Recruiting in a Down Economy
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You’re in charge of Talent Acquisition at a company that is no longer acquiring talent.


This of course is not by choice, but by necessity. And while the scenario may sound bleak at first glance, there are certainly ways to take advantage of this time and make the most of the economic downturn.


1. Build up bench strength.


There is a lot of really great talent out there looking for work. Use this time to make connections. Of course, you may not have a job opening now, but you likely will at some point soon. When the pendulum does come back, you want to be in position to get the best people hired as quickly as possible.


Hit the networking circuit, talk to top talent that comes knocking on your door, and don’t be afraid to seek out the passive job seeker who may not be so passive after the next round of layoffs at her company.


Be honest though. I never led anyone on, or let them think we had an opening when we didn’t. Tell them that you are just out meeting folks because you never know when the next opening may arise.


My goal was to have at least five names of great people available for most major job titles at my company. That way, when we did have an opening, I was not starting from ground zero.


2. Upgrade talent


We hear all the time that we need to think strategically about the business. This may be your chance. If your company is mulling a layoff or even if they are not, let management know who you have on your bench as possible improvements to existing staff.


This was the time that I always used to connect with executive recruiters to see who they had available. If we were able to find a great candidate, we’d bring it to management as a proactive way to make our organization stronger.


You may even suggest that an impending cut go a bit deeper since you have candidates who can come in right away to upgrade your existing talent.


The key is to show that by improving talent you can improve the bottom line.


3. Plan ahead


If you work in an industry that is struggling right now, it’s obvious that you have to fight for your job as well. Take this opportunity to get ahead of the curve and add value.


Make yourself known and establish your worth in meaningful ways. Every situation is different, but here are a few things to consider:




•Meet with department heads and group leaders to talk about hiring needs post-layoff or for 2010 and beyond.

•Show management the importance of making the right hiring decisions and training new hires appropriately. In fact, according to many studies the difference between a successful new hire and one who fails can mean up to $100,000 to the bottom line in just one year based on lost productivity, employee churn, and impact on other staff.

•Overhaul all of your onboarding and new hire materials, partnering with other organizations and tapping into best practices



It’s easy to get dejected and feel defeated in times like these, but as they say, every cloud has a silver lining. In this case, the silver lining is the chance to find some amazing talent for your company and the opportunity to plan for the future.