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Globally, we are facing economic challenges of a lifetime—challenges that will potentially change the way that business is done. Companies of all sizes are being forced to downsize, restructure and in essence, “retrench” to survive the downturn. Programs that were considered keys to success just last year are being cut or reduced, just to save money.

 

Many organizations are reporting hiring freezes, but at the same time, a continued need to source and cultivate their talent pools for the future. There is no denying that the labor pool will continue to shrink as the Baby Boomer generation employees retire and there are fewer people to fill available positions, which is why organizations continue developing talent. As a result, many organizations are being asked to do the impossible—do more with less, manage the tsunami of applicants for the few available positions, cultivate existing talent and develop leaders, while at the same time keeping the pipeline and brand strong for the next uptick in the economy.