It feels like a downturn is imminent. How do we look at this from a talent perspective.
Last year the talent market ran hot. Competition for talent was absolutely insane and none of us could keep up. In my c
areer I had never seen anything like it. In the back of our mind, we all knew that it couldn't possibly last forever. Well... it feels like forever is up. So what now?
Optimism and Appreciation
Just like economic growth, economic downturns don't last forever. So we have to remember "this too shall pass". But in the interim we can still remain optimistic on a smaller scale, and that still leads to recruiting/talent success.
In good times and in hard times there are companies out there that need to make a very key hire. Maybe in this time of economic parity, instead of hunting down the relationship that nets you 20 roles to work on, it might be time to get very specific and go one by one for your client base. The volume is not likely to happen right now, but the quality of hires and how important they are to your client base is not likely to change.
Planning and Performance
Now is not the time to change your standards, but it might be time to change your outlook. When playing football, one o
f my coaches used to have a saying about getting between two defenders "Get skinny" he would say. I think about that in terms of being nimble and slim in your operations when things become complex. It may be time to plan to be slim and nimble, in order to increase your performance.
Survive and Advance
Just like we all did our best in 2020, in 2008, in 2001, in the times of gas crisis, and other historic economic downturns, it is time to survive and advance. The slowing of the talent market is not going to go on forever, but to make sure that your organization, your talent efforts and more continue on, it is going to take some grit. We've shown it before... it's time to show it again.