportunities," he says.
The candidates to be hiring now are those who can have an impact and are prepared to work hard to get through the downturn. "You want people with resilience and optimism."
Tough times only magnify the importance of people to a business and employers need to make sure the people around them are able to work within the current environment.
This means looking at everyone involved in the business and examining who is a "passenger" or a cost, and who is an investment. Employers should focus on people who have potential but are finding the current environment more difficult and help them out, and if trims are needed look at the areas that are dragging the business down.
Keep investing in the "investments" and start looking to hire the best people from competition, Burrage says.
"Keep investing in roles that are the most critical. The single most important thing is to retain and motivate the best people. Then you can start to think about who you add."
Burrage says the best time to be hiring is "whenever great talent walks through your front door".
These go-getters will never be a cost, they will always be an investment, he says.
Bringing them on board may require training and businesses struggling with cashflow should look carefully at the cost of that investment - but the worst thing the business could do would be to miss the boat and hand the investment on to the competition.
"Be responsible and realistic but don't miss out."
While Burrage says it looks as if business conditions will be tough for another three quarters before gradually improving, businesses should know that if they cut too deep now it could spell trouble farther down the track.
It is more important to maintain a customer focus, keep aware of what is going on and keep an eye out for opportunities. For instance, businesses should now be looking at what they can do to look after their staff more in order to retain them.
"Recognise what is going on. Create an environment that supports staff so you keep the top ones ... there is always an upturn."
