When the recession hit a few years ago, businesses found themselves scrambling to make the economic decisions that made since. The mindset all of a sudden transformed from looking at the long term business model to a short term survival strategy.
It became a scramble to determine what would help the bottom line more: should we lay off the dedicated employee that has been here 25 years and it at the top of the pay grade, or keep them because of hiring costs? Ultimately, many businesses determined that dumping the higher salaried personnel in favor of paying for advertising, a background check, and other hiring costs made more sense because in the end, they would end up helping the bottom line in an uncertain economic time.
Now that things have turned around with the economy and businesses have seen their bottom lines improve, long term talent management has come back into play. For HR personnel, this has been a roller coaster ride. Several years ago, hiring and firing was the task at hand, along with figuring out how to strategically guide the ever changing flow of talent. Today, HR personnel are back to looking at and helping the company leadership determine the long term strategy, which includes strategic talent development and management.
On the TalentTalk Radio Show (Tuesdays at 1pm PST, http://tiny.cc/talenttalk) we have heard from many CEO’s and HR executives talk about the need for talent development; the pitfalls of not properly developing talent; and the opportunities that exist for a company when top talent is recruited, developed effectively, and put into the strategic model of how that company will effectively grow given the talent that is in place. One of the biggest points that has been made by executives, recruiters, and coaches that have appeared on the show is that the decision making process and the strategic buy in required of key management, but also employees, and the way that flows through the company is the key to talent development.
The long term strategy of companies presents new challenges to HR executives. Over the years, the role of human resources has become one that is more invested in strategic human capital development and the role that talent development plays in the long term vision of the company. As we see the shift from short term survival to long term strategy continue to evolve back into the corporate mindset, we will see more HR executives approaching their recruitment and hiring with a more definitive look at the background check, employment history, interview and overall capabilities of the prospective employee to ensure they will fit into that long term strategic plan.