Talagy Blog

Got Talent?  If Not, Better Hire Now!

Losing sleep over whether your current team is up to the task of pulling the firm from the depths of a recession to recovery? 

Or perhaps you’re one of the blissfully blind who thinks your top performers are solidly with you and won’t defect to the competition when skies turn blue again? 

If you’re in either camp, listen up.

About 20% of the 402 HR professionals surveyed by SHRM this month said their companies plan to hire in the fourth quarter.  That means the other 80% will miss the small window of opportunity that exists right now:  hiring before the competition does.

Why consider beginning the process today?  Because while the majority of employers are still gun-shy about hiring, all indicators point to a fight for the best and brightest in 2010.  And we all know that having great talent onboard will drive better business results sooner.  We just have to be courageous enough to get started.

HR managers are optimistic that the economy is inching towards a recovery but are crafting cautious hiring plans with more aggressive recruitment not expected until 2010,” said Jennifer Schramm, manager of workplace trends and forecasting at SHRM.  Fewer companies planned to cut jobs in the fourth quarter than in the third-quarter survey when 30% said they would make cuts. However, more human resource professionals (24%) said they planned to increase staff in the third quarter.
We all know that there is great talent “out there” right now.  Haven’t most of us let some great performers go?  Excellent talent is available and motivated to take your offer.  The 20% who move now will get some amazing new hires.  Those who onboard well and build strong relationships with these new hires can keep them for years.  The loyalty that can be built through hiring someone in this economy is a rare opportunity. 

Great companies demonstrate particular fortitude in managing through business cycles.  Rather than retrench when times are tough, they boldly forge ahead.  “Countercyclical hiring” is a strategy these bold companies employ in downturns.  Hiring in a down economy enables organizations to leverage the economics of supply and demand.  When supply of good people is abundant, as is the case when unemployment is high, these firms understand they can acquire A players at low cost and switch out low performers for those who will drive stronger business results.

This is a major strategic decision for every company. Do you want to follow the status quo and risk missing the small window of opportunity to grab the A players before everyone else ramps up their hiring?  After all, with just a couple of months left in fiscal 2009 for most of us, it’s unlikely by the time you vet, screen, interview, offer, and onboard a new member of your team that you’ll do it before 2010 budgets kick in.  By then, your new employees can be on the team and ready to ensure that 2010 is an excellent year for your company.

-Amy McGeorge, CEO

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