There’s a famous quote by Wayne Gretzky, “I skate to where the puck is going to be, not to where it has been.”
Gretzky was a prolific goal-scorer – in fact he was the greatest there ever was because he always looked forward. I think the same concept can be applied in business, especially to staffers.
The current economic climate is something we have never seen. It didn’t just slowdown – it abruptly stopped for some industries like travel and entertainment. For those staffers affected, you have to be able to ask yourself, “What else can I do? What other industries are growing, which ones could I diversify into?”
Even as bad as it now seems, there is still growth in essential services such as grocers, food storage, IT especially supporting remote employees, life sciences, warehousing, transportation just to name a few.
The last time the economy really hit the brakes was at the end of 2008. We had a very tough first ¾ of 2009. I did start to see a rebound in last quarter of 2009. For example, manufacturing grew as inventory levels were low because retail and other businesses did not restock for some time. It got to the point where manufacturing had to start producing again just to get product on the shelves, car lots, offices etc. We also saw this in other staffing verticals – like specialized IT placements that supported development.
So where will the growth be once the economy opens up? Liquidity should not be a problem (assume business can open and people can go back to work soon) as there is plenty of money (credit) available. The cost of capital is low and there is certainly pent up demand for both consumers and businesses. Where will this money be invested and spent first this time?
Staffers take notice - when the economy opens up, the first thing employers in many industries will do is hire temporary help. Companies hire temps before they hire full-time employees. And staffers in the right place to receive the puck will benefit the most – maybe even score a hat trick.
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