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Recruitment & Retention

Published June 2009

Tapping Top Talent in a Downturn

  Sue Marks

HR leaders often are faced with the task of downsizing in one business unit and recruiting highly skilled professionals in another. They have to cope with an exponential increase in applicants for a much smaller number of open jobs, maintain morale in constantly shifting external and internal environments and help their organizations retain key employees. This must be done with reduced recruiting and HR staffs and slashed budgets, at a time when brand image is a critical success factor.

Today, more than ever, organizations must recruit and select the best talent where they have openings and upgrade talent in areas where it will advantage the business. Change in the business environment has happened so fast, many organizations have been slow to adjust and take action. In the current economic climate, it is necessary to take a step back and evaluate workforce plans, as well as talent acquisition processes and enabling technology and determine a strategy that works for the organization in the new recruiting reality.

A Fresh Approach
The biggest mistake an organization can make in this challenging environment is to let down markets drive its vision and shut down recruiting completely. Don't ignore reality. Take a well-planned, creative approach to workforce planning and talent acquisition.

When recruiting departments are faced with more work and fewer resources, build in efficiencies, maximize existing tools, eliminate waste from existing processes, innovate, manage vendor relationships and establish strategic partnerships.

Consider the following are steps:

Re-evaluate recruitment marketing strategies. Don't stop running ads and posting jobs, but do be strategic and take a planned approach. The market has shifted from a scarcity to an abundance of candidates in a very short time — adjust accordingly. Don't overspend or spend in the wrong areas. Now is a great time to be out in the market as the competition for talent is much lower. Take advantage of it.

Also, renegotiate existing vendor relationships; don't pay last year's rates this year. There will still be skill shortages and geographic recruiting gaps, so rewrite copy and spruce up the company's look. Speak in a genuine voice for the organization by working with the marketing department.

Leverage the hidden gold mine. Arguably the most commonly overlooked tool in any organization is its existing database. A real gold mine of information, the resumes collected by recruiters and HR staff during the past few years should provide great leads on passive and active candidates. For instance, run a Boolean search on the company's internal ATS database.

Improve competitive insight. Leverage candidate interviews to collect market data on competitors. Actively call leads and network to gain insight into their knowledge about competitors. As talent managers interview candidates from competitors, gather critical information to help position the company to win in the market.

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