"When written in Chinese the word crisis is composed of two characters.
One represents danger, and the other represents opportunity."
- John F. Kennedy, April 12, 1959
How is the "credit crunch" affecting your business?
For some recruiting firms, the current climate of economic uncertainty is cause for major concern. For others, it's a time of incredible opportunity.
Let me give you a real example.
Last week I was working with two property recruitment firms in London. Both companies set new records in May 2008. For one firm, it was their WORST ever month. For the other firm, it was their BEST ever month. How can this be possible, when they're both competing in the same market?
I spent a day with each company, working with their staff on sales & recruiting skills. What set one team apart from the other? There were three key differences:
- A difference in attitude
- A difference in strategy
- A difference in skill
Over the next few weeks, I'll address each of these 3 differences, starting with attitude. See if you can spot the difference...
Company A - Worst month:
- The UK property market is the worst it's been since 1993.
- Our clients (estate agents) aren't hiring - interviews are way down compared to this time last year.
- Slow property sales mean our clients are behind target, and they're haggling over fees even more than usual.
- Candidates are worried. The good ones aren't moving, they're bidding their time.
Company B - Best month:
- Let's keep things in perspective. The economy is cyclical and downturns are normal.
- Sooner or later, the market will pick up again. If we can do well in a down economy, just think how well we'll do when the market improves!
- A slowing economy forces us to sharpen our skills and get better at what we do.
- This type of market separates the winners from the weaklings. We're continuing to expand while our competitors retrench. We're gaining market share, and when the tide turns we'll be so far ahead that nobody will be able to catch up.
- There are still plenty of clients who are hiring, and candidates to place with them. We just need to work that little bit smarter and harder to find them.
In case you missed it, company A focused on the negatives while company B focused on the positives. Let me ask you a question...
How badly do you want to succeed? Are you willing to do whatever it takes?
Remember how hungry you were when you first started in recruitment? What would happen if you put in that kind of effort again, but with the advantage of the experience and market knowledge you've gained since then? Why not pretend you're a rookie building your desk from scratch again?
Next week, we'll look at Strategies for Recruiting in Tough Times. In the meantime, here's your homework...
Make a list of all the negative stuff you've heard recently from colleagues, clients and candidates. This is very much like objection handling. For each negative statement, think of a rebuttal. Turn it into a game. From now on, whenever you hear a negative statement, fire off your rebuttal - ideally out loud, or at least in your own head.
Remember that in any crisis, there's danger and there's opportunity. Only the recruiters with a positive mental attitude will spot the opportunities. It's time to make a decision. Are you going to go along with the herd mentality? Or are you the master of your own thoughts and commander of your own destiny?
© 2008 Mark Whitby, All rights reserved.
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