Smart companies are always on the lookout for talent, says Cohen. “It has to be part of an ongoing strategy. Not only are you looking ahead and planning to be ready to when the economy turns around, you are taking the best candidates off the market and keeping them away from the competition.”

In addition, Cohen says, hiring new players and maintaining a strong recruiting process sends a powerful signal to investors, customers and competitors that your company is strong and bullish about the future.

The magnitude of unemployment during the recession means there are good candidates in the job pool, albeit hard to find among a sea of less-talented, less-qualified candidates. Companies that appear to be hiring can expect to be besieged by a deluge of resumes, making it increasingly important to screen carefully to be selective. Joe McKendrick, who writes the FastForward blog, says social networking sites like LinkedIn and Facebook are valuabletools for helping candidates and companies find each other.

Staffing experts advise companies to avoid the temptation to under-compensate a qualified candidate. He or she may accept, but will be looking to jump ship once the job market improves. If you find a potential gem, you'll want to retain that person for the long haul. Incentives, benefits and other perks should be extended regardless of the economic picture.

That's not to say there aren't opportunities in the current climate to offer alternatives to permanent full-time employment that may better suit your organization as well as an individual's needs. Independent contractors offer flexibility, are far more cost effective and may be a mutually beneficial solution to fill the need for a specialist.  Jeff Fox