Fortune favors the bold
With an estimated 38,000,000 people losing their job in just March alone (April’s numbers are expected to be worse) throughout North America (34 million in the US) it hardly comes as a surprise that many corporations have completely shut down their recruiting and executive search activities in this highly volatile economic climate. And one can certainly understand their decision. However, this may be the very best time to re-think that position.
That said, on a seemingly unrelated topic, many companies and private equity groups are presently vigorously pursuing new acquisition targets. These acquirers are very aware that one of the best times to make an acquisition is now, when there is “blood in the streets,” as it were. They definitely understand that the multiples are in their favor, given the number of companies that have been weakened by the precipitous events that have recently engulfed and cratered so many organizations.
Now, just as many groups are on the acquisition trail, the same applies to some companies who are out recruiting. Bold leaders are quite aware that many very competent managers and executives have been “shaken loose” due to the economic fallout from corona. And with so many of these individuals NEVER being available again, these leaders are capitalizing on what could well be a one-time opportunity to hire the best talent that exists.
When it comes to this current economic crisis, you can always play follow the leader and hunker down to weather the storm. However, you can also be the leader to follow and take action. And one of the ways to do that is to consider taking immediate steps to acquire that rare, exceptionally talented individual and bolster your team – when you need it more than ever! All the best in these crazy times!
