Now's a great time to reevaluate what talent you need and how to deploy it. Take a look at "which seats are on the bus" and "who you have in each seat." Do an audit of the job descriptions in your company and look to better align them with your current mission and objectives. Look for redundancies and opportunities to make jobs more fulfilling.
While this can be a useful exercise as a precursor to reductions in force, it doesn't have to be all about cutting heads. You will find cost savings and performance improvements as well as morale boosters. By ensuring the organization is set up to achieve your objectives you'll eliminate wasted effort and get more return on your talent. You'll also reduce frustration and job stress for your employees by ensuring what they do makes real contributions.
The recession is likely to be deep and wide spread, impacting most if not a ll industries and regions. While bad news on the face of it, this means you will have an easier time attracting talent no matter what sector you're in.
Even though total hiring may decline, your quality of hire should go up in a recession. Now is no time to settle for adequate. Keep looking for the best.
To see more tips, click on Comments below.
Even though total hiring may decline, your quality of hire should go up in a recession. Now is no time to settle for adequate. Keep looking for the best.
To see more tips, click on Comments below.
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Survival Tip #17: Upgrade talent
There are a lot more talented people looking for jobs, either because they lost a job or seek greater security. Now is an excellent opportunity to look around your organization and find opportunities to upgrade your talent.
Particularly after you've completed Survival Tip #16: Re-categorize jobs, this tip can prepare you to get the most out of the recession. Play to your strengths. Do you have a strong brand? Represent new opportunity? Or represent stability? Use these strengths or others to attract talent.
Job boards and postings are good, but don't stop there. The best talent is always employed. Make a list of the best people in your field and reach out to them. People you might have considered "out of reach" or "completely happy" in their current roles may have had a change of heart.
Reach out to the best people you can think of -- reach higher than normal -- and use these times to get the very best. You will find you can get incredible talent for the same money you're paying for mediocre.
MEASURING QUALITY OF HIRE
Quality of Hire = PR + HP + HR / N, where:
• PR = Average job performance rating of new hires
• HP = % of new hire reaching acceptable productivity with acceptable time frame
• HR = % of new hires retained after 1 year
• N = number of indicators
Source: Pinstripe.
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