When any disaster or crisis hits and companies focus on cutting costs or on their very survival, they often go straight to a job slasher or a hiring freeze mentality. But if history is any guide, in the first few months after the turmoil subsides, hiring quickly becomes a substantial issue.
Considering previous events in history where there has been a significant effect to the global economy, the economy struggled and firms retained only their strongest people. But even before things turned around, the more innovative and adaptable companies discovered what was missing from their talent pool and began recruiting for the future.
By the time the economy was on again in full force, companies began to hire aggressively but for many companies that stopped hiring, they lost market share, were slower to release new products, and it had a large and prolonged impact on their recovery. The more robust companies who foresaw the need to recruit the right people and were able to adjust or create new products, had a quick recovery and gained a lot of market share.
History will repeat. Even now, before our current crisis ends, history suggests that most companies will run into staffing problems in emerging markets and they will also have a difficult time finding the right talent that can help them deliver their vision. These problems will be made all the worse because what we have found is that current hiring practices are chaotic at the best of times and ineffective at the worst of times. Even when companies do find the right people, they have difficulty retaining them.
Want to know more?
Every business is different and requires different strategies to be put in place to assist them in maintaining good staff, recruiting the right candidates and building the right team.
If your business needs assistance in finding the right talent or creating the right recruitment strategy for the immediate future, then please contact ECG and we will be able to provide you with the latest advice.