Strategies for businesses to hire top talent in turbulent economic times

Turbulent economic times may change how people think about work, but they don’t eliminate ambition, talent or opportunity

THE GLOBAL ECONOMY is in turmoil. The World Economic Forum’s Global Risks Report identifies geoeconomic confrontation, interstate conflict, and societal polarization among the top five risks of 2026. 

The UK economy, which ranked sixth-largest in the world in 2024, is facing uncertainty. Roughly a quarter of UK CEOs anticipate a downturn in the national economy in 2026. 

The lesson is clear: businesses must rethink spending, expansion, and workforce planning. In moments like these, many companies instinctively hit pause on hiring. But the reality is that uncertain times don’t eliminate the need for great people. In fact, they make hiring the right talent even more critical.

Below are a few strategies that can help you hire top talent in turbulent economic times: 

#1 Prioritize Skills Over Traditional Credentials

Right now, the best way to hire is to prioritize skills over diplomas. The traditional college degree requirement is fading. It’s recognized as an arbitrary hurdle that prevents millions of talented individuals from accessing professional opportunities. 

In the U.S. alone, over 70 million adults are “Skilled Through Alternative Routes” (STARs). These individuals have acquired high-level competencies through community colleges, military service, industry certifications, or hands-on experience. So, removing degree filters can increase the qualified candidate pool. 

A 2025 research showed that 81% of organizations have already moved away from traditional credentials to skills-based hiring. 

It’s easy to see why: workers without degrees tend to stay in their jobs longer. This saves the business money on hiring and training. It also helps with diversity. It opens doors for people who could not afford college.

To hire for skills, you must look beyond the resume. Implement brief, skill-based evaluations, such as live coding sessions or marketing assignments. This allows you to move past the paperwork and see firsthand what a candidate can deliver.  

#2 Search For Talents Outside Your Home Country

Go beyond your home country in your hiring search. That way, you can access world-class talent with specialized skills that may be scarce or expensive at home.   

For a long time, U.S. companies hired people in Asia. But now, many are looking at Latin America (LATAM). That is because countries like Mexico share time zones with the U.S. That allows the team to connect in real-time during the day. 

Hiring internationally brings significant responsibilities, such as local tax filings and compliance with labor laws. To manage this, many firms are partnering with Employers of Record (EOR). 

An Employer of Record acts as the legal employer for international workers. Remote, a global HR and payroll platform, explains, “EORs typically take on HR administrative duties, run payroll, provide compliant benefits, and manage taxation obligations.”

In Canada, for instance, employment insurance (EI) premiums are to be paid by both employers and employees. But the UK follows a pay-as-you-earn system where employers withhold income tax. 

If you run a business in the UK and plan to hire employees from Canada, you need to comply with the latter’s employment regulations. This is where a Canada Employer of Record (EOR) becomes valuable. It can act as the local legal employer for your Canadian hires, handle employment contracts, payroll, EI contributions, and statutory benefits. 

#3 Offer Remote Work

If your business cannot pay the highest salary, it can offer flexibility. Most workers now see commuting as a waste of time and money.

Recent research from Gallup reveals that 26% of employees prefer exclusively remote jobs. Why not offer remote work, then? 

For you, the shift to the remote model offers substantial overhead savings. You would save thousands of dollars per employee per year on real estate, utilities, and office maintenance when adopting a remote-first approach. 

Remote further adds that allowing employees to work remotely increases productivity and improves job satisfaction. 

Don’t worry about managing a remote workforce; it’s easier than you think. Use project management software to track task completion and deadlines. Make sure that in-office time is used for high-value collaboration, team bonding, or complex problem-solving.

You must also establish clear ground rules for response times and preferred communication channels to prevent burnout.

A new idea called microshifting is also becoming popular. Rather than forcing life around a rigid schedule, this approach breaks the day into manageable intervals. That allows workers to step away for family needs or personal well-being. 

Opportunity Exists Even Amidst Turbulence

Turbulent economic times may change how people think about work, but they don’t eliminate ambition, talent, or opportunity. In fact, they often separate truly great employers from the rest.

Follow these tips, and your business can attract top talent that isn’t just looking for a job, but a place to grow and contribute. And when the economy eventually stabilizes, you’ll already have a strong, loyal team in place, ready to move forward together.