Although all of the organisations that were featured in this research are placing more, rather than less, importance on talent management, many are also adapting their wider business processes in line with the current economic climate. Wider change efforts appear to be focused around three key areas. In challenging times, absence and performance management have increasingly come under the organisational microscope. Employee engagement, motivation and morale have also never been more important and, reassuringly, organisations are providing line manager support and development to not only engage and motivate talent but all employees in this challenging period.
Organisations are developing more creative talent responses in the light of therecession. The snapshots in this research show that forward-thinking organizations employ a range of innovative ideas when it comes to meeting the challenges of engaging, developing and retaining talent in financially challenging circumstances. Again, organisations appear to be upping the ante around creativity and innovation in order to survive and thrive.
How to develop creative talent responses to the current challenges being experienced during the recession:
Increase your profile
While for many organisations the recession has led to recruitment freezes or reductions, it doesn't mean you should stop building your employer brand and reputation. Several organisations are actively spending time increasing their profiles as preferred employers and are strengthening their relationships with local talent so that they are in a stronger position to acquire difficult to find talent when the upturn comes.
Improve talent schemes
For those organisations that have had to postpone or scale back talent management initiatives, the current period represents a perfect opportunity to review and develop the effectiveness of their current talent management schemes.
Acquire talent from other firms
The first-phase findings showed that 11% of over 700 organisations were benefiting from recruiting talent discarded by competitors. Some organisations in this study emphasise the benefits of a strategic approach to recruiting such talent, particularly in areas of the business where they can make a big impact.
Talent is easier to keep track of in small businesses
and it's simpler to ensure that individuals are being matched with
appropriate stretch assignments
Plan for the future
It is also important to prepare for an upturn, particularly if you have found it difficult to find skills and experience in the past. The London Borough of Tower Hamlets is currently setting up a "talent boutique" as a way of introducing senior managers and politicians to a senior network of black and Asian managers.
Focus on existing talent
Although there are many distractions related to the recession, it is more important than ever that talented employees continue to perform as effectively as possible and are fully engaged and motivated.
Skills development
Now is the time to explore any opportunities to gain funding for developing the skills of employees. The Borough of Tower Hamlets is looking to maximise the use that it gets out of grants, for instance by increasing the focus on apprenticeships and accessing apprenticeship-specific funding.
Think creatively
On the whole, recruitment freezes or reductions are encouraging line managers to be less risk averse in their promotion decisions. Line managers currently have to think much more creatively and carefully before they go to the external marketplace. This helps organisations fully utilise the skills of their existing workforce and provides existing employees with more opportunities. However, if internal candidates are more likely to be given stretch appointments they must be provided with effective support. Try to also innovate with your talent assessment and development processes.
Implications for small firms
Smaller organisations have an opportunity to lead the way around talent innovation at this time. Most have never had the luxury of vast corporate resources and budgets to attract, develop, retain and deploy talented employees. There are more opportunities to attract great employees who have lost faith in the larger corporations and are looking for stability and trust. The "personal" approach and culture of smaller businesses should also make for a more attractive employer in the current marketplace.
Talent is easier to keep track of in small and medium-sized businesses and it's simpler to ensure that individuals are being matched with appropriate stretch assignments. Try to combat negative perceptions about career development by introducing lateral moves, project work visible to senior managers and secondments within other areas.
Smaller businesses should also be well used to thinking creatively about development opportunities and doing more around talent for less. Many organisations are now introducing development challenges that are low and sometimes zero-cost but are rated as very effective by talented employees such as networking, on-the-job experiential learning and business solutions project groups. Although the current recession has heightened the attention on short-term, business-critical needs there is a strong recognition by all of the organizations featured that both short and longer-term perspectives need to be carefully balanced. All organisations, including small businesses, need to develop a sustainable approach to talent management which, by its very nature, should be focused on developing the current but also the future talent and capability of the organisation.
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