I just searched for news on the recruitment industry this morning and it made me want to shut up shop! The good news is that the media seems to be painting a far blacker picture that the conversations I am having with my clients. My clients are located all over the world and so their opinions are not UK centric. Whilst I accept that world economies are not currently in a great place, there is very good reason for this and that reason will be lifted in a few weeks or months time. Essentially, we are all being prevented from sustaining demand for goods and services through the various lock downs that have been implemented. 2020 started well for many businesses and the forecast was for robust growth. The reality is that this has not gone away.
So, the questions is, are you planning for the economic bounce back?
Taking short term measures to ensure your business survives is essential but so is you lifting your head to see how you need to prepare for the economic bounce back. Don't get me wrong, it won't be all business as normal and we simply resume pre lock down activities. But, there are a lot if industries that have committed investments to various projects and these will still happen.
One of the biggest fears our clients have is that they won't have enough man power to benefit from the bounce back. They are worried that they won't be able to satisfy demand. Recruitment shouldn't be turned off entirely. There are so many ways you can prepare to ensure you have a work force prepared for when we are able to mobilise our employees again. Candidates have never been so accessible and easy to communicate with so you are likely to enjoy good return from recruitment marketing or through your investment in headhunters or executive search partners.
In brief, the last thing your business needs is to panic and think short term. The risk of this is that you will take a lot longer to recover than companies who are already planning for the bounce back.
Another lesson from Chinese businesses is that the post-coronavirus economic recovery might be faster than we expect. If you cut back too far today, you might not be positioned to capitalize on the post-crisis recovery. I don’t want to downplay the seriousness of the public-health aspects of this crisis; everyone needs to take precautions to stay healthy and reduce the spread of the virus. But I do believe that companies can put some good steps in place today to be positioned for bigger success tomorrow. There are always challenges and crises affecting our businesses. We can adapt and embrace the opportunities and bounce back stronger, even from a major crisis like coronavirus.