So in 2002, I remember a fairly consistent theme of hiring freezes, followed closely by layoffs, followed closely by more hiring. This not only frustrated, and rightly so, those who worked for the once prominent and loyal employer, but also caused a lot of turmoil in the market. Making once highly sought after employers or the “darlings” of the market – the ones people could no longer trust and were concerned about. This is not happening this time around….this can’t be good news though. Those companies who are freezing hiring and laying off employees don’t (at least yet) seem to be hiring people to backfill the ones they laid off.
On a full time or contract basis – one has to suspect that the positions will be filled again, even if it there is more time between then in years past.
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Authors
Allen Plunkett
February 6, 2009 at 10:07 am
how can people take advantage of the opportunities provided during a recession?
February 13, 2009 at 10:50 am
Very broad question, but let me attempt to answer it anyway. There are clearly opportunities during any recession and it certainly is the case today as well. Let me describe only 2 opportunities that I see every day. Again, this is one company’s input and not necessarily true for what everyone sees out there. First, it seems to be a great time to find a new, niche business to start (or buy) or second, to capitalize on the numerous contracting opportunities that exist today.
On the “starting or buying the business front” — identify someone (or a group of people) who can help you vet your business idea and shoot holes in it. I have been very fortunate to surround myself with people who like to find flaws with every idea I have – that is way better than the alternative and much more valuable in the end. If you think you have a viable business idea, do as much research as you can to see who else has already started one that is similar enough to not have to reinvent the wheel. Whatever you can build upon will definitely help it along in this time of everything needing to be done very quickly.
As far as contracting goes – there seems to be far more chances to land a role as a contractor today than as a full time employee. I am not sure if this is what our competitors are seeing, but certainly the case for us. This is not always ideal for those who thrive in more of a structured or committed work ‘relationship’, but it is a sign of the times. When people are tentative about their own jobs they would rather not hire and then turn around and fire someone the next month. It is simply not the way most people are programmed, thankfully.
To find the contracting gigs, you have to be a good networker and, more importantly, know how to USE your network. Networking is only a piece of the puzzle – much like writing a resume, people will write their resume, send the resume and then sit back and wait for the phone to ring. Not going to happen that way. When you are attending a networking event, you must be there with a mission, get cards of people who can add value to your life or vice versa, follow-up with those people outside the event and share other names/contact info. Going to an event, handing out cards and waiting for the phone to ring is not really networking.
Another way to find the contract jobs is to look at companies who are hiring ful time resources and call them to see if you can “fill in” while they search for the full time fit. If you can bridge a gap for them as a hired gun and offer them a chance to lower the expectations for that full time resource, you will be doing them a few favors at once – covering the role and continuing the work, helping them interview the full time resources and hopefully overcoming some of the challenges that might have made them paid more than they should have when they ultimately hire that person.
Again – only two “opportunities” covered, but hopefully it is somewhat helpful.