A survey conducted by an HR consultancy firm Towers Perrin back in 2001 can be dusted off and re-read. It reflected that when the dotcom bubble burst in 2001, companies the world over were laying off several of their workers; however, of these companies, the research then indicated that 73% of them were still hiring top talent, in addition to creating retention strategies to keep their best performers.
The landscape, when compared to today and the current economic climate, is not that different, and many of our more forward-looking clients are still on the prowl for top talent. The trick when times are tough is to look to the future - things will get better, and while we might not know when, we need to ensure that we are in a position to rise to the occasion when it does. And that means having the right people in place to get you there.
Successful companies make the hiring of top talent a business priority; they add it to their business strategy and do not let economic pressures influence this. They embrace that the right people could be a key differentiator when trying to weather a storm, as the right people will help deliver the right value.
But it is not just about rushing out and employing good people; a large component of this strategy needs to be underpinned by ensuring that you keep your existing talent engaged.
Additionally, companies which are getting it right take these aforementioned elements and tie them into tangible processes that can be tracked. Some of them even include these into the scorecards and performance management systems, ensuring that they can keep an eye on talent management as a best practice initiative.
Identifying you need top talent is one thing but attracting them is another, which brings me to the point which I constantly share with our own customers. Make your offer attractive.
And by that we don't just mean financially. If your company offers incentives such as flexible working hours, more than the usual number of days off, have professional recruiting processes and can maintain a positive outlook, you are going to look more appealing than your competitors.
We face a potential risk when times are tight that people won't leave because they are scared that if they do, they may fall prey to the first-in, first-out retrenchment policy when looking for employment elsewhere. The damage comes in when demotivated employees cling to positions for all the wrong reasons, as they will slowly erode the value they provide your company and give a negative impression to talent you are trying to harvest. That is why it is critical to keep all staff engaged.
The bottom line is about ensuring your business remains in a position where it is competitive, respected, and making money. Without the right people in place to make sure these things happen, you could land up not meeting any of these objectives.
If I look at my clients who are still managing to keep their heads above water, and make things happen for themselves, they are definitely the ones who are still hiring top talent, grooming and investing in existing talent and not being afraid of letting dead wood that doesn't add value to the organisation go. They are also the ones who have embraced talent management as a strategic business initiative, and have a firm eye on the future of their business and its success.
So if I were to give anyone else advice, it would have to be to at least keep looking. You might not be in a position to buy someone off the talent menu, but you need to know who is out there and what your options are.
The end of the storm might not be in sight, but who ever really knows when the clouds are going to break? Yet break they will. So get ready and prepare for sunshine times ahead.
