Since the global pandemic of 2020, many organizations have faced major layoffs, significant hiring freezes…followed by exponential growth…then back to hiring freezes and large-scale organizational transformations - sometimes yearly. However, building a strong talent pipeline remains crucial for future success - regardless of market conditions. By leveraging labor market analytics tools, companies can create a recession-proof talent pool that positions them for growth when hiring resumes. Here's how to develop this strategic approach:
Why Build a Talent Pipline Now?
A proactive talent pipeline strategy offers several key advantages:
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Preparedness: When the economy rebounds, you'll have a pre-vetted pool of qualified candidates ready to fill open positions. If you are part of a Talent Acquisition or Workforce Planning team at a large global organization, you are likely familiar with just how quickly demand within a target talent hub or profile can shift - for a variety of reasons. The development and maintenance of external talent pools and internal talent networks helps the best position you to get ahead of market shifts - and stay ahead of them - as they arise.
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Top Talent Attraction: A strong employer brand built through consistent engagement keeps you top-of-mind for desirable candidates, even during hiring freezes. There is always the temptation to significantly cut back or eliminate recruitment marketing altogether - often for the sake of short-term profits. Our good friends over at Göteborg/Stockholm-based Adway will be the first to share with you the data-driven details around why cutting recruitment marketing initiatives is an unwise decision for the long-game.
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Cost Reduction: Nurturing relationships can potentially avoid expensive, time-consuming reactive recruiting tactics later. Some of the best recruitment agencies thrive because they do exactly this. Invest in developing your internal and external talent pool networks now and save a tremendous amount of money in the not-so-distant future.
A Step-by-Step Guide: Building Your Recession-proof Talent Pool
I. Levarage Labor Market Analytics
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Identify Skills in Demand: Use analytics tools to pinpoint specific skills and experience your future needs will require, ensuring your talent pool aligns with your evolving business strategy.
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Analyze Talent Availability: Gain insights into potential candidate locations, job search activity, and salary trends to tailor your outreach strategies.
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Competitive Benchmarking: Compare your company against competitors in terms of employer branding and compensation packages to refine your value proposition.
II. Craft a Compelling Employer Brand
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Showcase Your Culture: Highlight company culture, mission, and values through social media, employee testimonials, and blog posts to attract candidates who align with your work environment.
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Employee Advocacy Programs: Encourage employees to share positive experiences on platforms like LinkedIn, emphasizing authenticity.
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Content Marketing: Become an industry thought leader by creating informative content that showcases expertise and attracts potential talent.
III. Engage with Potential Candidates
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Active Social Media Presence: Maintain engagement on platforms with high talent density for your industry, participating in relevant discussions and online events.
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Targeted Social Media Ads: Utilize advertising platforms to reach highly targeted audiences with specific skills and experience aligned with your future needs.
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Develop Passive Candidate Pools: Create talent communities on your website or via the myriad of social media and other online platforms, offering valuable content and hosting events to keep potential candidates engaged.
IV. Nuture Relationships
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Personalized Outreach: Tailor your communication to potential candidates by highlighting their specific skills and interests.
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Informational Interviews: Schedule conversations with qualified candidates to learn about their career goals and create connections, even without immediate openings.
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Employee Referral Programs: Encourage current employees to refer qualified individuals from their networks.
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Don't Forget About "Boomerang" Candidates: Particularly with all the layoffs and re-orgs that have taken place amongst talent acquisition teams across the globe in recent years. If you must make cost-driven decisions about top-tier talent, I know many, many best-in-class talent - from recruiters to sourcers to some of the best engineering leaders out there - laid off due to reorgs/organizational transformations. Within a year, those very same organizations reached out to see if they would be willing to come back. Cheaper isn’t always better - at least not for the long haul. A lesson learned the hard way by many too quick to make cuts for short-term profit gains.
V. Track and Analyze Results
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Monitor Talent Pipeline Metrics: Track key data points like the number of candidates added to your pipeline, engagement rates in talent communities, and outreach strategy effectiveness. Build, measure, refine, repeat.
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Refine Your Approach: Speaking of “refine..." continuously adjust your talent pipelining strategy based on data to ensure it remains effective and adaptable.
Building a recession-proof talent pool is an investment in your company's future. By leveraging labor market analytics and nurturing relationships with potential candidates, you'll be well-positioned to attract top talent when the time is right. This strategic approach ensures your organization remains competitive and agile, ready to capitalize on opportunities as the economic landscape evolves.
