Talk about timing. August 2010 unemployment rates were announced at the onset of the Labor Day holiday. Not much to celebrate at 9.7%, a 26-year high.
Executive search consultants at the time were polled for a national overview of the market. Looking forward, where do we go from here? Where will the jobs be? When will things start to improve?
The Fordyce Letter published the round-up. Here is my commentary:
- When the jobs are added there will be a domino effect, as many executives, managers and employees inside companies are unhappy, but lacking options of where they might go next.
- Those with success stories of delivering results/turnarounds will have a competitive edge in being considered for new opportunities.
- Those who have been successful managing in the white spaces — in matrixed organizations with retinues of outsourced resources will have an edge in creating new initiatives and delivering new results in their current companies, and possibly “inventing” new operations to run.
- Watch the oil industry as an economic bellwether, i.e., big M&A; transactions, big finds in Gulf of Mexico. Watch for leveraging technology to break new barriers.
- High potentials with strong pedigree and solid career path with bonus of operational and international experience will be in high demand in recovery, as companies fill voids in talent pipelines and focus on succession planning. We have already had two downturns in the new millennium — multi-year blocks of no/low hiring — and there are significant gaps to be filled.
- Trends of precision hiring will continue as companies requiring hand-in-glove fit with the requirements they specify. Those wanting a slot will have to build their case for consideration.
- CEOs and boards will start to reconfigure their leadership teams seeking fresh market views. Who will be the most sought after? Extraordinary warriors who have delivered victories in a seemingly impossible business environment.
September 26, 2009