Strong Hiring Strategies in a Weak Economy

During economic rebounds it is essential that companies acquire or retain high performers to thrive. Right now, companies need top-tier players in order to perform at optimum levels. The question is, “How do you get those players?” Perhaps you already have them on your team. With intentional training and effective leadership to motivate them, you might witness even greater productivity and creativity from these key players.

However, this also might be the time to look outside your company for fresh talent and experienced wisdom.  If you haven’t already, restructuring your hiring strategy can bring you the high performers that your company needs to survive.

1.  Be Patient

Take time with your hiring decisions. Build a plan for the time it will take to find the right candidate you are looking for.  Securing a top-tier performer for your position may take time as you communicate with the candidate and develop the position into the right opportunity.  The good news is that in this economy higher-end applicants are more accessible, but recruiting them may be tougher than you anticipate. A-players are hesitant to make a move in a down economy. If they are truly an A-player, they will ask about the financial situation of the company. The opportunity will attract them only if it aligns with their vision for success.

2.  Define the Process

Develop a process for hiring. The biggest mistake most companies make is having only one or two interviews and rushing to a decision. To make the right hire, your candidate needs to be introduced to the entire team. Senior management, managers, and potential co-workers are an important part of the hiring process. They need to be able to elaborate on their vision for the role and offer insight as to how the candidate will interact at all levels.

Once everyone has had an opportunity to meet the prospective candidate, you must decide how the information will be processed. Create a plan to gather the feedback and rate the candidate based on each member’s meeting. Again, your existing A-players will expect to understand how the prospective role will interact with the organization.

It’s not always an easy process, but thoughtful preparation pays off in the long run. My goals when I work with my clients are to create a realistic timeline, prep the interview team, and develop a clear career path in order to win the candidate for hire. This process promotes open communication internally as well as with the prospective candidate and establishes clarity for all involved in the hiring process.

3.  Make the Call

Who will make the final decision? Too often, I consult with companies who have made poor hiring decisions, and it ends up costing them 1.5-3.0 times the salary for the position.

Jack Welch has said, “Hiring great people is brutally hard. New managers are lucky to get it right half the time. And even executives with decades of experience will tell you that they make the right calls 75% of the time at best.”

At least twice a week I speak with clients that have wasted time and money on a process that was not successful. It’s painful to let the new employee go and face the hiring, onboarding and training processes all over again. (It’s also expensive.) To make solid decisions you need to base them on verifiable information. Game changers will have the testimony of references, test scores, background checks, and a proven track record to verify their value.

4.  Consider Contract Employees

After careful consideration, you may decide that you are not ready to hire. More and more companies are turning to contract employees during this rebound time. Several advantages come with contract workers. First, you have the ability to manage expanding headcount by bringing in a more talented workforce on an as-needed basis. Second, contractors can bring a specific skill set and diversify an environment with outside ideas. A contract worker is also immediately available and can quickly fill a void.

5.  Make an Offer They Can’t Refuse

Should you still decide to hire, and an  A-player has been identified, the company must put together their best possible offer. When my clients are struggling to attract top talent and salary is an issue, I suggest they offer other forms of compensation. There are a variety of possible solutions, but a lot of the compensation packages we put together include additional vacation time, flex time, 4-10 hour day work weeks, and remote access. Candidates find time to be an attractive selling point as it allows for a better work-life balance.

Tough economic times are the perfect time to re-model your hiring strategy.  You have the opportunity right now to acquire top-tier talent that was previously unavailable. A company with high-performance employees can thrive in any economic situation. Most importantly, if you build your strategy around acquiring and retaining these game-changers, you can have the team required to press through these times and lead new employees when the recovery begins.