Featured Article:
Tending to Talent in a Downturn

Many industries today are facing enormous demographic, economic and competitive challenges. Talent management has become a growing concern and recruitment offices are stretched more than ever, as companies struggle to handle the double whammy of an increase in applicants and a decrease in budget. Still, industries like energy and healthcare continue to grow.

Recognizing the critical role talent acquisition and management plays at time likes these, leading organizations are trying to contain costs without losing their focus on attracting, retaining and engaging the talented people critical to the success of their organization. As companies look to fill these positions, they are confronted with the paradox of skill shortages in some areas, and an overwhelming surplus of applicants in other areas. Although demand has shifted, these organizations need to build in dual processes for dealing with applications and also recruiting specialized in-demand positions.

A Fresh Approach
Now is the time to build in efficiencies, maximize existing tools, eliminate waste, innovate, manage vendor relationships, and establish strategic partnerships. Following are steps you can take today to proactively manage in these turbulent times.

• Re-evaluate Your Recruitment Marketing Strategies: Don't stop posting jobs, but DO be strategic and take a 'planfull' approach. The market has shifted from a scarcity to an abundance of candidates in a very short time, so you need to adjust accordingly. Make sure you aren't overspending or spending 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. For starters, renegotiate your existing relationships; don't pay last year's rates this year!
• Leverage Your Hidden Goldmine: One of the most commonly overlooked tools in any organization is the existing database. A real goldmine of information, the resumes collected by your recruiters and HR staff over the past years should provide great leads on passive and active candidates. When was the last time you ran a Boolean search on your own ATS database?
• Tap Your Current Employee Pool: Take a fresh look at your existing employee pool. Identify individuals who have been interested in gaining experience in other functional areas and who would be willing to wear two hats during difficult times. For the right employees, the current climate might provide real opportunity to gain much needed and desired experience in other areas. In fields like healthcare, employees are eager to add additional tools to their toolbox in the form of added certifications and advanced degrees. Find out what you can offer to retain your in-demand employees and equip them to become even more valuable to your organization. Strong employees will appreciate the opportunity for long-term career growth, and it will demonstrate how much you value them.