Debacle of many large financial institutions in USA has stormed the global economy and the crisis looks unending. I don’t want to delve on why and how it happened. There are many expert views and descriptions available all over the places.
It is really sad, and the impact of such a gigantic crisis will have medium to long term impact on global economies and a potential recession seems impending.
I have often heard CEOs/CXOs mentioning that there is a severe shortage of strategic and leadership talent across many industry verticals. It is my hypothesis- correct me if I am wrong– that while crisis is gripping US financial institutions, several other economies in the world and specifically certain sectors stands robust (relatively) for long term growth (10-20 years of growth is predictable in countries like India which are starting from a very low base of consumerism).
I can’t estimate the exact quantum of talent released by the busting, shrinking and restructuring of these banks and financial institutions. But, my guess is it would be big enough inventory of “high quality talent” that can’t be and shouldn’t be ignored.
Don’t forget the reduced stickiness of those who are not fired but getting along with limping institutions and hence they are easy prey.
I see this as a great potential opportunity by those sectors where talent can be absorbed to create a bigger economic value during these times.
This time around large corporate houses and visionary groups should gear-up their talent acquisition exercise to acquire desirable human assets.
Though it sounds contrarian, in my views it can prove very valuable to those companies where effects of a potential US recession are not seen.
Although with time talent get absorbed wherever there are jobs/ or they freelance – corporations should make targeted plan to make use of this unique situation on proactive basis.
This is an exceptional time when such high quality talent is available for such a deep discount. Rush! Plan your talent acquisition strategy.
(Ankit Jain is Head – HR & Strategy at G-Cube)