In the short term, the announcement of a hiring freeze signals to your workforce that your organization is not healthy. This causes anxiety and motivates your top performers to start looking for other opportunities and your low performers to look busy so they don’t get called out. In the long term, it starves the organizations of the talent they will need to compete in the future.
Despite these current conditions, forward thinking organizations will seize the opportunity to upgrade talent, shore-up their talent pipeline, and be more competitive. In the ultra-competitive world in which we live, organizations with the right people in the right jobs at the right time stand to win big. These organizations take care to understand their current state, forecast talent gaps, and take the necessary steps to close those gaps.