Sunday, February 8, 2009

Why Should Companies Hire in this Economy?

If you have turned on the news at all this past week, it is hard to miss all the lay-offs happening in corporate America, Caterpillar, Boeing, Circuit City and more. It seems like there has never been a worse time to look for a job. It may sound counter intuitive, but if you are a decision maker whose company is turning a profit (even a small one and yes, there are plenty out there), this is the best time to hire. In fact, I honestly believe if a company has cash flow, hiring is the best investment to make right now.

Why? Simple, it is like buying a stock when it is low. More candidates than companies hiring equals more competition for the job seeker and less room to negotiate salary. This recession is lasting long enough that even top performers are being affected and open to making a career move when in recent years they would not. A friend of mine who works at Boeing told me the company is laying people off who are overpaid! Why? These are quality employees, but for whatever reasons have increased their personal compensation higher than the Boeing can pay someone else. There is no doubt Boeing hires smart, talented employees. Yet, if even Boeing will not keep their salaries, these employees are looking at taking a step back in pay. Why not try to lure them onboard to your company now? When the economy picks back up, salaries will increase and these people will be harder to find.

In an economy like this, can your company afford to keep a mediocre employee on board? And even if so, does it make sense if a better employee can be found at the same price? Because it is the most cost efficient time to hire, this is a great opportunity to replace your average employee with an overachiever. There are more passive job seekers out there than there have been in recent years. These people may not have been impacted by lay-offs, but their job satisfaction is significantly lower and companies hiring have a much better chance to bring some strong talent onboard now than later.

I am not an expert when it comes to the economy or finance, but I get business. I believe there is no way for a company to succeed without talented people in the driving seat. The companies that make it through this recession and come out ahead will do so because they had right people working for them. The best employers will not let job responsibilities or even sales territories sit empty because we are in a recession. They should be select in whom they hire, but will benefit from these top producers and survive just fine.

Sunday, January 18, 2009

5 Ways to Find a Job in a Bad Economy

1. What Will You Bring To The Company?
Stop this, “I need to interview a company first and see if they are worth my time.” If you look at unemployment, there are more candidates looking now than in recent history creating more competition. You can still see if you like the company, but change the focus. During the interview, talk about how your accomplishments will help you be successful in your new role. The candidates who focus on how they will benefit the company and why the company should hire them will get further in the interviewing process and will have more job offers.

2. Target Growing Companies
Today’s economy is affecting everyone and everything! Yet some companies are growing while other companies in the same industry are doing lay-offs. Search for lists like, Forbes’ Fast 25 Technology Companies, The Inc. 500 list, or even just Google “fast growing companies in your city.” If the company is growing, apply. If there is not a job right now, there will be. Begin making the connection.

3. Do More Than Just Apply
Do not submit your resume and assume you are being considered for the position. I receive over 200 resumes/day for job openings and know I am guilty of missing a qualified applicant every now and then. Follow up with a phone call to make sure someone sees and reviews it. Don’t pressure and call every day, but do call and make sure someone knows your name and is reviewing your application.

4. Make Friends
You will be hired faster if someone is rooting for you on the inside. If you see a company you are interested in, call someone and ask for their time to learn more about the company and share how you will make a difference. Send this person a thank you and build the relationship. Many employees receive a bonus for referring someone in and this same person can talk to the manager for you. You will be hired faster, have less competition and overall more job opportunities with the more friends looking for openings in their companies.

5. Bring on New Business
Companies are laying off left and right, yet sales people are truly the last to go. Look for positions where there is a direct connection to the amount of revenue to your job title. Even if you do not see yourself cold-calling all day, find another way to connect revenue to your position. If you can talk about how you will save or make an employer money in this economy, you are one step above of your competition.