Tuesday, September 21, 2010
Indications are that the current economic recovery will be prolonged and will produce only modest job growth over the next two to three years. While this does not bode well for job seekers, it also holds out a number of challenges to organizations attempting to recruit and retain top talent. It may seem like a win-win for organizations with significant numbers of highly qualified talent on the market and possibly at very reasonable wage rates compared to few years ago. However, organizations need to be watchful and practice good hiring techniques in order to the best qualified and best fit for their needs.
Deloitte LLP, a firm specializing in audit, financial advisory, tax and consulting suggests that there is a distinction between those organizations who are preparing for recovery and those that may be “left behind”. “Hunkering down” may have seemed like the right thing to do two years ago but may result in “losing the increasingly critical fight for talent”.
A survey In September, 2009, by the talent development and retention firm talentRISE LLC indicated that “80% expect post-recession recruiting to begin by second quarter of 2010”. Accountants International, a Burlingame, CA-based provider of accounting and finance staffing and recruitment, reports that 25% of the 3,500 respondents to their April 2010 Compensation, Benefits and Workplace Trends Guide indicated that “felt their accounting and finance departments were understaffed and they anticipate hiring”.
“1. Use niche websites, 2. Make social media a part of your toolbox , 3. Set up a company or recruiter-specific LinkedIn profile, 4. Author or sponsor industry-specific white papers, 5. Create a webcast that showcases your company, culture, product or a best practice, 6. Blog where potential candidates are listening, 7. Automate your sourcing efforts, 8. Revisit and use your own applicant tracking system (ATS), 9. Join online groups and participate, and 10. Build a passive candidate database though online searches.”
Tali Arbel, an Associated Press Business Writer, in an article posted to ABC’s News and Money website on June 15, 2010, commented that there are other ways to retain employees who might otherwise look for employment opportunities elsewhere as the economy recovers. Among those techniques are: employees are motivated when they are noticed for doing a good job, look for ways that you can express you gratitude to an employee who went above and beyond, and allow employees to acquire new knowledge’s, skills and abilities.
It is clear, that as the economy meanders alone its slow road to recovery, an organization needs to position its talent to take full advantage of even the smallest amount of uptrend. To do that, the organization must have its talent base in place, engaged, and ready to deliver to its customers. While there may be a perception that talent is standing on the corner just waiting to be hired, the actuality is that top talent has a job; and you do not want that job to be at your competitor.
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