Everyone should already know that the best time to recruit is when the competition is low. However, it’s difficult to find corporate recruiters who routinely report to their hiring managers the current level of competition faced in relation to their newly opened job.
If you work in recruiting and you are not personally worried about an upcoming downturn, realize that many others are thinking about it. For example, recent data from Google now reveals that searches for the word “recession” are at their highest level since the last recession ended (November 2009). And the number of current factors that could cause a downturn from Brexit to tariff wars are too numerous to mention. Technically the U.S. hasn’t had a recession in nearly 10 years; the law of probability alone suggests that one is on the horizon.
Our customers sometimes tell us the stories that led them to seek out a workforce intelligence solution. One such story clearly describes a core inefficiency that is common to many companies. At this company, the leadership team wanted to develop a new product line and asked finance if they could afford the startup costs. Finance’s response was that there was no money to spare. However, at the end of the fiscal year, finance reported what they saw as good news: they had found that there was significant under-spending in headcount-related expenses. This budget had gone unused and now appeared as extra profit — a surplus that would have been more than enough to fund the new product line.
The Brexit Day countdown is on, and yet, political tussles over whether the UK will keep its close financial services ties with the European Union show little signs of resolving. For large American banks using London as a major European hub, this means there are still multiple futures ahead, each carrying its own implications for talent supply and demand.
It’s time to take a critical look at your talent and start asking the tough questions. Is the talent that you have today ready to meet your business needs of tomorrow? It’s not an easy question and it’s fairly subjective, but you have to do it. A full-scale talent assessment requires that you spend some time conducting a SWOT (strengths, weaknesses, opportunities and threats) analysis in conjunction with the business. This creates alignment with your business and its strategic direction.