The economic downslide we are experiencing in the U.S. has led to many companies cutting costs, as well as to the outplacement of qualified employees. How does that impact an effective hiring process?

Savvy hiring managers have realized that the economic downturn has given them an opportunity to select only the most qualified employees from a growing candidate pool, rather than hiring a "warm body" as was the case a year ago.

In a study reported in the June issue of the “Journal of Business Research”, it has been found that “shareholder returns were higher in the firms that reported more extensive hiring during downturns;…companies can invest in human resources during downturns in a less competitive labor market by attracting high quality, key personnel, who are critical to the company's strategic projects".

"Smart hiring" has become more crucial not only to your company's success, but possibly even to its existence. With the cost of hiring estimated at 150% to 250% of an employee's annual salary, a hiring mistake can be a costly one. Now, more than ever, is the time to make sure your company is selecting only the best talent.

Upcoming Events

The Computer Psychologist will be exhibiting at the Workforce 2002 Conference & Exposition held on September 25-26th at the Minneapolis Convention Center in Minneapolis, Minnesota. If you are interested in exhibiting or attending the conference, contact Workforce 2002 c/o MSP Resources 2301 Crestview Avenue North, Suite 200 Minneapolis, MN 55422 p763.287.9860.