Vistage Executive Summit Recap: Economic Forecast & Recruiting Struggles
Recently, we had an opportunity to attend Vistage’s Minnesota Summit and listen to three impactful speakers in addition to leading a breakout session in the morning.
Approximately 350 business leaders from the Twin Cities and the upper midwest attended the summit. Below is a recap of some of the key takeaways from Vistage’s impactful event.
Alex Chausovsky (@achausovsky) from ITR Economics provided clarity to the growing uncertainty about the economy. Alex opened the session by explaining the leading economic indicators they watch closely and how they all work together to predict our economic future. To their credit, ITR has had a 94.7% forecast accuracy over the last five years, so I took their info to heart.
There is some good news for us all. Although ITR is predicting growth to slow and potentially even stall over the first two quarters of 2020, they are predicting continued economic growth to pick back up starting in the third quarter and continue throughout 2022!
Retention of Talent
Joe Galvin, Chief Research Officer at Vistage, spoke about a recent survey Vistage conducted about the critical nature of retaining talent within an organization. They surveyed over 23,000 Vistage members, who were asked to rate the importance of factors related to their talent management challenges. The top 3 factors were:
- Retaining existing talent (66%)
- Developing a strong culture that drives employee engagement (65%)
- Attracting qualified talent (61%).
Key Improvements Needed To Attract Top Talent
We had the opportunity to lead a breakout session to help executives more effectively attract, select, and retain talent in their organization. During the session, we heard common themes facing business leaders attempting to attract key talent to their organization:
- Recruiting passive candidates is critical
- Businesses can’t rely on top talent to respond to job postings
- Developing a proactive recruiting strategy is key
- The need to streamline the interview process
- Delays or added steps can turn off candidates
- Identify who is the main point of contact for candidates and provide them timely updates
- Identify prior to recruiting, who is interviewing for culture fit vs. job fit
- The impact of great vs. good
- As painful as it can be, don’t settle for just good enough. Understand what great looks like and develop a plan to find it. The positive impact on your company can be significant
Lastly, if you ever need a personal lift and some inspiration, find John O’Leary. John is an inspiring speaker who helped conclude the conference. John has a personal story on overcoming adversity that resonates with anyone who hears it. You can follow him at @JOlearyInspires
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- 4 Steps Organizations can Take Now to be Prepared to Hire Talent When the Economy Ramps Back Up