Keep Calm and Recruit
It’s easy, with the drama around the coronavirus, to lose sight of the fact that it might – just might, and with luck – be short-lived. When that happens, the world can start to get back to normal. But in the meantime, that old saying about a rising tide lifting all boats is becoming starkly obvious. Many companies have taken advantage of the easy, good times to build their businesses. Now that their sectors have shrunk back, those companies are exposed.
The rest of us might also be feeling the pinch, but business goes on. I recall client meetings in the 1997 SE Asian financial crisis: “I have ten people, now I see that only four are any good. I need to retrench six and hire two more; can you help?” Well, yes we can.
This enforced lull in business activity may be an excellent time to properly assess your assets – in all classes. Take a cold-eyed look at what you’re working with and think, is this the best that I can do? You will need to move quickly though – just as in good times, talent doesn’t wait around for long.