‘Topgrading’ in aDown Economy – AGood Time toHire!


BY BRAD SMART D


URINGTHE PAST 35YEARS, I’VE observed talent-management prac- tices in up markets and down mar- kets, and the two conclusions I’ve reached and discuss in this article are:


1.Almost all companies talk a good (talent) game, but most


admit they fall short. 2.During a down economy is a good time to “topgrade,” as I


call it, because there ismore talent available, at lower compensa- tion levels. Almost all companies talk a good (talent) game, but ... I talked to JackWelch recently about the go-go years of the


1990s, when a few General Electric companies had gotten a bit casual in talentmanagement:Bplayers had receivedAplayer rat- ings that were not deserved. Is there any chance you became a bit casual in your talent


management processes during recent up-market years? “MakingTalentManagement a Strategic Priority,” an article


in the fall 2008 issue of TheMcKinsey Quarterly, revisits “the war for talent” a decade after their first ground-breaking


research.These quotesmight disturb you: “...Respondents ... regarded finding talented people likely to


be the single most important managerial preoccupation for the rest of the decade.” Yet: “Too many firms still dismiss talent management as a


short-term, tactical problem, rather than an integral part of a long-termbusiness strategy.…” And: “To a considerable extent, management must blame themselves for their current talent woes.”


During a down economy is a good time to ‘topgrade’ ... Sorry if I seemlike a nagwith trite admonitions.Your invest-


ment advisor might be saying, “The market is down, buy now! Buy low, sell high, right?”You know that when your portfolio is down 25%, it probably is smart to cash in some bonds and invest in equities. But most of us are chicken, fearing the worst is yet to come. Similarly, if your business is down, the idea of incurring the


cost of hiring is painful, so limping along with some underper- formers seems best.Yet,we’re talking tomanagers every daywho


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