Wrestling the Bear Market

In a bear market, many companies hunker down and curtail hiring in an effort to save dollars and protect investments. Although that strategy might work for some organizations, many more take advantage of slowed economic conditions to expand strategic hiring and capture high-quality talent. Layoffs mean more high-quality candidates are available for hire or are looking for work as they face losing a current position; savvy companies snag the good ones and hang onto them for the upward shift that will eventually occur.

Even though more candidates are out there, the trick for HR professionals is to find the right talent — not just any talent. Great candidates don't grow on trees, so it's not an easy job to find them. The best candidates are still working and not very willing to give up a sure thing for a new position, but they are out there.

A long-term strategy

Fight back with facts if your executives try to underestimate staffing needs. If your forecasts indicate four new employees will be needed in 2009 and management wants to hire just two, get out turnover statistics and start quoting. New employees (and existing ones, too) who are expected to do double the work won't stick around long — and who can blame them? Always replace necessary employees; you'll help out and retain current employees as a result. Turnovers costs big dollars, whereas hiring the right number of employees the first time can lead to a loyal workforce and lower costs over time.

When you are hiring, resist the urge to cut costs by offering lower salaries for newer employees. Although even a top-tier candidate might take the bait these days, when the economy is on the upswing, you'll run the risk of losing that employee if you can't come up with increased dollars and another company can.

Another urge that should be resisted? Hiring now only to lay off a few months. Hire only if you can ensure that you'll have the ability to keep the candidate on board for at least one year. Candidates talk to each other; you don't want your company developing a reputation as an unreliable workplace.

Here are a few more tips:

1. Continue recruiting efforts even in hiring slowdowns. Continual recruiting efforts help build your corporate brand, maintain networking relationships, and keep open the lines of communication, according to the book Finding Keepers: The Monster Guide to Hiring and Holding the World's Best Employees.
2. Keep looking for the best and brightest. Top IT talent is everywhere — and sometimes hiding happily in a cubicle somewhere. Spread the word that you’re looking and partner with an IT staffing company to keep leads coming. The more closely you partner with the right staffing company the more you will be made aware of top talent as they become available.
3. Think strategically. Top talent isn't easy to find, but you can attract, engage and convert them into applicants and new hires by using strategic recruitment strategies and staying open to new ideas. Standard hiring techniques rarely land the best candidates: relationships do. Plan your approach from a long-term relationship perspective.

An experienced recruiter can help you connect with the high-quality candidates you need during tough times, too. When you need a recruiting partner to find the right IT pro for your organization, contact Sheri Breitstein at The Connors Group at 201-537-0030 or by email at sheri@theconnorsgroup.com.