Whisper it gently but there is likely to be a recession just around the corner. Macstaff MD Anthony McCormack offers a reassuring pep-talk of what’s needed to batten down the hatches and get through it successfully and realistically.
At time of writing this blog, we are approaching the first winter general election in around 100 years with political and economic uncertainty starting to bite! The landscape is uncertain for clients and candidates for this up-coming year.
I hate to be one of the first to use the dreaded ‘R word’ of ‘Recession’, however I pay attention to what’s going on and thought I’d share my thoughts on this.
As a veteran of two previous recessions in recruitment, I know that the rules of the game change dramatically during one. As with evolution though, the strongest, (or more accurately the most adaptable), survive.
Consider this blog a wake-up-call, a reassuring pep-talk, and a helpful guide with some specific hints and tips to survive and hopefully thrive this coming year.
Don’t panic during recession
Yes a downturn in the market can have a dramatic and disproportionate effect on the recruitment industry. But, as a survivor of two recruitment recessions to date I can confirm there is no benefit to panicking. Just remember to keep controlling the controllables. ‘Keep calm and carry on’ is always a good mantra. At the end of the day, the world keeps turning!
Work twice as hard (for half the results)
Individual consultants, recruitment companies and sectors can always perform well in a down market. But to state the obvious, if the cake is shrinking, you’re going to want a bigger slice! I remember in 2008, heading into the last recession with a previous company. Our MD passed on the message that you’re going to have to work twice as hard for half the results, which didn’t sound great at the time. With hindsight, it was certainly a good heads up.
Minimise other stresses
You, me and everyone has their limit in terms of managing stress. Recruitment can be stressful and recruiting in a recession can be even more so. Therefore, whenever possible, limit other stresses coming from family, relationships and finances. Obviously ‘stuff’ happens but leave as much head-space as possible for your work. You are going to need to bring your A-Game!
Manage your finances
On a related note to working twice as hard for half the results, and I hate to break it to you, but you’re very likely to earn less recruiting in a recession too. Many people don’t have a lot of breathing space between incomings and outgoings so be proactive and spend less or ideally, add in additional income streams of some kind. I’m thinking of becoming a retained firefighter for example!
You can check out Anthony's full blog here: https://bit.ly/2QXldNo
Anthony McCormack - Macstaff