The time for organizations to focus on strategic talent acquisition is now. When talent is available and affordable, progressive organizations will seize the opportunity to upgrade talent, shore-up their talent pipeline, and be more competitive.
The economic news this past week has been unsettling. Global financial strains and government fiscal austerity will hurt U.S. growth, according to economists surveyed this month by Bloomberg. The US economy is projected to expand at an average 2.3 percent annual rate in the second half of the year, about a percentage point less than projected last month, according to the median forecast of 53 economists polled from Aug. 2 to Aug. 10. Gross domestic product will grow 2.4 percent next year and 2.8 percent in 2013, also less than previously estimated.
Companies like General Motors Co. are concerned consumers will limit spending as economists foresee the jobless rate averaging at least 8 percent through 2013. Mounting pessimism is one reason Federal Reserve policy makers said this week they are prepared to take additional action to spur the economy.
“Thereʼs a lot of turmoil in the business, and turmoil means uncertainty,” General Motors Chief Executive Officer Dan Akerson said Aug. 9. Stock market swings may discourage consumers from buying new vehicles, preventing the Detroit-based automaker from reaching its forecast for at least 13 million sales this year, Akerson said.
This news will influence some organizations to hunker down and take short sighted measures such as freezing hiring. Although we see this all the time, we believe it is short sighted and damaging. In the short term, the announcement of a hiring freeze signals to your workforce that your organization is not healthy. This causes anxiety and motivates your top performers to start looking for other opportunities, and your low performers to look busy so they don’t get called out. In the long term, it starves the organizations of the talent they will need to compete in the future.
Strategic talent acquisition takes a long-term view of not only filling positions today, but also filling similar positions in the future. These future positions may be identifiable today by looking at the succession management plan, or by analyzing the history of attrition for certain positions. In the most enlightened cases of Strategic Talent Acquisition, organizations will recruit today for positions that do not even exist today but are expected to become available in the future.
Organizations that continually seek out the best talent to meet their current and future needs get better people faster and at a lower cost. Scientifically valid assessments, such as the ProfileXT®, are inexpensive and highly effective tools to help you quickly determine how well a candidate fits job that you need to fill today or in the future. Never stop your strategic talent acquisition efforts.
Source: Profiles International