Inspiring business leaders to thrive: Why building a talent pipeline is essential during a challenging business landscape

It’s tough out there for Kiwi businesses at the moment. A lot of organisations are just focused on the day-to-day, looking for ways to reduce costs and ensure long-term viability. And you only need to spend a couple of minutes on LinkedIn to see the effects of this, with a  large number of people looking for work following some kind of restructure or redundancy.

While we know that the business landscape will swing back into the green again, it’s during these challenging times when it’s more important than ever for business leaders to stay connected with their people, focus on their strategies, and keep an eye on the future. Not always an easy ask when the stresses are high.

The team at Best Places to Work^TM caught up with Izzy Fenwick, founder of Futureful, entrepreneur, global speaker, environmentalist, and a passionate advocate for re-humanising workplaces, to talk about how business leaders can continue to incorporate a growth mindset and help maintain the right culture when their focus is elsewhere. This is her perspective:

Plan to grow

There are strong arguments and statistics supporting the idea that an economic downturn provides opportunity for business planning and strategic moves. Think of this time as something of a ‘winter hibernation’ - when you can focus inward to work on your business. 

During periods of high growth it can be difficult to find the time and headspace to work on the business, and leaders can often find themselves operating in a more reactionary way. When things are quiet, you can take the time to prepare for the light at the end of the tunnel and focus your team and efforts on your growth trajectory. That’s not to say you take your foot off the gas, but it’s important to pop your head above the parapet to take stock, see what the future might hold and create a strategy to work towards it. The last thing you want to happen is for the business landscape to improve and not be ready to capitalise on it. 

Another aspect of planning for the future during an economic downturn is the message this gives to your team. If a team continues to be engaged in a growth mindset and is instrumental in creating the strategy and plan for a highly profitable future, this will have a profoundly positive impact on their wellbeing, productivity, loyalty, and effectiveness. There is great comfort in having a plan and a pathway forward. 

Create a pipeline of talent, even if you’re not hiring right now

Recruitment has traditionally been reactive - there is a role that needs to be filled and the hiring manager goes to market to find the right person. In this, the hiring manager only has access to the pool of people available at that time, which can result in a forced decision - the role must be filled so the best of the available talent is chosen. 

Let’s focus on the word ‘best’ for a minute. The literal meaning is ‘of the most excellent or desirable type or quality’. Every hiring manager wants the ‘best’ talent on their team, because we all know that people are at the very centre of business success. But if you only have access to the people who are available at any given time, how are you ensuring you are hiring the ‘best’?

Creating a pipeline of talent isn’t just about identifying what you need now, it’s a commitment to creating a space where relationships are forged for a mutually beneficial future together. If you openly share your organisational purpose, values, ethics, culture, policies on DEI and flexible working etc so that connections can be made with people who are aligned, the lines of communication will already be open with them when you are in a position to hire. 

When you attract talent with a job ad, you're fishing with a hook and a line for a specific species. But when you connect with people in a talent pool, you're got a whole net and you're getting octopus and sharks and sea lions and all sorts of diverse and interesting talent who may not necessarily relate or fit on that one hook that you've got, but who absolutely can add value in ways you may not have thought of.

The change that is happening all over the world is intense - just look how fast AI is reshaping things. We cannot possibly predict all the skillsets we will need to move forward into the future. But what we can do is connect with talented people, who themselves will also be evolving their skillsets, and co-create a future over time. It’s a completely different way of looking at recruitment, shifting from transactional and reactive to proactive and collaborative - fostering long-term relationships, not one night stands!

Communicate robustly to create a positive focus

There’s a saying that goes “what you focus on grows”. In every aspect of life, this rings true. So if we apply this logic to the way we communicate with our teams, the things we place the most emphasis on will be the things our teams are most likely to absorb. 

Imagine how empowering it would be for a team to know that even though the economic landscape is challenging, the business is establishing connections with talented people who not only have skills that may be needed down the line, but who are also aligned culturally, ethically, and share the same passion as the existing team. And that, when the time is right, these people may come on board to augment what’s already in place. And during these communications, if leaders also check in with the team, ask them how they are feeling, and empower them with the tools to thrive, this sends a clear message that they care enough to think about long-term outcomes and intend to not just survive, but to thrive.

Stronger on the other side
As we navigate the uncertainties of today’s business landscape, one thing remains clear: proactive leadership and forward-thinking strategies are key to thriving. By embracing a growth mindset, creating robust talent pipelines, and facilitating open communication, leaders can position their businesses not only to weather the storm but to emerge stronger on the other side.

So, as we all navigate these challenging times, remember that every effort invested in planning, talent cultivation, and positive communication contributes not only to organisational resilience but also to a brighter future where our businesses and our people can flourish together. 

Perhaps the best place to start is to check in with your people? Find out what they have to say, how they are feeling, and what tools they need to thrive? Try the BPTW^TM engagement survey. 

Futureful is dedicated to re-humanising work and revolutionising how organisations approach their environmental and social impact, recognizing the profound impact they have on both people and productivity. It is the perfect place to start your talent pipeline.