Firms Should Explore Talent Pool During Recession

Firms should be exploring the growing talent pool available to them during the recession, one expert has advised.

According to the Chartered Institute of Personnel and Development (CIPD), now is a good time for firms to reassess who they are hiring and make the most of the increasing number of people looking for work.

With a wealth of candidates on the market, many of whom would not ordinarily be available, forward-thinking managers are taking the opportunity to build their talent pool and to prepare for the inevitable upturn.

The CIPD's comments follow an employment study conducted by well known recruitment agency, which found that the UK is home to a nation of undervalued employees with firms ignoring the basics of talent management.

The head of HR practice development at the CIPD, said: "What we are seeing is there is more talent on the market and actually one thing in times like this, for companies who are still hiring, is it's a good time to look at what talent there is in other places.”

"That's not saying that people are replaceable generically, what it's saying is that employers can choose those people who they think are most talented and make sure that they are in a position to have the resources and staff that they think will contribute the best in these particular circumstances and going forward too."

However, it is crucial, now more than ever, that the right person is hired the first time particularly for senior, permanent posts. Ways to do this would be to have a more rigorous or lengthy recruitment process or using cost conscious approaches such as trial periods.

Employers also should also be thinking about retaining valuable employees as the job market, although slowed, is still active. There are many cost effective ways to keep staff feel valued and morale high. For example starting an employee of the month scheme with a nonmonetary prize could encourage workers to do that little bit extra for the reward.

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