Lessons for staffing firms from the great depression

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What a breath of fresh air! 

I’ve had enough of our steady diet of media fed negativity about the economy. Yes, it’s bad. Yes, it may get worse. But enough with the bad news already.

The solution for your staffing firm is not going to be found by focusing on what’s wrong…or waiting for the next government handout to help your clients.  The solution is going to come from where it…and most jobs…always comes from – entrepreneurial and innovative thinking.

I was thrilled to read a positive take on the opportunities created by the current economic climate.  The following is a brief excerpt from Innovation Lessons from the 1930s presented in the McKinsey Quarterly:

The experience of the 1930s also illustrates a broader point. Although deep downturns are destructive, they can also have an upside. The Depression-era economist Joseph Schumpeter emphasized the positive consequences of downturns: the destruction of underperforming companies, the release of capital from dying sectors to new industries, and the movement of high-quality, skilled workers toward stronger employers. For companies with cash and ideas, history shows that downturns can provide enormous strategic opportunities.

While this article had nothing to do with staffing or recruiting, it highlighted the fact that big recessions create big opportunities. The companies that just batten down the hatches may survive…but they are not as likely to prosper as those that make smart investments in creating new technologies, developing new services, and maintaining an aggressive approach to innovation.

Your success may lie in reinventing your own business…or simply becoming a top service provider to technology innovators who are going to reinvent their businesses.

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