Retention is the buzzword when times are good, the order of the day in a bull market. But doesn't retention still matter during an economic downturn? Of course, and in the same way it always does: making sure that top talent never leaves.
Because proper staffing levels become a moving target, an economic recession can throw a workforce into flux. At the same time, retention of the best performers becomes as important as ever. But whose contributions best support operations, and how can an organization identify these people? One common denominator among top performers is their knowledge of the company; they possess the institutional knowledge that leads to efficiency.
For talent management professionals, this is the prevailing concern; nobody wants an unmanageable payroll when times are lean, and nobody wants to be short on staff when times get fat again (and they will). That means managing the laying off and retention of the workforce during the interim in an effective manner.
VirtualJobCoach allows companies to offer online outplacement services. Because these services are online, they can be offered at a fraction of the cost of traditional outplacement solutions, according to Will Robinson, secretary and cofounder of the company.
"Free" is one of those words that can pique just about anyone's interest, and talent management technology that is free, fully functional and practical will certainly grab the attention TalentManagementTech.com's readers.
Apparently, as part of their response to today's economic conditions, a clear majority (58%) of staffing firms are adding services and respositing themselves to attract new clientele. It's one of the major findings of "How is Your Firm Adjusting to the Economy," a survey by TalentDrive of 7,500 such organizations in January.
Watching the news, you'd think we were in for an unending hiring freeze. And, yes, the situation isn't exactly great. But truly grim, it may not be. Forty-six percent of firms were not in a hiring freeze as of January, according to TalentDrive's January 2009 survey titled "Time to Upgrade Your B Talent to the A Talent." Furthermore, 68% of the 8,000 firms surveyed expect normal hiring to return by Q3 of this year, TalentDrive reports.
Peter Weddle, founder of the International Association of Employment Web Sites (IAEWS), has written a book titled "Work Strong: Your Personal Career Fitness System," in which he applies analogies such as fitness, athleticism and the classic Olympian in order to describe and explore the concept of "career" in the 21st Century.
It's time for another post on the "Hot Hundred Talent Management Technologies" for 2009.