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Welcome
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"It's the economy, stupid."
This phrase, widely used in American politics during Bill Clinton's successful 1992 presidential campaign against George H.W. Bush, is making a comeback.
"The economy" has quickly become the catch-all answer for almost every difficult question that the corporate world is facing, according to a recent article in ERE.net.
When business is slow, the typical reaction is to apply the brakes on most processes. Spending is either necessary or unnecessary, and then prioritized. After every process seems contained and controlled, companies wait to see what the competition and everyone else is going to do.
It's not that prioritizing doesn't make perfect sense. The challenge is to make sure you set the right priorities. But once you do, the key is not to wait and see, but to take action.
While reactive companies only see threats and danger, forward-thinking companies perceive exciting challenges and opportunities. For them, insight and innovation usually win out during down economic and business cycles.
 Les Gore |
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To Stay On Top, Keep Your Talent Pipeline Flowing.
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Companies developing their talent pipeline are gaining momentum and are poised to come out on top. Will you be ready?
Rather than sit by and wait for things to hit the fan, progressive businesses take advantage of demanding situations, gain momentum, and prepare for their breakthrough. They know that the marketplace is like a seesaw and when one side is going down, the other side is coming up. They also understand that the economy is not a cause, but rather an effect.
If companies keep this principle in mind, they just might find themselves in an ideal position to make significant gains. And for businesses and their hiring managers, this could also mean finding top-notch talent who may have otherwise been unavailable.
Here are five strong reasons why companies that want to come out on top will continue to develop their candidate pipeline.
- Pipeline development is part of their growth strategy.
You don't wait until it snows to gather firewood, and these companies don't wait until they need a hire to start identifying candidates who are equipped to be a part of their company's success.
- They know that long-term hiring success requires a process.
It is a lot easier to keep a fire going than it is to start one, so these companies will start an ongoing dialogue with candidates with the intention of making an offer when the time is right.
- A developed candidate pipeline removes major competition from the equation.
When the time to hire arrives, these companies either have their offer prepared or they are at the top of the candidate's mind. This reduces the chances of a salary war.
- Having qualified candidates on hand minimize delays in production.
Sometimes unforeseen events can cause the ball to be dropped. A developed and managed candidate pipeline allows these companies to rebound quickly and efficiently.
- A company that is actively recruiting is considered a strong company.
By continuing to engage prospective candidates, these companies strengthen their own company brand among others in their industry and remain aware of other trends within their market segment.
Prepare your business for a talented future even as you take care of the hiring requirements of here and now. Building a successful team requires talent at multiple levels at multiple times including contingent labor.
You don't need to hire all the "A" performers today, you just need to know where they are - have the tools in place to "call them up" when the time comes - and have an employer brand that will attract them to their roles instead of those of the competition.
And while these five reasons may not cover everything, remember them the next time you hear "the economy" as the excuse for why people are not moving forward.
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Job Search and Career Coaching
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If anyone you know is looking for a job, or wants to be well-positioned in the event of being let go, get expert, confidential one-on-one job search and career coaching from Les Gore.
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If you would you like to comment about this article, or have ideas about future articles, please email me at les@execsearchintl.com.
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About Executive Search International
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Executive Search International is a nationally recognized boutique firm providing best practice search and recruiting services for client organizations, ranging from multinational corporations to small entrepreneurial businesses.
Les Gore, founder and managing partner, has more than 25 years of human capital and career development experience, and has coached, counseled and placed hundreds of executives across numerous industries.
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Executive Search International