Recruit During Recession to Find Top Talent

The recession has hit businesses hard, but many are taking advantage of the available talent in the job pool to bolster their teams.

The yin and yang of business is the paradoxical coexistence of challenge and opportunity. The downturn has affected nearly every industry, but there are indeed some silver linings behind the dark economic clouds. Office space is cheap and abundantly available, for example. And it's a great time to recruit. That may seem counterintuitive. Shouldn't companies do everything they can to cut costs, including downsizing? Not necessarily.

The monthly unemployment reports confirm that companies are continuing to lay off workers. A recent survey by the consulting group Watson Wyatt found that three-quarters of American companies have implemented a hiring freeze -- a gloomy picture, to be sure. While the prevailing wisdom seems to be one of cutting costs and hunkering down to ride out the recession, many experts see an opportunity for companies to be forward-looking and take advantage of the talent pool. Their thought process? A lot of talented people are out of work.

The flip side of the Watson Wyatt study is that 25 percent of companies are, in fact, hiring. Have these companies somehow managed to sidestep the recession? Perhaps. But it may just be that they are simply – and wisely – thinking ahead.

“Acquiring top talent is crucial to your business at all times, regardless of the state the economy, and even more so in difficult times,” says Mouli Cohen, eCast and Voltage Capital founder. “Innovation is a constant necessity, particularly for technology companies. Bringing in new and high caliber talent is critical to maintaining a culture of innovation. For any business to succeed it has to gain and maintain a competitive edge, and putting the best players on your team is paramount.”

Smart companies are always on the lookout for talent, says Cohen. “It has to be part of an ongoing strategy. Not only are you looking ahead and planning to be ready to when the economy turns around, you are taking the best candidates off the market and keeping them away from the competition.”

In addition, Cohen says, hiring new players and maintaining a strong recruiting process sends a powerful signal to investors, customers and competitors that your company is strong and bullish about the future.

The magnitude of unemployment during the recession means there are good candidates in the job pool, albeit hard to find among a sea of less-talented, less-qualified candidates. Companies that appear to be hiring can expect to be besieged by a deluge of resumes, making it increasingly important to screen carefully to be selective. Joe McKendrick, who writes the FastForward blog, says social networking sites like LinkedIn and Facebook are valuabletools for helping candidates and companies find each other.

Staffing experts advise companies to avoid the temptation to under-compensate a qualified candidate. He or she may accept, but will be looking to jump ship once the job market improves. If you find a potential gem, you'll want to retain that person for the long haul. Incentives, benefits and other perks should be extended regardless of the economic picture.

That's not to say there aren't opportunities in the current climate to offer alternatives to permanent full-time employment that may better suit your organization as well as an individual's needs. Independent contractors offer flexibility, are far more cost effective and may be a mutually beneficial solution to fill the need for a specialist.