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Hiring for the Recovery: Top Talent Seen Scarce Even in Current Market
Companies must begin to think strategically about recruiting the right people who can lead them out of the downturn, argues executive search firm Heidrick & Struggles
Amanda Alexander, global head of talent for executive search firm Heidrick & Struggles, is interviewed about the battle of the top talent in the world in this video posted February 03, 2009.
San Francisco — November 3, 2009 — As companies attempt to position themselves strategically to emerge from the recession, they may be surprised to find a scarcity of available top talent, according to a new report from executive search firm Heidrick & Struggles.
"A pervasive myth of the current recession is that top talent are a dime a dozen," says Kelly O. Kay, global managing partner of the Software Practice at the firm and author of the whitepaper "Time to Make Up for Lost Ground in Talent."
"The reality is that the A-players are still in great demand," Kay continues, "and may be more reluctant than ever to leave positions they regard as safe. Companies attempting to hire these rainmakers will find that these employees are very hard to pry away from their current positions."
As a result, Kay says, companies must begin to think strategically about recruiting the right people who can lead them out of the downturn.
The Illusion of a Buyer's Market
"While there are certainly more people out of work, the smartest companies still do everything they can to retain the best people," observes Kay. "So the notion of a talent market that overwhelmingly favors the buyer is an illusion."
Unfortunately, many companies mistakenly believe that they can get "A" players at "B" prices and with a "B" recruiting effort, Kay adds. "Too many companies also get complacent about retaining the top talent they already have."
The Right Staff with the Right Stuff
As companies adjust to economic uncertainty, they likely need a set of skills that they didn't previously require or have in-house. Many companies have tried to delay hiring or make do with what they have, such as promoting someone internally into a "stretch" position. Most companies have put aside grand, strategic plans to focus on immediate operating needs. And, of course, it seems as if every company has downsized while demanding that productivity remain stable or even increase.
"While the emotional and logistical turmoil of this sort of downsizing leaves most organizations feeling like they don't have enough staff, the truth is more subtle: Companies typically don't have the right staff to achieve their objectives," Kay says.
"A pervasive myth of the current recession is that top talent are a dime a dozen," says Kelly O. Kay, global managing partner of the Software Practice at the firm and author of the whitepaper "Time to Make Up for Lost Ground in Talent."
"The reality is that the A-players are still in great demand," Kay continues, "and may be more reluctant than ever to leave positions they regard as safe. Companies attempting to hire these rainmakers will find that these employees are very hard to pry away from their current positions."
As a result, Kay says, companies must begin to think strategically about recruiting the right people who can lead them out of the downturn.
The Illusion of a Buyer's Market
"While there are certainly more people out of work, the smartest companies still do everything they can to retain the best people," observes Kay. "So the notion of a talent market that overwhelmingly favors the buyer is an illusion."
Unfortunately, many companies mistakenly believe that they can get "A" players at "B" prices and with a "B" recruiting effort, Kay adds. "Too many companies also get complacent about retaining the top talent they already have."
The Right Staff with the Right Stuff
As companies adjust to economic uncertainty, they likely need a set of skills that they didn't previously require or have in-house. Many companies have tried to delay hiring or make do with what they have, such as promoting someone internally into a "stretch" position. Most companies have put aside grand, strategic plans to focus on immediate operating needs. And, of course, it seems as if every company has downsized while demanding that productivity remain stable or even increase.
"While the emotional and logistical turmoil of this sort of downsizing leaves most organizations feeling like they don't have enough staff, the truth is more subtle: Companies typically don't have the right staff to achieve their objectives," Kay says.
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