By end of this year, close to five lakh people would have been handed a pink slip, says a report published in a business magazine. The paranoia of job loss and the bleak prospects of getting a new one are often the subject of conversations with friends and colleagues nowadays. Times are tough. They have been such for the last five years or so. Ever since global financial meltdown hit the world, economies and businesses have been going through extreme volatility.
The overwhelming question in the mind of every job seeker and employee is, “Will I be able to hold my job?” “Are there any jobs out there?” “Are companies still hiring?” When the economy is doing well, businesses are flourishing. It is not a question of whether there is a job or not, but it is more like how many offers can I land and what is the best offer I can get. However, when the tide turns and businesses slow down, does the trend reverse?
Do companies put a stop to hiring resources? My answer is a definite No! Hiring never stops in an economy. Unless the economy is contracting, which is a completely different scenario from slow growth, businesses continue to hire. However, they are cautious. And rightly so. To sustain profitability in a challenging environment businesses are often forced to analyze and streamline their resources, both human and capital, to bear maximum financial benefit for the business. What we must remember is that it is the ‘people’ who are the biggest differentiator in a tough business scenario.
We are seeing a paradigm shift from capital investment to intellectual capital. Businesses are constantly asking themselves: “What is the next big idea?” In this highly competitive business landscape, only constant innovation can keep one’s business viable. But then the question that immediately comes to mind is “Who will get this big idea and make it a reality.” The answer is: people, the right people. Hence, attracting and keeping the right talent becomes even more critical whatever maybe the business scenario – growing, stagnating or contracting economy. However, the people strategy may change in a challenging market environment.
An organization may want to attract appropriate talent in appropriate numbers. Their appetite and ability to take risks decreases and they are unwilling to take chances. They prefer to safely keep a “round hole for a round peg” perspective. Everybody wants the resource that can get in the groove fast and start delivering almost immediately. The war of talent obviously intensifies to a great degree. So there is a lot of replacement hiring or niche hiring. But please note that hiring does happen. So what can you do to enhance your chances of landing a job?
For starters, be fantastic at your current task. Do not be complacent with your work at all. While you continue to put in your best at your current job, try to equip yourself with skills that are in demand or can add value in the future. Go ahead and enroll in a course, online or offline, or you could even take up additional responsibilities within the organization that you haven’t done earlier. You may not get compensated for it, but you are gaining valuable experience that will bear benefits later.
Even those who have lost their jobs must repeatedly analyze their work experience and identify the skills they have accumulated over the years. Maybe in some other industry, there is a job where your skills would be highly desired. In such a scenario, an important question is, are you open to change? So be ready and be equipped because change is inevitable. However, if you have an appetite to take risk with enough finances to sustain from mid to long term (12 – 18 months) and have with you the ‘next big idea’, go for it! Nothing better than turning into an employer yourself!
If you are looking for a job, it is imperative for you to understand that businesses will continue to operate through the various ebbs and flows of the economy. They will be looking for the right talent and they may need more than what they would have asked for earlier. If you have the skills and attitude in place, you will most definitely land a job. Because hiring never stops – it is like a time wheel that keeps moving irrespective of the market situation, with only one rider that the speed of rotation may alter depending on the market condition. Remain positive. As they say, this too shall pass.