You know I’m not a fan of using the “fire the talent” approach to dealing with economic issues. Getting rid of staff is one of the last things you should consider when money gets tight. It’s just way too costly to get them back and up to speed once things turn around.
So smart business owners are using the situation to their advantage. The market is saturated with available talent. Are you in a position to tap into it? And have you defined criteria to make sure you hire the right people for the right job?
Here are a few tips from Jason Zickerman, president and COO of The Alternative Board to move you in the right direction.
- Do not over hire: Just because you can hire an MBA, does not mean you need that level of employee, especially considering staying power when the economy returns and the ability to keep them motivated and challenged.
- Be wary of “low bidders”: If someone has reduced their salary substantially and you think you can get them for cheap, beware. As the economy rebounds, they could feel the company has taken advantage of them and that translates to low morale and lack of commitment to the company.
- Take your time: You can take your time to find the best match for your company as the hiring field is rich with candidates. Beyond skill set and education, find exceptional matches for company culture, communication skills, emotional IQ, and likeability.
- Do your homework: With many companies downsizing, both good and bad employees were let go. Caution…a lot of lemons are floating around. More than ever, it’s vital to check references, conduct background searches, and employ much tougher interview tactics.
So get started now before someone else snatches up that great employee just waiting in the wings.