{"id":5062,"date":"2020-05-06T12:55:16","date_gmt":"2020-05-06T12:55:16","guid":{"rendered":"https:\/\/e2edev2021.wpengine.com\/resource\/what-steps-can-your-organization-take-to-optimize-recovery-through-smart-talent-acquisition\/"},"modified":"2025-10-08T12:41:34","modified_gmt":"2025-10-08T12:41:34","slug":"what-steps-can-your-organization-take-to-optimize-recovery-through-smart-talent-acquisition","status":"publish","type":"resource","link":"https:\/\/www.engage2excel.com\/fr\/resource\/what-steps-can-your-organization-take-to-optimize-recovery-through-smart-talent-acquisition\/","title":{"rendered":"What steps can your organization take to optimize recovery through smart talent acquisition?"},"content":{"rendered":"

Early April Survey Reveals CEO Confidence Levels and Ability to Sustain a Deep Downturn<\/span><\/h3>\n

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One of the greatest challenges for business leaders in dealing with the impacts of the COVID-19 pandemic is that the news keeps literally changing daily. The table below shows the results from a survey conducted April 1-3 of 254 U.S. CEOs. The leaders of companies with revenues from $10 million to $99 million were 3% more confident about business conditions in the next 12 months than they were a year ago. CEOs of smaller and larger companies were only slightly less confident about the year ahead than they were in April 2019. However, when asked how long they could sustain a deep downturn and still stay in business, more than half indicated they could go from six months or longer. Less than half (45%) said they could last six months or less. These perceptions have likely already changed at the time of release for this report. What hasn\u2019t changed is the belief that a recovery period is imminent as soon as the devastating health impacts of the pandemic begin to subside.<\/p>\n

This report offers insights on what you can do to maximize the role that talent acquisition can play in optimizing business results during your organization\u2019s recovery period.<\/p>\n

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Getting Ready to Reopen<\/span><\/h3>\n

It has been said many times since the global pandemic began\u2014COVID-19 changes everything. While the death toll and economic consequences of the crisis have been devastating, business leaders must now balance workplace and public safety with financial accountability and strategic leadership in preparing their organizations to reopen in a manner that will optimize wellness, efficiency, productivity and profitability.<\/p>\n

Reopening Plans Vary Widely<\/span>
\nThe definition of reopening varies widely depending on the nature of your business. For essential companies that have sustained society during the crisis, reopening will mean ramping up for increased traffic and a gradual return of work from home (WFH) employees. For others, especially those that underwent significant workforce reductions, reopening will involve a difficult period of emotional recovery along with the need to re-envision the business to align with stakeholder needs and realities in the post-crisis environment. For all organizations, reopening will be a phased process that is influenced by local, state and federal guidelines.<\/p>\n

A New Era of Resilient Reinvention<\/span>
\nThroughout history, periods of crisis have always been accompanied by spikes in innovation and reinvention. Forced to operate by an entirely new set of rules and diminished resources, many companies have discovered new and sustainable efficiencies to last during and after the recovery period.<\/p>\n

In getting ready to reopen, talent acquisition leaders need to reassess what they will do differently, why they will do it, and when it will happen to help their organizations rebound from the impacts of the crisis. The checklist on the right is intended only to stimulate thinking on how you might support a resilient reinvention of your organization.<\/p>\n

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Post-Crisis Workforce Planning<\/span><\/h3>\n

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What Shape Will the Recovery Take?<\/span>
\nThere is no playbook for workforce planning during the COVID-19 recovery period, nor any clear consensus on what shape the economic recovery will take. A recent survey of C-suite executives by EY provides a snapshot of current perspectives. A V-shaped recovery, which reflects the most optimistic outlook, was predicted by 38% of executives surveyed. A U-shaped recovery, characterized by a long, flat rehabilitation over many months\u2014as occurred during the Great Recession of 2007\u2014was predicted by 54% of those surveyed. Only 8% of C-suite executives predicted an L-shaped recovery\u2014the worst-case scenario, where growth falls and does not recover for years.
\nWhile many factors\u2014including the impact of curve-flattening measures, the effectiveness of contact tracing efforts and the distribution of an FDA-approved COVID-19 vaccine\u2014will ultimately determine the shape of the recovery, one thing is clear: workforce planning must be developed using agile models, which will be ready to respond and adapt to changing conditions.<\/p>\n

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Lessons from the Great Recession<\/span>
\nAlthough the underlying causes of the 2007\u20139 recession were fundamentally different than what we face today, analyses of the strategies deployed by companies that were the most successful in that recovery provide important insights for post-crisis workforce planning.<\/p>\n

Topgrade to Strengthen Decentralized Decisioning:<\/span> A study by Harvard Business School found that companies that empowered decentralized decision-making outperformed their centralized counterparts in sectors that were hardest hit by the Great Recession. Strategic topgrading for critical roles in the current employment market can have a significant influence on the success of your organization\u2019s recovery strategy.<\/p>\n

Focus on Customer Experience:<\/span> The stock market performance of companies that excelled in customer experience during the recession showed an increase of 6.1% in contrast to a drop in the S&P index of 16% during this period. Even if another wave of layoffs is required, resist across-the-board staff reductions and add talent, or reallocate staff where needed, to improve customer experience.<\/p>\n

Look Beyond Layoffs:<\/span> Companies that emerged from the 2007 recession in the strongest shape relied less on layoffs to cut costs and leaned more on operational improvement. Adopt a tactical approach to making sure the work gets done today, but focus on operational improvement and identify skills gaps today in planning for your recovery in the near- and longer-term.<\/p>\n

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Rethinking Candidate Generation<\/span><\/h3>\n

Candidate generation strategies, like all aspects of talent acquisition, must be reengineered for success in the post-COVID-19 recovery period. With the US unemployment rate projected at 16.1% for April, according to a May 3 forecast from the Wall Street Journal, highly qualified candidates are starting to flood the market. However, while talent pipelines will increase exponentially, the sheer volume will make it much more challenging to hire the right people with the right skillsets.<\/p>\n

The key to successful candidate generation in times of uncertainty is contingency planning for various recovery and business scenarios, driven by your workforce planning strategy discussed on the previous page. Develop plans for multiple scenarios that will enable you to quickly pivot and make well-thought-out hiring and business decisions at each turn in your company\u2019s road to recovery and post-crisis success.<\/p>\n

Rework Job Descriptions<\/span>
\nJob descriptions need updating to reflect the new realities of the workplace over the near term and throughout the recovery period. Companies that pulled back on remote work a few years ago are now embracing WFH strategies and giving employees more control over their schedules.<\/p>\n

Knowledge, skills and abilities (KSAs) for key roles must also be reassessed to optimize recovery. Many companies will place greater emphasis on hiring multi-skilled employees who are self-managed and self-motivated. And, as the rules of business change and competition increases, a high premium will be placed on innovative thinkers who can generate new ideas and solutions to meet customer needs.<\/p>\n

New Sourcing Strategies Inside and Out<\/span>
\nAssess your current workforce with a focus on internal mobility and succession planning. Despite the flood of available talent, looking inside to fill open positions should be a top priority. Tap laid off and furloughed employees along with alumni and retirees. Spend time nurturing candidates already in your pipeline. Be transparent and compassionate to make sure candidates know you have not forgotten about them. Invest in building and expanding your talent pools to develop employees in areas that align with your company\u2019s recovery strategy. The WFH pool greatly expands your ability to draw in the best talent regardless of geographic location. This will reduce the cost of recruitment and help identify quality candidates who will drive business results.<\/p>\n

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Preparing for Application Overload<\/span><\/h3>\n

Over the past several years, organizations that invested in improving candidate experiences enjoyed clear competitive advantages when hiring during the lowest period of unemployment in 50 years. The technologies, processes and communications tools used to enhance candidate experiences during the economic boom will become even more critical in optimizing talent acquisition decisions during the impending recessionary period.<\/p>\n

Benchmark to Scale More Efficiently<\/span>
\nThe KPIs used to measure candidate experience represent an important baseline for optimizing candidate intake, regardless of how many openings you need to fill. The key will be to identify choke points, inefficiencies and opportunities for process improvement in order to handle four to five times the volume of applications for each opening. Evaluate your candidate experiences from 2019 for these KPIs:<\/p>\n