This is a Guest Blog by Paul Hemp of the Harvard Business Review

Hiring people? Who has time to think about that these days, when most organizations are trying to figure out who to lay off and how to do it humanely?

The Harvard Business Review says you're making a mistake if you don't carve out time to plot your hiring strategy, according to Claudio Fernández-Aráoz, a senior executive at the search firm Egon Zehnder International and the co-author--with Harvard Business School professors Boris Groysberg and Nitin Nohria--of an article in the May issue of Harvard Business Review, "The Definitive Guide to Recruiting in Good Times and Bad."

Although few companies are adding--or even replacing--people now, hiring will become a key source of competitive advantage as soon as the first signs of recovery appear on the horizon, says Fernández-Aráoz, who also is the author of the recently published book Great People Decisions.

In the current HarvardBusiness Ideacast, Fernández-Aráoz catalogs some of the mistakes people make when hiring and offers advice on avoiding them. One of the biggest errors is assuming that the worst thing that can happen is hiring someone who turns out to be a disaster. A potentially greater mistake: not hiring someone who would have been a star performer.

After you listen to the IdeaCast, you can also take Recruiting Practices Self-Assessment, a "painless, 21-question" quiz, developed by the authors, to see how your hiring practices stack up overall and in seven distinct sub-categories.