It finally feels like change is upon us. The US Department of Labor issued better than expected job numbers and companies appear ready to start investing in people and new technologies. If the labor market does indeed turn, and it becomes a buyers market, are you ready to attract the best talent?
Is your company positioned well enough in the market to keep your current high potentials and simultaneously attract new A-players? Have you thought about putting a plan in place to prepare for what many are expecting to be a good deal of movement in the labor force? If not, you should, if you have already started to lay the groundwork, now is a good time to refresh the plan and get your ducks in a row.
When the market does turn, people are ready to jump, question for you is, are you prepared for the change that lies ahead in waiting? What steps have you taken to develop an employee brand that will attract talent to you? Are you known in the labor market as a good employer? Do you take care of your people? Do you create compelling products? Do you invest in your people?
If you were to randomly ask your current employees, what would they say about your company? And, I am not talking about through a formal survey, but rather, word on the street. How are you perceived and are you ready to capitalize on the movement when it comes?
This change could be big. People have not had the opportunity to move in some time. There will be a period of change where people will start jumping for new opportunities with other companies. There will be a flow of talent out and a flow if talent in.
This could be a good thing, fresh eyes and new blood can reinvigorate your culture. Everything depends on the type of talent that is walking out versus the type of talent walking in. Hopefully, for your sake you are net talent positive. But, in order to be that, you need to plan accordingly and be ready for the winds of change.