The world economy takes strange twists and turns every now and then, throwing what we are comfortable with into disarray. Suddenly companies that had hired talented people a few years ago find that their talents are outdated or redundant. What to do in this situation?
It boils down to improving your hiring practices. When the going gets tough, tough companies get going. In order to retain their competitive edge, companies have to frequently upgrade their talent from B to A.
Layoffs of employees with outdated talents so that fresh talents can be hired are common. This can bring the much needed new technology to the company, at the same or lower wages. This might sound a little harsh, but this is an unfortunate hiring practice that has helped companies recover and succeed. Often a reorganization of existing talent combined with strategic hiring of those whose strengths can fill in the gaps will prove effective.
By hiring more effective people, dramatic results can be seen in a company’s overall performance. The question that many companies face is how to get stronger talent in today’s job market without breaking the bank?
Begin by realistically assessing your company’s weak spots. There are weak links in every organization, especially large corporate that is bogged down by bureaucracy and too many policies. Which people are not performing at the level that you need? Which teams need better leadership? What are the talents or technological advancements that your company needs in order to evolve its product strategy?
Quite often, companies don’t deal directly with people that show poor performance because they don’t have anyone to fill the position. Seen from this perspective, it’s a good idea to invest some time to search for new talent and get an idea of the kind of profiles that the company can get its hands on, before letting go of underperformers.
Once you have identified the roles for which you need to replace talents, you must find out who are the Aplayer profiles for these roles. Know the companies that you would like to target to find the talent you need.
If the role is going to be difficult or challenging to fill secure a retained search firm that specializes in your specific niche. Make sure they will be able to devote the resources necessary to fill the role while keeping your search confidential. Retained firms can find and attract prime candidates and their involvement sends the signal you are looking for a serious player. Avoid watering down the name of your company by allowing numerous firms to call on the same good candidates. This can make your company seem desperate and unable to attract or retain talent.
By Anjela Mangrum, the founder of Mangrum Career Solutions Inc. MCS partners with industrial and automation manufacturing businesses to source and secure transformational leaders for critical hiring needs in Operations and Supply Chain. They work to empower individual job seekers by helping them gain a competitive edge in their job search. For hiring needs contact Anjela at 513.753.3813 x17.