Depending on who you ask or what internet sites you visit, you’ll be regaled with thoughtful articles about the current economy. Apparently, according to leading economic indicators, there’s an inevitable economy shattering recession right around the corner that may or may not occur or is already occurring or is never going to occur or has already occurred.
Add to that news about inflation that is simultaneously going through the roof while also easing and is indicative of wages being too high or not high enough. Some companies are being hostile to their workforce by forcing them return to the office. Others are expanding their capability to employ remote workers and embrace a 4 day workweek. Layoffs abound and “mistakes were made” – primarily by CEO’s with irrational, reactionary, and rudderless hiring practices during the Pandemic.
So now what?
Unemployment dropped to 3.4% and 517,000 jobs were added in January 2023. One might think that a leading economic indicator like unemployment being so low would be a good thing. But if you read most of the financial headlines, they’re still speculating/ grousing about the rise in interest rates and a recession. The stock market may reflect the overall health of large corporations and their investors, but that’s only part of the picture. In fact, “less than a fifth (17%) of finance leaders believe they will do worse in 2023”.
As far as economic indicators are concerned, there are dozens of mitigating factors that are confounding economists. It seems the tools by which we interpret the health of the economy are outdated and inaccurate, at least as far as (hopefully) once-in-a-lifetime post global pandemic recovery measurements go.
It all makes perfect sense if you don’t think about it.
Except that if you’re the leader of a small to medium sized business trying to expand and grow, you most definitely have to think about it. So, economic indicators aside, what ‘s going on with regard to finding top executive talent for your business?
The answer is: the same as it ever was, just completely different.
We highlighted a few ideas like flex working and how embracing a holistic approach to human resources can actually improve your employer brand during a challenging time for hiring.
And our previous post still holds true in 2023 as it did in 2022.
- Know your company’s value proposition. The obvious parts of a company’s value proposition – competitive salary, enhanced benefits, flexible working environment, etc. – are most likely to be mirrored by your competitors. What makes your company different? What opportunities are you offering that other companies are not? Those answers will be of the most interest to executive talent.
- To court passive executive talent, you need to connect with them. Communicate on a more direct level about how solving your challenge can represent a mutual victory for both your company and the talent. They need to be connected with and not “interviewed” as if they were a job applicant. Because they’re not.
- Employee experience is critical. Every interaction that passive talent has with your organization creates their overall impression of your brand and the opportunity you’re offering.
- Embrace transparency and tell the truth, even if the truth doesn’t look all that great. High level executives became high level executives because they solve problems. Glossing over challenges your company is having is both disingenuous and counterproductive. They’re problem solvers. That’s why you need them. Some will definitely demur if they feel the challenges are too great. Good. Those aren’t the people you want. You want the executives that say “That sounds like a major challenge. This is how I’d go about solving it.”
Economic indicators that take everything into consideration can be valuable, but they can only guide you so far. The companies that embrace transparency and treat their potential team embers with respect are the companies that will thrive in 2023 and beyond.