Everyone seems to be asking the same questions — “When is this craziness going to end?” “How low can the market go?” “What will become of our economy?”
No one can predict this, of course, but do we have the ability as a business society to help the process along? How much truth is there to the “psychological” impact on the economy? In my opinion, psychology carries quite a bit of weight.
OK – sure – let’s restate the obvious — many companies are really in trouble. They are laying off, cutting salaries and shutting down. Those are the ones you hear about every time your blackberry beeps with an email delivering the latest grim statistics from a news outlet. For some reason, the country thrives on bad news. Was the average American checking their portfolio every 2 hours twelve months ago? Were we on edge waiting to hear the latest statistics when unemployment was at 4.6% in 2007?
The fact is, when things are good, most are not paying very close attention. When things go wrong, everyone is keeping an eagle eye. Just like dealing with clients – no one is going to tell you how great things are when you are performing at or above expectations, but first time something goes wrong, you will hear about it…and hear about it…and hear about it some more. Negativity gets people excited.
So where do we go to find the feel-good stories about companies that are growing and doing well? Since that topic is not one that is high on the list for most news organizations, it is tough to find. There are actually a number of companies that are thriving right now. How are they dealing with the recession?
Unfortunately, psychology is playing a part here. We see numerous organizations that are flourishing getting caught up in the headlines, which has brought on a case of paralysis to their organizations. Over and over I hear many report to be ”doing great”, but are “waiting for the other shoe to drop”. You have to wonder how much they are hurting themselves. Imagine the missed opportunities, the loss of productivity and the potential revenue that is left on the table.
So we just wait, I guess…..But — if you are smart, motivated and have the resources, now is a great time to step it up.
Don’t worry about the factors that you can do nothing about. What you can do – which will help the big picture, is get moving. If it makes sense, invest in marketing, build out your sales team, upgrade your current employee base.
On a positive note, I am happy to report that in the past two weeks, we have seen some multiple offers being delivered to candidates. Usually – being in the business of talent acquisition — we don’t love to see any of our candidates have competitive offers, but right now, we will make an exception. If it is an indication that companies are starting to move, then we’ll take it.
The point is, you need to look at your own situation and make an assessment. Are you avoiding risk at the risk of lost opportunities for your company?