Managed Services Provider, Veritude, recently hosted a panel discussion addressing one of the most pressing questions facing organizations today…What will talent acquisition look like in a post-recession work environment? How can organizations prepare for the unexpected? To quote Bob Eubank, Executive Director of the New England Human Resources Association, “What does the new normal look like?”
Despite all the doom and gloom, the economic downturn presented new opportunities for the way organizations attract and retain top talent. The discussion group focused on ushering in new changes and highlighted many of the themes we have been covering in our talent acquisition research this year…re-recruiting top talent, internal mobility, employer branding and employee engagement. So, what can organizations learn from the past 9 months?
Below are a few of the dramatic changes some of today’s companies have embraced:
Fidelity Investments
Despite a period of hiring freezes, Fidelity has re-focused its talent acquisition program on internal mobility, particularly at the senior level. During an unclear time, promoting people within the organization creates a sense of encouragement and loyalty that can help prevent the mass exodus of talent that typically happens in the aftermath of a recession.
Logica
This professional services company has defined their retention strategy in terms of educating their staff on the company culture, engaging employees in the mission of the organization. Employees now take an active role in owning their career development process. With a large pool of available talent, they are also learning how to re-examine the workforce and hire the right people for critical jobs.
Towers Perrin
The change management division of Towers Perrin recognizes the criticality of employer branding in today’s workplace. Companies are looking for ways to attract and retain top talent despite limited resources. Those organizations that been open and transparent, during the worst part of today’s recession, are also the same organizations that have successfully strengthened their branding and retained employees. Collaboration needs to occur between employers and employees and many individuals are taking more of an active role by volunteering for employee furloughs.
Greater Boston Chamber of Commerce
Boston faces two challenges in today’s post-recession world- talent retention and the exodus of college grads. As 50% of college students leave when they graduate, how can organizations attract college graduates with limited incentives? Many organizations are not only hosting events and leveraging social networking sites but they are also discussing a “clearing house” for younger generations to find jobs.
Varian Semiconductor Equipment Associates
Varian is working on both engaging employees and rehiring talented individuals. They are also thinking of non-monetary incentives for recruiting and retaining employees such as dinners, on-site physician assistants and regular luncheons.
On the heels of this year’s recession, the majority of organizations feel a sense of uncertainty about the future of their workforce. The overall sentiment is that we are moving forward, yet organizations are still reluctant to make large investments or begin new projects. Best practice organizations can help to prepare for an unknown future by communicating with and engaging their workforce, creating a sense of loyalty that has been lost between employer and employee and providing opportunities for growth within the organization.