How to Strengthen Your Talent Bench in any Economy

How to Strengthen Your Talent Bench in any Economy

As tough as this economic environment may be, it also presents opportunities for prudent yet forward-looking companies. Layoffs and hiring freezes have put many top-notch people out of work, which means this can be an opportune time to acquire highly skilled performers who would be harder to recruit — or unavailable — in sunnier times.

Still, this doesn’t mean the best professionals are easy to find. Despite high unemployment rates across the United States and an expanded pool of available talent, employers interviewed for the Robert Half International and CareerBuilder.com 2009 Employment Dynamics and Growth Expectations (EDGE) Report said that, on average, 44 percent of resumes they receive are from unqualified candidates. If your company would like to pursue this unique opportunity to strengthen its talent bench, consider these cost-effective strategies for locating the best accounting professionals in the job market:

Use in-house connections. Even with tight budgets, it’s smart to continue (or start) offering employee referral bonuses. These high-reward, relatively low-cost programs give team members strong incentive to be on the lookout for candidates who’ll fit in well at your firm. Ask employees to keep their eyes and ears peeled for talented friends, business associates and former classmates who are now available.
Keep in contact. The grass isn’t always greener on the other side. That’s why it pays to stay in touch with team members who’ve left your firm. There are many benefits to rehiring strong performers. “Boomerang employees” have a proven track record and possess invaluable insight into your company. This knowledge minimizes training expenses and ramp-up time, enabling them to make significant contributions quickly.

Connect with a staffing specialist. According to the EDGE Report, it can take up to 14 weeks to fill an open position. Recruiters specializing in the accounting field can shorten that timeline by tapping into their well-cultivated networks. An experienced and reputable staffing firm also can help you by conducting initial interviews, skills evaluations and reference checks.

Finally, go on re-recruiting missions. While you’re strengthening your talent bench, don’t forget the talent you already have. Your best and brightest are in demand in any economy. Be proactive and sell your stars on their employment with your firm before you lose them to competitors. Ask about their career aspirations and consistently direct them toward opportunities or programs that will help them reach their objectives. Frequently offer gratitude for standout work and present them with a clear vision of their bright future with your organization.

To download the EDGE Report, please visit www.rhi.com/EDGEReport2009.

Founded in 1948, Robert Half Finance & Accounting is the world's first and largest specialized financial recruitment service. The company has more than 360 offices worldwide and offers online job search services at www.roberthalffinance.com.