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Learning from Past
Recessions
Reprinted with the permission of Bill
Radin
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If
you've never experienced a recession, here are 10 things you
should know:
1. Jobs that made you rich in good times
can make you poor in a recession. This is especially true with
mid-level positions, in which duplications in skill sets or
job titles exist within a single company.
2. You may
need to switch from a "delivery" business model to a
"value-added" model. If your business depends on delivering
mass quantities of average-quality applicants or you do little
to add value, you'll find it harder to compete.
3.
Some job markets and desk specialties will be spared. Case in
point: After 9/11, when job cuts were rampant across the
board, certain job markets, such as defense contracting,
construction and legal services, actually thrived. If you can
identify the markets left standing, they can be your lifeline.
4. The greater the supply of "active" applicants, the
more valuable "passive" applicants become. Since layoffs flood
the job boards with unemployed or marginal applicants, you'll
need to brush up on your cold calling skills and find creative
ways to source top-flight applicants who are currently
employed.
5. Employers are more cost conscious. As a
result, you can expect more pressure to reduce your fees, and
for hiring cycles to slow to a crawl. And as more recruiters
fight over fewer jobs, you'll need to tighten up your
"ownership" rights to applicants, otherwise you'll fight more
frequent battles over who gets paid.
6. Applicant
marketing will become more common. Most employers will throw
out the rule book if you bring to their attention a candidate
who can make an immediate, positive impact. If the candidate
has enough sizzle, employers will find a way to make the hire,
even if they have to create a special position.
7.
Your time management becomes more critical. With fewer
positions to work on, you'll need to be highly selective about
which assignments will give you the greatest return on your
investment of time.
8. Weaknesses in your selling
skills are more exposed. Recessions leave little margin for
error. The better you are at qualifying, closing, handling
objections and making presentations, the more efficient you'll
be with respect to converting activities into
income.
9. A recession is the best time to be in the
recruiting business. I know this sounds counterintuitive. But
look at it this way: When times get tough, the weaker
recruiters will wash out with the tide. If you can weather the
storm and find ways to gain market share and build your
reputation, you'll be positioned to grow as the market
recovers.
10. Cash flow is everything. Learn to
control your spending or make cuts in your budget. Otherwise,
you might end up working with your back to the wall.
No doubt about it: A recession is a buzz kill. But it
can also be a great teacher, because it humbles you and makes
you more aware of your weaknesses. If you can stick it out and
learn from your mistakes, you'll make tons of hay when the sun
shines again, and you'll be more immune to future
recessions.
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