Building Your Talent Community Today is a Strategic Necessity

I am an idealist and constantly have to remind myself to take a step back from a problem and objectively review a situation. The job market is horrendous right now. We learn about mass layoffs every month. The November Employment Summary reported an unemployment rate of ~9.8% that will not subside, over 3 million open jobs, and 15.1 million registered unemployed. Future perspectives from world economic opinion leaders and business leaders who have the power to help stabilize (or destabilize) our economy are not very optimistic either. Chairman of the Federal Reserve, Ben Bernanke, discussed in a recent interview that this slow economic recovery (or lack thereof) was not a good sign for the unemployed. Percentage unemployment numbers may very well remain in the high 9′s and will not return to pre-2008 lows for several years.

The reality is that companies have learned to do more with less headcount. Major consolidations across all industries continue as large organizations grow through acquisition, which further reduces the need for headcount. Where are all of the unemployed going to find jobs?

Unless there is an expansion of small to mid-size businesses, the high unemployment rate will persist.

But wait. Isn’t there another crisis on the horizon? As baby boomers exit the workforce starting in the next 2-3 years, companies will be faced with a serious knowledge gap. They will not be able to fill this gap with internal referrals and internal movement of their employees at that time. They will need to find talent to fill the gap and in a major hurry. How will they find this talent?

There are opportunities, though, for job seekers and employers to connect today. Companies can build talent communities. They can connect to employees and stay connected to alumni. If they can get connected to talent today, build relationships, and stay connected, then they will be able to fill positions when they need to replace retiring workers and ultimately be able to sustain growth.

I discuss this job market and economic outlook with people I meet all the time. I am surprised every time by the fact that this problem is not taken seriously. I am more surprised that shareholders of major companies are not asking senior leadership to explain how they will address this inevitable risk to the financial health of the organization.

Ideally, we are ready for the future and we have made human capital management a strategic priority for our companies. Building your talent community today is a strategic necessity! Identify and connect with high quality active and passive candidates and their personal and professional networks. As you build your talent community and get engaged with existing and future candidates, use this opportunity to proliferate your brand. Increase brand recognition and reputation of your company and your available jobs.