With so many out-of-work people, finding qualified candidates should be easier than ever, right? There certainly is no shortage of individuals to choose from. However, an influx of people looking for work does not lessen the challenge of recruiting the right candidates with the right skills for the right job because the size of the talent pool essentially stays the same. In other words, regardless of the number of people applying for jobs, the distribution of average, good and great candidates remains unchanged.

Finding qualified candidates can actually be harder when economic conditions worsen and the number of people out of work increases. For recruiters and hiring managers, this translates to an increased volume of candidates and “mismatched” talent to review and screen in order to find those “right fit” candidates.

As economic conditions improve, having a blueprint for growth and thinking differently about talent acquisition strategies is what will help companies drive their businesses forward. Organizations that understand how to optimize the talent pool—both globally and locally—will be able to effectively recruit and retain, driving a sustainable competitive advantage.

Developing strong workforce strategies you can bank on

Appreciating that the fundamentals of the talent pool do not change quickly, even in the face of a global recession, means you can then implement strategies to optimize the talent that is available. To develop a pool of right-fit candidates that meet business requirements:

1. Know what you need, but be flexible. Define what you need but be willing to broaden the scope of skills and talents you are looking for based on what is available.

2. Identify individuals with transferable skills. Think about candidates with comparable skills from other industries or expand your search by sourcing candidates in different geographies.

3. Hire for innate talents and be willing to invest in training. You may find a candidate with the right attitude, experience, and problem-solving skills but who lack a certain certification or skill set. Prioritize the characteristics most important to get the job done and areas that can be successfully achieved through training.

4. Make diversity a reality. To bolster diversity, make sure the organization culture will enable diverse employees to thrive. Identify and create alliances with national minority organizations or trade associations and target recruitment advertising to minority publications.

5. Build a candidate pipeline. Build bench strength by cultivating relationships with candidates whose skills align with your organization’s future needs. This way, when you have an open position you can tap into a readily accessible talent pool.

Optimizing the talent pool

Boom or bust, the strategic fundamentals of the overall talent pool change slowly—and that means the challenges of hiring in a “buyer’s market” for talent are every bit as great today as they are during stronger economic times. By leveraging the existing talent pool, nurturing global networks and investing in diversity, organizations can effectively mine new talent sources, build multicultural talent and be well-positioned for market success.

Having the right resources to identify new sources of talent, efficiently screen out mismatched candidates and building a strong talent pipeline is critical to the success of every organization’s recruiting efforts. By optimizing the talent pool, organizations can gain access to skills that support business goals, build bench strength and recruit effectively to enhance competitive advantage.

		Debra Clem is the executive vice president of Manpower of Lansing, Inc.