Verses 11 and 12 speak of the gathering of Israel in the last days. The reference to “the second time” implies that there was a first time that the Lord set his hand to recover the people.
LeGrand Richards
“From this scripture we learn that the events described were to be in the future: ’The Lord shall set his hand again the second time to recover the remnant of his people.‘ There could not be a ’second time’ unless there had been a first. The first time was when the Lord led Israel out of Egyptian bondage and captivity.” (A Marvelous Work and a Wonder, pp. 202-3)
Joseph Smith
"The time has at last arrived when the God of Abraham, of Isaac, and of Jacob, has set His hand again the second time to recover the remnants of his people, which have been left from Assyria, and from Egypt, and from Pathros, and from Cush, and from Elam, and from Shinar, and from Hamath, and from the islands of the sea, and with them to bring in the fulness of the Gentiles, and establish that covenant with them, which was promised when their sins should be taken away. See Isaiah xi, Romans xi: 25, 26 and 27, and also Jeremiah xxxi: 31, 32 and 33. This covenant has never been established with the house of Israel, nor with the house of Judah, for it requires two parties to make a covenant, and those two parties must be agreed, or no covenant can be made.
"Christ, in the days of His flesh, proposed to make a covenant with them, but they rejected Him and His proposals, and in consequence thereof, they were broken off, and no covenant was made with them at that time…
“Thus after this chosen family had rejected Christ and His proposals, the heralds of salvation said to them, ’Lo, we turn unto the Gentiles;’ and the Gentiles received the covenant, and were grafted in from whence the chosen family were broken off.” (History of the Church, vol. 1, p. 313)
Wilford Woodruff
"Isaiah’s soul seemed to be on fire, and his mind wrapt in the visions of the Almighty, while he declared, in the name of the Lord, that it should come to pass in the last days that God should set His hand again the second time to recover the remnant of His people, assemble the outcasts of Israel, gather together the dispersed of Judah, destroy the tongue of the Egyptian sea and make men go over dry-shod, gather them to Jerusalem on horses, mules, swift beasts, and in chariots, and rebuild Jerusalem upon her own heaps; while, at the same time, the destroyer of the Gentiles will be on his way; and while God was turning the captivity of Israel, he would put all their curses and afflictions upon the heads of the Gentiles, their enemies, who had not sought to recover, but to destroy them, and had trodden them under foot from generation to generation.
“At the same time the standard should be lifted up, that the honest in heart, the meek of the earth among the Gentiles, should seek unto it; and that Zion should be redeemed and be built up a holy city, that the glory and power of God should rest upon her, and be seen upon her; that the watchman upon Mount Ephraim might cry—’Arise ye, and let us go up unto Zion, the city of the Lord our God;’ that the Gentiles might come to her light, and kings to the brightness of her rising; that the Saints of God may have a place to flee to and stand in holy places while judgment works in the earth; that when the sword of God that is bathed in heaven falls upon Idumea, or the world,—when the Lord pleads with all flesh by sword and by fire, and the slain of the Lord are many, the Saints may escape these calamities by fleeing to the places of refuge, like Lot and Noah.” (History of the Church, vol. 6, p. 26)
"Rising above the Salt Lake Valley is a dome-shaped peak. Brigham Young saw it in a vision before the Saints left Nauvoo. He saw an ensign descend upon the hill and heard the voice of Joseph Smith say, ’Build under that point … and you will prosper and have peace.’
"When Brigham Young first arrived in the valley, he immediately recognized the peak. On the morning of July 26, 1847, the men who would eventually comprise the new First Presidency, along with several members of the Twelve, climbed its slopes.
"This small group of priesthood leaders gazed out upon the valley below. ’This is where we will plant the soles of our feet,’ President Young said, ’and where the Lord will place his name amongst his people.’
"As I now stand at Ensign Peak and see the valley below, I marvel at the foresight of that little group. These prophets, dressed in old, travel-worn clothes, standing in boots they had worn for more than a thousand miles, spoke of a millennial vision. It was both bold and audacious. It was almost unbelievable.
"Here they were, almost a thousand miles from the nearest settlement to the east and almost eight hundred miles from the Pacific coast. They were in an untried climate. They had never raised a crop here. They had not built a structure of any kind.
“They were exiles, driven from their fair city on the Mississippi into this desert region of the West. But they were possessed of a vision drawn from the scriptures and words of revelation: ’And he shall set up an ensign for the nations, and shall assemble the outcasts of Israel, and gather together the dispersed of Judah from the four corners of the earth’ (Isa. 11:12).” (“Faith in Every Footstep: The Epic Pioneer Journey,” Ensign, May 1997, 64 as taken from Commentaries on Isaiah in the Book of Mormon, ed. by K. Douglas Bassett, [American Fork, UT: Covenant Publishing Co., 2003], 184-185)