As the domestic economy and workforce continue to struggle, many companies are reallocating resources and cutting costs in order to focus on immediate profitability. However, now is not the time to just sit around and “weather the storm out”, but rather to “dance in the rain”and make things happen. Prospering companies realize that the single most important driver of organizational performance and individual management success is Talent. Employers should take advantage of this opportunity and spend more time on maintaining that competitive edge and developing strategies to not only retain their current talent, but to top grade and upgrade their talent pool as well.
In a recent survey, according to USA Today, only 23% of employers say they are taking the time to upgrade their talent, with 42% of employers expecting to increase their full-time salaries between now and the end of the year. Don’t be complacent and stagnant. It is often in times of adversity that we find our unique strengths. Now is the time to charge ahead. The steps businesses take now to increase their talent will determine the scope of their success in the future. When the economic downturn ends, those progressive companies that took the biggest steps in recruiting and retaining talent, will reap the greatest rewards. This is the economy that will emphasize Darwin’s theories on evolution: “The weak get weaker and the strong will survive.”
Implementing new strategies and tactics will be difficult as the demand for talented employees currently exceeds the supply. Systematic planning, talent management and recruiting is the foundation to increased profits. When retaining and recruiting employees, it is essential to focus on the key motivating factors. Employees primary retention factor is no longer just money motivation, but stability, quality of life, flexibility, benefits, training, and an ambitious and rewarding career path.
Dance in the rain and maintain that competitive edge throughout 2009. Your organization is only as good as its people. The better the people, the better the results.
Tim Charow – President, Med-Search Recruiting - “Your Employment Search Professionals”