By Greg Summers, Chief Customer Officer
Interest rates are rising. Inflation is high. People are spending carefully. Some experts warn the global economy is heading for a recession – and business leaders are clearly wary of the impact.
Most jobs lost during the pandemic downturn have been replaced and job gains are slowing. Lately, it seems there’s news of companies laying people off and restructuring to ride out the economic waves.
While every organization faces different hurdles, talent acquisition leaders are uniquely positioned to support the broader business in overcoming business challenges. Chief Customer Officer Greg Summers highlights three creative strategies that’ll help you find the talent you need – even in uncertain times:
Start redefining roles
Look at what work gets done – and by whom. Is there an opportunity to combine work or expand roles of existing team members? More often than not, you don’t have to create new roles to support company goals. There may be an employee who can either perform those duties or split the role with a colleague. Share the job descriptions internally before posting externally, so management can determine if combining existing responsibilities or creating new ways of working is an effective option. This will also help you manage costs appropriately and increase efficiencies across the business.
Expand search parameters
When it comes to finding and keeping talent, location is a key factor. Try expanding your search area or allow remote work to widen the talent pool and help you to identify people that best suit your company’s needs. While not every role is suited for flexibility, recent research shows that 87% of employees seized the opportunity for remote work when it was offered to them. Analysis, done either internally or with an external partner, can pinpoint the markets with the ideal balance of workforce availability, education and skill sets along with stable and fair wages. Then you can evaluate whether your current target market is ideal or if it’s worth exploring new areas.
Upskill existing talent
Now is an opportune time to examine your talent pools. To address any gaps, think about upskilling talent with transferrable skills – whether they’re existing employees or external candidates. This could be especially useful in filling high-demand roles, like digital positions. Consider creating a job shadow or mentor program that identifies talent and pairs them with an employee to support in learning how to successfully perform their new role. Now, it won’t happen overnight – give it about 12-18 months – but over time, you’ll build a more sustainable talent pipeline. These tactics to develop employees can also expand your definition of compensation, helping you offset the impact of wage inflation in a challenging talent market.
The best organizations are always innovating. They evaluate what’s working, reconsider how work gets done, and aren’t afraid to make future-focused changes. A strategic talent acquisition partner can help you build a plan around all those and find the talent needed for your company to remain resilient amid the ever-fluctuating job market and economy.
Connect with Greg on LinkedIn.