Posts Tagged ‘financial crisis’
Wednesday, December 29th, 2010
Ever since the global financial crisis of 2008, unemployment and under-employment have been high, leaving plenty of talent available for corporate recruiters eager to fill open reqs. There are many solid candidates looking for work, and it generally has been an employers’ market. But, signs are emerging to suggest that this isn’t the case universally. Some sectors, such as the tech market, are actually experiencing talent crunches. Even if you have plenty of candidate choices at your disposal now, this could change quickly, and you need to be prepared.
Unemployment, on a broad scale, actually says very little about the talent market that’s relevant to you. Several factors influence available talent, and these are what matters most to your corporate recruiting team. On the list are:
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Tags: financial crisis, market research, talent, talent market, TMR, unemployment
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Monday, December 6th, 2010
IBM recently released its biennial Chief Human Resource Officer Study, providing great detail into the business challenges that HR departments are likely to face in the near future. The report itself is worth a read, but I want to focus on one area that is particularly important to corporate recruiters: efficiency.
Headcount is coming, and this will doubtless put a strain on recruiting departments that have been tasked to run unusually lean following the financial crisis and ensuing recession. According to the report, 34 percent of Chief HR Officers expect to see headcount increase in North America over the next three years, with a variety of international markets showing even more potential.
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Tags: Corporate Recruiting, employees, financial crisis, hiring in a recession, HR, human resources, outsourced recruiting, outsourcing, recession, recruiting outsourcing, ROI, STREAM
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Wednesday, October 20th, 2010
For the past two years, manufacturing suppliers have looked for ways to cut costs – just like nearly every other business. In the wake of the financial crisis, the importance of operating lean was driven home, and every opportunity to minimize expenses was examined. This sort of financial discipline may have seemed to make sense at the time, but the consequences are now becoming clear. Under-staff your company, and you could be exposed to significant risk.
According to a recent support by the Institute for Supply Management – Chicago, “Suppliers have cut staff so much that there is no support team when a failure occurs, the response is slow, laborious and inadequate.”
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Tags: BYTE, financial crisis, risk, risk management
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Wednesday, September 29th, 2010
Since the financial crisis of September 2008, much has changed. Entire industries have changed, likely for decades, and the notion that a recovery can absorb all the employees dislocated by the recession holds no credibility. Many are being forced into career changes, and unemployment and under-employment remain rampant. As a result, all the rules of corporate recruiting are changing, whether we like it or not.
What constitutes a good candidate, how passive job-seekers are best approached and whether your recruiting expectations are even reasonable … all of this has to be revisited. In general, it’s time to take a fresh look at the talent markets in which you operate to understand how they have changed and to determine which approaches will be most effective going forward. In order to gain this level of insight, you’ll need to conduct some rigorous talent market research … which few companies have the time, resources or inclination to do on their own.
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Tags: economy, financial crisis, market research, recession, talent acquisition, talent market, TMR
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Monday, August 23rd, 2010
After a severe financial crisis and signs that the economy has turned the corner, we’re all eager for a recovery, however cautious, to get under way. But, what happens if that isn’t the case? There are signs that some risks could flare up again, which would require a fast change from any plans you currently have in the works. Since traditional corporate recruiting tends to have a fairly long lead time, this could leave you in a tough position.
I ran into a story on FINSwire that claims some investment banks may be instituting pay cuts and layoffs in the coming months, with up to 20 percent of them being cut. This is not a trivial amount. And as we all know, action in the financial services industry has a way of affecting everyone else.
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Tags: economy, financial crisis, financial services, financial services industry, risk, risk management, STREAM
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Monday, August 16th, 2010
After struggling through the worst financial crisis and recession in decades, it’s easy to stay back on your heels. Businesses have become accustomed to protecting budget and market share: they’ve been playing defense for more than two years. So, it’s hard to change your mindset and starting thinking about winning again.
But, you don’t have a choice.
The companies that will accelerate into a recovery, win new business opportunities and seize market share will be those that play to win – today. For corporate recruiters, this starts with talent management, as noted by Jeff Schwartz, global leader for Deloitte Consulting’s organization and change service line.
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Tags: Corporate Recruiting, economy, financial crisis, recession, STREAM, talent pool, talent pools
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Wednesday, August 11th, 2010
There are high hopes for an economic recovery. The worst of the global financial debacle feels like it’s behind us, though there are many business leaders and experts suspect that this may not be the case. “Double-dip” recessions and expectations of more mortgage delinquencies – triggered by a combination of falling home values and constrained household incomes – could lead to more economic malaise. And doubtless, this prospect has an effect on your plans to recruit and hire.
So, the big question becomes one posed recently by Deloitte: “Where are you on the recovery curve?” There’s an essential tension between forecasted economic activity and near-term business needs, especially in the wake of a recession that forced difficult staff cuts leaving your company under-powered and your staff stretched thin.
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Tags: Corporate Recruiting, economy, financial crisis, market research, research, talent market, TMR
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Monday, July 5th, 2010
Employees are becoming more comfortable with the idea of switching jobs. At the peak of the recession, workforce aversion to personal risk was high, especially as unemployment pierced the double-digit threshold. Now that conditions have calmed, and many believe a recovery is in progress, many employees are likely to seek greener pastures, especially if they can secure more income, flexibility or other perks in the process.
This presents both risk and opportunity. Talent availability is poised to spike, as top players look for ways to recoup missed promotions and raises that were rendered impossible by the after-effects of the financial crisis. At the same time, there’s increased likelihood that your own company’s talent will head for the door.
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Tags: candidates, financial crisis, HR, human resources, recession, STREAM, talent, talent market, talent pools, unemployment
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Monday, December 21st, 2009
Before the subprime mortgage market pushed the global financial system to the brink of collapse, nobody was worried about unemployment. Our priorities have changed, of course, now that the unemployment rate is at 10 percent, and recruiting isn’t top of mind. This myopic view of the talent market, though, means we’re just creating the next crisis.
Have we all forgotten about the Baby Boomers?
Only a few years ago, the retirement of the largest generation in the United States was seen as a catastrophe-in-waiting. Talent, experience and institutional knowledge were set to flee at an unprecedented pace, leaving businesses with substantial gaps in leadership – and profound shortages of employees. Contingency plans involving “Consulting Boomers” were put together in the hopes that increased longevity would prompt Boomers to stay in the workforce longer.
The problem hasn’t gone away.
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Tags: aging workforce, Baby Boomers, Boomers, bubble, financial crisis, Generation X, generations, recruiting trends, shortage, STREAM, subprime crisis, talent acquisition, talent management, talent pool, unemployment, unemployment rate, workforce
Posted in Intelligence, News | 1 Comment »
