What is your hiring strategy for 2009? If you are holding tight and waiting for the storm to pass, you may want to reconsider. No business stands still. Like sharks, we either move forward and live, or stop swimming and die.
You may be laying people off, or may even see your own job threatened. One suggestion: never, ever, ever, ever, ever ignore your hiring strategy. You may need to reassess your direction, or the types of people you hire. You may not be able to afford additional salaries right now, but there are good reasons why you should keep an eye on growth.
When you plan your next hire, you express your vision for your organization and for yourself. Considering where to go next, how to get there and what kind of help you need keeps you in growth mode. Planning for the future should keep you a step ahead of your competition. It will also give you the strength to make through a down time. Sacrificing for the future is invigorating, sacrificing for its own sake is enervating.
Your emotional connection to your business is critical to your success. Hiring and growth builds those bonds, but there are other good reasons to consider your next hires.
1. Cheap Labor. If you have liquidity right now, you can probably find some bargain stock in undervalued companies. Similarly, if you have the budget, you will find some great deals in the labor market in the coming months. If you have a stable platform, you may be able to make a strong hire. Strategic hiring may increase your top line sales, or cut costs and increase you bottom line. I have already seen an increasing flow of resumes from talented people looking for new positions. Many have expressed the flexibility to consider reasonable offers, instead of pushing for increased compensation. Don’t be too cheap though. You gain loyalty for having hired someone out of a tight spot. This will vanish though, if you take advantage of a new employees urgent need.
2. Upgrades. When times are good, it can be difficult to recruit top talent. The best people are too busy to interview, and may see no advantage in leaving their company to join yours. If your company is stable, you may have something to offer that cannot be matched by more aggressive, riskier firms. I have seen many great employees forsake entrepreneurial ventures for reliable work, given the right economic situation.
As much as you may hate to admit it, your company may not have a stellar reputation among potential candidates. They may view your firm as bureaucratic, less prestigious or lacking growth opportunities. Now is your opportunity to change that perception! If you take advantage of the opportunity to hire star-quality professionals, they will foster new ideas. They will also attract the best people and create an upward spiral of increased capability and quality.
3. Morale. New hires usually come in with an enthusiastic attitude. They challenge existing employees and usually have a passion that may have gone stale in your team. This is particularly true during a recession. People’s fear and uncertainty may take precedence over their dedication and interest in their work.
Perhaps more importantly, hiring energizes the line manager. New team members will challenge and stimulate your thinking. You will also have the opportunity to mentor someone new and foster their success. Managers must motivate their people, and hiring will have that effect if used in the right way.
4. Succession and promotion. If you are planning for future growth, you will need to replace yourself. Someone has to fill your shoes, before you can take a new, more senior role. You may need to make a strong case with your bosses before they promote you in a down market. Successful strategic hiring will show your management that you can operate effectively during difficult times. Even if you cannot bring new people aboard, a slowdown may provide you with a little more time to mentor people, creating the opportunity to move ahead when the time is right.
If this article leaves you frustrated that you cannot do more about your hiring strategy, check back next week.
Contact Jason Sanders
No comments:
Post a Comment