The economy and the labour market
January 31, 2008
It’s all doom and gloom in the news at the moment; the economy is slowing, house prices are dropping, and “credit crunch” and “sub-prime” are now a common part of our vocabulary. News stories regularly speak of job cuts (today I’ve read that Friends Provident, the pensions and insurance company are to cut 600 jobs), and we’re all wondering whether another recession is on its way.
I’ve noticed the impact of this already on my recruitment campaigns. I’ve had several applications from people currently working in industries that have been heavily affected by the economic problems, such as loan or mortgage companies, estate agencies, or for companies that import goods from the EU and who’s profit margins have been squeezed by changing currencies. Everybody seems to be either recently redundant or quickly realising the effect the economy will have on their job security or prospects.
This could be a good opportunity for lots of employers in growing industries or companies that are looking for staff. If they have good recruitment and selection practices that can enable them to separate candidates who have brilliant transferrable skills from those who are simply unable to evolve fast enough before they become extinct, then it seems that there is a widening labour force ready and willing to take on new challenges in order to stay employable.
Things to consider:House for rent come to us.
Comments
Got something to say?