Has COVID-19 disrupted your firm’s hiring process? You’re not alone. However, maybe this is a unique opportunity to think strategically and retool for the future. Here are a few ideas our clients are thinking about.
- Flood of available candidates Prior to the pandemic, this was a candidate’s market. Candidates could be picky about the companies they chose to work for and could negotiate attractive compensation and benefit packages given the dynamics at that time. Today, with a flood of available candidates, everything has changed. However, how do you separate star performers from those who are merely “available”?
- Recognizing post-COVID realities for your business Virtually every company and industry will be changed by this pandemic. What are the new realities for your organization? How does your strategy need to change? And what mix of executive talent will get you there?
- Risk of a V-shaped recovery One temptation as a hiring manager in a market like this is to simply “sit and wait”. However, if we see a V shaped recovery, how will your firm be positioned to respond? Companies that take advantage of the current market can capitalize on the talent pool before the best candidates are hired by competitors. What’s more, having the right team in place across all levels of the organization will help your firm prosper when the rebound happens.
- Acknowledging the “blender effect” After a disruption this significant, millions of employees will find themselves in new jobs or industries. Firms need training programs and a strong management team to navigate this reality -- mentoring and developing employees that are making a change.
- Talent and compensation mappingOnce you have determined which roles to fill, a talent and compensation study can be essential. It will illustrate what the talent pool looks like today and narrow a list of qualified talent to call on in the future. This process will help your company perfect job listings and even reconfigure positions that will become open. Companies that take advantage of this service can gain visibility on available talent now, allowing them to be much more efficient when engaging in a formal search later -- optimizing results for the business.
EFL Associates can help you think about these matters and be a strategic partner in your process.