As the economy begins to mend itself, we are starting to see a slow growth in the formation of new jobs. History shows that for every recession, a rapid period of growth follows shortly thereafter. Good news for employees, not-so-good news for employers.
A recent survey finds that 65% of employees are thinking of jumping ship once the recession is over. One national survey found that up to 30% of currently employed executives are actively seeking positions outside their current organizations. A mass exodus of talent on all levels typically occurs in the aftermath of a recession, so the buzzword right now in the hiring arena is “tsunami” — as in the tsunami of resumes that is going to be released as people start looking to leave their current jobs.
Forward-thinking companies are acting now, before the economy turns and the tsunami hits. It’s time to refresh your talent strategies and rethink your workforce priorities before talent becomes a scarce commodity.
Plan for the unexpected. Start building “talent supply chains” or pipelines, using both traditional and non-traditional methods. Be proactive in rebuilding your recruitment arsenal, but move beyond job boards and banner ads.
1. Hire a sourcing firm to help you perform competitive research and create an intelligence network. A sourcing firm targets and contacts the top employees at your competitors, qualifies them and feels them out as to whether they are thinking of making a move.
2. Use the internet and social media to get the word out about your company and your needs. Think about your corporate message and what will make you attractive to job seekers. What can you say that will differentiate you from your competitors? Your website should exude this message, and the message should then trickle down to the other social media you can use to broadcast your message.
LinkedIn. Build a corporate and personal page and join as many Groups that pertain to your industry as you can. Like-minded professionals think alike, and when you find someone of interest, you can send them an “InMail” about your job openings. If they are not interested, they may be willing to “introduce” you to similarly qualified LinkedIn members.
Twitter. Set a recruitment channel on Twitter. It takes time to build a good-size following, so start gathering an audience now for the positions you’ll be posting in the years to come.
Blogging. Start a blog for your company, or submit a monthly hiring post for the corporate blog. Highlight your company culture, your employee recognition program, or whatever else you think of to promote your employee value proposition, you generate interest in working for your company.
Facebook. Build your company an active Facebook page and work on increasing your “Friends” and “Fans”. Facebook is one of the most effective and least expensive Employee Referral Program your company will ever see.
3. Update your job descriptions. Especially if you’ve been in a hiring freeze for the past few years, it’s time to make sure your job descriptions are up to date. Include expected outcomes required, new technology requirements, and use progressive ways of describing the role.
4. Engage your current employees in your big picture mission. People want to be part of something and they want their friends involved. Enroll your employees in who you are as a community and purpose and then have them tell their friends.
The time to start is now. Prepare your hiring plans early and ensure you get first crack at top talent when the job market tsunami hits.