This recession-slash-depression gets me really excited. I know that may sound heartless to some of you, especially if you’ve recently lost your job… or your pension. (If that’s you, maybe you want to punch your boss in the face, like this guy did.)
But give me three paragraphs to explain why I’m so bullish in this bear market.
- Everything’s on sale. Stocks are trading below value. Retailers are slashing prices. Talent is on sale, too. Yes, a lot of companies used the economic downturn to cut the dead weight they should’ve cut months and years ago. (Finally!) But many companies are cutting past the fat and into the meat, ushering thousands of really smart, energetic folks out the doors… and into a buyer’s market for talent. This is like arriving at TJ Maxx on the day the trucks make their deliveries; if you’re willing to dig, the current talent market offers some great values that aren’t usually available. (And even if the talent you’re looking for is still gainfully employed, reach out to them. It’s possible that the bloodletting has made them nervous, and they’re willing to talk.)
- Smart organizations are doubling down in the right places. Research demonstrates that when the economy declines, the companies that survive and thrive are those that continue to invest in research, development, and growing their client base. These are the smart bets that many leaders overlook in a slack economy. Here are eight tips on how to market from Harvard, 10 Worst Innovation Mistakes in a Recession from BusinessWeek, and six ideas for small biz owners from our friend Jeb over at SmallBox.
- New entrepreneurs and organizations will be (re-)born from this schlock. Many intelligent, caring people are looking at the carnage wrought by this economic debacle and asking, “Do I really want to (continue to) work for organizations that are so poorly - and heartlessly - run?” This economic downturn is a giant gut-check for many of us… young and experienced professionals. Howard Schultz of Starbucks said that the reason he offers employees the perks they have is because he saw how heartlessly his dad was treated as an empoyee... and he didn’t want to work for a company like that. (BTW, Starbucks is re-discovering itself now that Howard is back at the stern.) Many individuals and organizations will use this moment to re-clarify their values, and make career and life choices driven from the inside-out. I sense that people will use this recession to simplify their lives (go from two cars to one, bike to work if possible, cook more meals at home, cut up credit cards) and re-commit to the relationships that mean the most to them. This will bring a whole surge of new-found energy to a world that sorely needs it.
Out of this madness, masterpieces will be born. What choices are you making to ensure you’re one of them?
