Dangerous Economic Waters Ahead?
A common question we get asked at Forward Role is "How's the Market?" People see us as a ready made yardstick to measure the vibrancy (or lack of) of the Market places in which we operate.
This enquiry has become even more frequent of late as the economic climate of uncertainty caused by the credit crunch and fuelled by increasing fuel prices and inflation continues to cause concern.
So what effect are we experiencing as recruiters and what impact is this having on our clients? As we sail into these uncertain ecomomic waters the behaviour of our clients can currently be be categorised as follows:
- Full Steam Ahead. The majority of our clients continue to recruit as normal. If a member of staff hands in their notice and there's a business need to supplant them, then a replacement is recruited. However, there's not quite as much rapid organisational growth or expansion as there was in the Market this time last year.
- Batten Down the Hatches. A number of our big clients within the Financial Services Industry (and one or two related industries) have declared a recruitment freeze, as they wait patiently to decide exactly what the economy is going to do. In some cases recruitment requisitions need special sign off from 'up high' and in rare cases people who leave are not being replaced, leaving some teams understaffed and overworked.
- Abandon Ship. In rare cases where the credit crunch has hit really hard, particularly in the secured lending industry, some organisations have been forced to make redundancies on mass. In others where redundancies have been less drastic, the effect is still severe in that nervous employees look to 'jump ship' in advance of any further potential job cuts.
Land Ahoy? Let's hope that the recent economic downturn is just a temporary blip on the landscape and that the market continues to stabilise! On a positive note the majority of Sales and Marketing candidates that have been made redundant this year have found new roles very quickly with our help!
Forward Role are also delighted to announce that they are currently bucking the economic trend by continuing to grow their business, and to that end have appointed a new consultant to manage the FMCG Sales and Marketing division. A warm welcome to Jon Saxon who we're sure will be a huge success.