Diversity MBA Magazine - Fall 2008 - (Page 94)

Smart Strategy: Why An Economic Downturn Is The Right Time To Build A Future Talent Pipeline By Karen Johns True or false: An economic slowdown or downturn should be a signal to put future talent pipeline development on hold. Students don’t decide on careers until they are already enrolled in college. The answers to both are “false.” Research has indicated that the career decision happens much earlier than previously thought. And for many industries and companies, a downturn can become an ideal time to create productive relationships with prospective employees. Although it may seem counterintuitive, adopting this perspective can give companies on edge on working an existing pool of talent once a recovery begins. When faced with a seller’s market, corporations are all about getting a fair share of the brain trust -- the best and brightest a cohort has to offer. But when scaling back on hiring, there’s no better time to seize opportunities to assess and develop pipelines; they are the keys to a company’s future. Pipeline development provides visibility with prospects at strategic junctures, creates a level of influence and potential leverage, and reduces the urgency that can interfere with assessing candidates along critical dimensions. As work takes on new significance for both employers and employees, here are some thoughts on leveraging market dynamics to your best advantage: 1. Develop and hire a pool of talent not just for your company but also for your industry. Here’s the sobering reality: Few employees entering the workforce today are planning on remaining with any company for 40 years. According to multiple sources, the average working American will have three to five careers and 10 to 12 jobs during his or her lifetime. Given the emergence of the intellectual free agent, industry switching has a relatively low cost for employees, but a high cost for employers. By identifying individuals well suited to your industry, while your company may be unlikely to retain them for 40 years, your industry may. And you may even find them boomeranging; individuals may return to your company later in their careers, bringing the bonus of broader industry exposure. 2. Invest the time in establishing a positive profile for your 94 w w w. d ive r s it y mb a ma g a z in e. c o m http://www.diversitymbamagazine.com

Table of Contents Feed for the Digital Edition of Diversity MBA Magazine - Fall 2008

Diversity MBA Magazine - Fall 2008 Contents Letters to the Editor In Your Own Hands Editor's View Business Briefs Off the Shelf Diversity MBA 2008 Awards Gala and Leadership Forum "Diversity Next Practices" Illusion of Inclusion Good Is Not Enough Revisiting Your Personal Brand Discover Your Power Voice Authentic Leadership In An Ever-Changing Marketplace Stopping the Brain Drain: How Companies Can Keep Talented People of Color Corporate Succession Planning - How Do You Fit In? How To Manage Virtual Teams Beyond Demographics Recruit, Recognize, Retain, Reinvest – Winning the Talent Acquisition Game Leave Ego at the Door Modernizing Supplier Diversity Taking the Leadership High Road… When You Can Find It Think Boardroom Bound; It’s Happening Who's Who In Diversity Fail to Succeed 4-Star Start-Up, Chris Ward: Character Above All Get Them at Hello – Tips to Improve Your Marketing Kit Sonny Vu, Entrepreneur A World at Your Fingertips Big Brother Wants Your Bank Account Stepping Off The Corporate Ladder HR Focus with Monica Ross A Unique New England Vacation Bold Caballeros y Noble Bandidas Women of Color and Cancer: The Chicago Phenomenon Being Single Isn't Easy International MBAs Flock To U.S. Schools Smart Strategy Gadgets+Gizmos Advertiser's Index

Diversity MBA Magazine - Fall 2008

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