Only a few years ago, employers found themselves in the midst of an intense talent war, scrambling to find, lure and retain qualified employees in a job seeker’s market. Today, the climate has changed significantly. There are currently more candidates on the market to fill fewer jobs, and many employees once looking to jump ship at the mere suggestion of a better offer are staying put for now.

What does this all mean? For any of us that have been around the business world for a while, it demonstrates our understanding that employment conditions are cyclical. They always have been. I have seen too many employers forget this, though-- the same companies that devoted untold energy to recruiting and retaining candidates in a “hot” job market become lax as the market softens. The creative recruiting efforts go by the wayside; they pay less attention to keeping employees happy in their jobs.

Decreasing your attention to sound hiring and retention practices is a huge mistake. When the job market does turn around-- and it will-- you will be poorly positioned to identify and attract the best people, and your current employees will resent your lack of retention efforts and be eager to move on. Now, in this less active period, is exactly the time to maintain, or put in place, solid practices that will keep you competitive in the long run.

Strengthen Hiring Channels

Effective recruiting is not a shotgun effort to locate candidates when you urgently need them, but results from a continuous process of building relationships and establishing awareness about your company. There are several ways that you can implement new hiring programs or refine existing ones.

Networking is key. Develop and nurture your contacts. Communicate with industry trade associations and local business organizations such as the Chamber of Commerce. Establish and maintain contact with former employees, as they are often an excellent recruiting source.

Enhance your college recruiting programs by forming relationships with the career and alumni offices of the colleges and trade schools that educate your likely employee base. Strong relationships with educational institutions, nurtured on an ongoing basis will help position your company as an employer of choice for their graduates.

Another frequently overlooked hiring method is the employee referral program (ERP). Using your own employees to generate leads and referrals is cost effective and can generate high quality candidates already familiar with your company. While many companies have some form of ERP in their recruitment repertoires, the effectiveness of these initiatives varies dramatically. If your organization does not have an ERP, or your existing ERP is ineffective in generating referrals, now is an excellent time to take steps to develop or improve your plan.

Focus on Retention

While many employees may be relieved just to have a job right now, those that are unhappy will seek out change at the first opportunity. Concentrate on motivating your workforce and creating a positive work environment.

First and foremost, employees want to know that they are valued. This means that you should treat your workforce with the same respect and appreciation as you did when workers were a scarcer commodity. Now is the time to establish or enhance reward and recognition programs. Creative programs need not be costly to be successful.

Evaluate training and development needs and provide ongoing educational opportunities. Employees value jobs that allow them to learn and grow. In addition, with downsizing and hiring freezes common in today’s business climate, workers are often asked to do more work, with less resources. When employees do not have the training to effectively perform these new assignments, stress levels rise as morale plummets.

Investigate the many available internal and external training resources to find the ones that best suit your needs. Do not overlook the value of mentoring, which can develop skills and build morale at no extra cost.