Corporations: Adjusting to a Transitioning Hiring Pool

Detroit is confronting a significant restructuring in its core business — the manufacturing industry. This fundamental transformation means the industry will be smaller, more cost-conscious and require a different skill set

As Detroit continues to diversify its “business model”, significant changes will occur, not only for employees, but for companies as well. A couple of weeks ago, I commented on the things employees should focus on during their personal transition period. This writing briefly summarizes what might be beneficial to corporations.

During this unprecedented restructuring period, companies will eventually begin to rehire — at what point, only time will tell. While many companies are restructuring and — in quite a few cases — downsizing, the need for top-notch talent will not change. In fact, it becomes acutely important as the regional mindset shifts to a more globally-aware, knowledge-based economy. This transition means organizations will be faced with building a new-style workforce in the wake of sweeping regional changes and the inevitable resource crunch that will occur.

To this end, it is important that organizations:

1. Clearly understand the rapidly evolving business model and assess their talent pool based on these ever-changing needs,
2. Develop a “gap” analysis based on the direction of the organization,
3. Understand the type of talent required on a go-forward basis,
4. Retain those employees who will fill certain gaps,
5. Attract talent consistent with future direction,
6. If necessary, identify an executive search firm who can assist in attracting top-notch talent consistent with the future direction of the organization.

During this restructuring process, it is essential to communicate with employees. The worse thing is not to say anything. This only perpetuates fear, increases anxiety and reduces morale and productivity and right now, it’s critical the lines of communication remain open.