Advertisement
10 Reasons Why I Really, Really Love Recessions!
Get articles like this
in your inbox
The longest running and most trusted source of information serving talent acquisition professionals.
Advertisement
I love recessions. I practically drool every day I hear more bad news. Recessions provide unique opportunities to achieve goals unobtainable during normally robust economic times.
In a nod to David Letterman’s “Top 10†skit, here are my own “Top 10†reasons why I love recessions starting from 10 and working upward to my number-one reason.
Some involve recruiting specifically and directly, others indirectly impact recruiting by reducing operating costs or presenting other unique opportunities relevant to my business such as autos, computers, fleet autos, or office space.
HERE IS THE LIST:
10. The furniture deals are out of this world!
9. Car lots are bursting at the seams with last year’s inventory and dealers are finally, finally getting serious about dealing…up to 25% – 30% off MSRP and more!
8. Real estate investment opportunities are at all time rock-bottom prices. Great time for buying a Myrtle Beach vacation or office condo.
7. Office rentals and leases are down and commercial property (even in prime locations) can be signed at rock-bottom pricing.
6. Everyone is laying off, even my competitors. I can interview top recruiting talent from the competition that never would have considered leaving 1.5 years ago.
5. Even if I don’t hire the competition’s recruiters, the interview debriefings and competitive intelligence garnered is terrific. Now I can go after their clients too.
4. Some of my semi and “pseudo†competitors are thinking of selling their business. I’m receiving offers to buy out companies inconceivable two years ago.
3. The stock market is in the tank: AWESOME! Stocks can be purchased at a fraction of their book value at P/E ratios that may not be seen for another 15 years. I’m buying. Are you?
2. Time to crank up our own internal hiring! With so much recruiting talent wandering the streets in search of work, there’s never been a better time for hiring recruiters, recruiting trainees, researchers, and sourcers. Our company has about 20 ads on Monster alone (just for IRES) to take advantage of the loosened talent pool! We’re having a party interviewing each and every week for positions in 10 key states and regions we are focusing on. Party hats and noise makers included.
1. And the number-one reason I LOVE RECESSIONS is….drum roll please…C-Suite executives who would never return my calls are now returning my calls and doing so promptly!
Never have so many C-Suite executives been nervous about anticipatory layoffs, mergers, or acquisitions like the present. Terrific! They are not only cooperative, but have updated their resumes and are eager to submit them, return emails promptly, and speak to me directly.
When this economy turns around – and it is already doing so — I will have developed more warm C-Suite executive relationships than ever possible during normal boom times. Fantastic.
I will have the inside track because I was one of the few recruiters willing to help out, lend a hand (even if indirectly), and they will be appreciative once they are back in charge of hiring!
Now you know why I get so worked up about recessions. I’m practically jumping up and down on my office desk and dancing in the halls!
The phenomenal opportunities that now surround us are amazing.
Isn’t this fantastic?
Editor’s note: Be sure to catch Frank’s next article in the March issue of The Fordyce Letter (entitled “Magic Methods for Getting Calls Returned”), which will mail in a couple of weeks.