RECRUITMENT is your BEST defence strategy for RETENTION right now during COVID19!
Peter Fitzroy
I help career driven executives find their Dream Job | Global Executive Search | Career Coach | Evidence Based Hiring | Talent Intelligence |
I know… I know - I’m a recruiter I’m bound to say that aren’t I? well maybe…
But you’re bound to tell me - recruitment is frozen, we can’t recruit, we don’t have the budget, we’re making cuts etc...
And I understand it’s true in many sectors, many companies can’t recruit, why would they?
They’re cutting costs!
A big bulk of those are sadly through cutting employees. There’s a lot to deal with, the wellbeing of your current employees is crucial, how to resume to ‘normal’, how to minimise damage, how to rescue the year to go…
CEOs, HR Leaders, Hiring managers - decision makers would be thinking recruitment is the least of my priorities today but...
My argument is - Hiring Decisions may be frozen, but your Recruitment shouldn’t be.
In other words - you may not be able to physically bring in new people, but your recruitment ‘process’ shouldn’t stop.
Here’s why...
I’ve never spoken to as many candidates willing to take calls at weekends as I have during these last 2 months…
When I say candidates - I mean people currently in jobs open to exploring new opportunities…
If you don’t believe me listen to my podcast with Tom Browne of VMware who told me their recruitment KPIs have greatly improved in areas such as candidates response rates.
When voluntary turnover rates drop due to unfavorable labor market conditions like in a recession it’s normal to assume talent won’t leave. However you would be careless to think that way there is evidence to suggest that high unemployment rates have little correlation on a company's desire to hire great talent -
High performers and talent with high demand skills are ALWAYS in demand.
Coupled with the likelihood that existing employees may remain with their existing organisations because there are fewer external opportunities right now - there is the potential for substantial pent up turnover once the markets pick up.
A study back in the last global crisis in 2008 showed that 54% of employed people, 71% of those between the ages of 18 and 29, were likely to seek new jobs once the economy improves. (Adecco, 2009)*
There isn’t a mystical pool of awesome talent all waiting for new jobs when you get the green light to hire.
It’s true, many people have unfortunately lost their jobs, and some of those will be high performers/high potentials. But only some.
Think about it - You’re familiar with the 9 box grid
Those rare high performers/potential talent that did lose their job will be highly sought after, and like in a ‘candidates driven’ market they’ll have the option to join multiple companies.
If you did have to make a tough call and let people go - who did you let go? The ones in top right, or the bottom left?
Look, I’m not trying to say there aren't great people suddenly out of work - there is, and I’m talking to some of them right now but I just want to point out the reality is the vast majority of the high performers/potentials are still employed in YOUR organisation and your competitors.
Your competition knows this and their recruiters will be making contact, having zoom calls, building relationships, posting great content to nurture your talent.
What are you doing about it?
To conclude...this global pandemic fits the narrative nicely - higher unemployment rates, tough labor conditions, uncertainty, a volatile political and social landscape, yet the need to recover fast and a high demand for special skills and top talent remain.
Are you prepared for a tsunami of resignations in the next few months?
How can you ensure you stay ahead of the competition?
My original argument was...
Hiring Decisions may be frozen, but your Recruitment shouldn’t be.
Use this as an opportunity to get a head of their competitors through continuing to recruit…
You may have a hiring freeze and can’t bring in any new employees, but you can still be active in the recruitment process by doing the following…
- Direct sourcing, headhunting - why not start/continue to map your industry talent pool?
- Nurture potential talent through content
- Video Interview candidates
- Psychometric assessments, job surveys
- Talent benchmarking/talent mapping
- Prepare compensation & benefits package
- Prepare employment contracts
- Take references
- Reviewing your current talent cycle
- Reviewing the effectiveness of your recruitment metrics
- Reviewing the candidate experience
- Reviewing your existing external partners
- Researching new Technology
- Reviewing/Developing your employee brand
When you get the green light to hire or you have someone leave unexpectedly during this time then rather than having to react, you are better prepared, in control, and in a pro-active state to take action.
If you want to talk more about this or need help putting some of these activities into place, DM me on here or contact me on [email protected]
Stay safe and keep healthy
*Source : Retaining Talent: Replacing Misconceptions With Evidence-Based Strategies by David G. Allen, Phillip C. Bryant, and James M. Vardaman
We recruit the best staff for your residence, yacht or family office. Founder & Managing Director | Podcast Host - Life in Private Staffing.
4 年I couldn't agree more - recruitment should be an ongoing process even if you aren't hiring
Chief Glow Officer - AQUA GLOW - It's Glow Time!
4 年Spot on Peter Fitzroy & Tom Browne - I am advising clients to keep the process moving, not to simply stop and wait. Many candidates are also happy to accept roles with a TBC start date with a months notice. So its all manageable...even my fee can be deferred for a while if it helps :) Ps Loving the podcasts and content mate.