The stock market is bad. That’s not news anymore. Google, a year ago trading near $700 per share hovers around $300. And GE is down nearly 50%. But anyone who took Finance 101 or watches Mad Money knows that econmic downturns, while painful, can also create a tremendous buying opportunities. Now is the time to take a look at your investment portfolio and dump any underperforming stocks and take advantage of the discounts on companies like GE and Google while they are relativly inexpensive. Buy low, sell high is the mantra, and I think it applies as much to the employment market as the stock market.
In the last few years, the employment market has been heavily in the favor of job seekers, not employers. Job growth was strong, and candidates (even average ones) were scarce and expensive. Now that the job market is a little softer, employers have been presented with the opportunity to take a step back and evaluate the quality of their staff “portfolio”. Performance or attitude issues? Address the immediately. Or maybe its just that you have some average performers who were hired during desperate times and are not quite earning the salaries they demended at the time. Either way, this is defintly NOT the time to close up shop and stop interviewing. It’s time to consider upgrading your potrfolio.
During tough times, companies may resort to emergency cuts, sometimes with little regard for performance. As a result many good candidates are entering the job market who typically are not looking for work. Now is the time to entertain top notch candidates, be diligent in your selection process, and upgrade your team when you find the perfect person.
For the first time in a long time, the job market is in employers’ favor, don’t miss out on the opportunity.