The market has shifted. Whether it’s a recession or not, no one can debate that there is a lot of fear out in the marketplace, and it’s impacting staffing and recruiting.
I was bullish earlier in the year, before things really unraveled on Wall St. Don’t get me wrong – our business is still growing at the same clip, and I’m still quite sure that the market sentiment is gloomier than it needs to be.
The reality is now that the negative sentiment has grown so strong that it will no doubt affect the market in the short term. It’s budgeting season, and executives and managers around the world are nervous about the economic outlook. This will alter hiring plans in 2009. And candidates are affected as well. Those who would have jumped jobs in September are staying put in October and November. The coming quarters will bring a different market than we’ve experienced in the last 4 years.
Staffing and recruiting professionals face two choices: stick to business as usual, or build a plan to win in a new environment. I see three big opportunities to get ahead of the competition, who will probably have their heads in the sand:
Client Development: When things are slow, every one has time to reach out and take clients to lunch. Now’s the time to work on client development. If you haven’t checked in with your top accounts to get their business outlook, this is a great opportunity.
Networking: If you’re not using LinkedIn to build relationships with new and existing clients, you’re at a competitive disadvantage. If you and your team haven’t yet taken the time to learn how to work this tool into your routine because you’ve been too busy, you should make time. Simply put, LinkedIn helps you leverage every shred of value in your business network. If you aren’t using it, you’re leaving deals on the table.
Team Morale: If orders start to slow down and candidates aren’t jumping ship, how will you keep up the morale of your team? New orders and placements go a long way to keep people motivated. But if your recruiters and sales people start hearing “no” on the phone a lot more, they’re going to get discouraged. And if you don’t keep them focused, your competition could lure them away with promises of greener pastures.
While many of us weathered 2001-2003, we’ve all hired people since then who have no clue what slower times can be like. They’re going to need help understanding what’s required of them to stay ahead of the pack and win.
One of the biggest differences between good companies and great companies is the to ability handle adversity. It’s human nature to ignore the warning signs of trouble and stick to business as usual. The companies that rally their troops and forge their game plan will come out on top.
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