In every economic situation there is opportunity and this is no different. Despite the recent negative press, Stonewater Consulting Group gives you reasons to be positive in this market.
Here’s the truth: the economy is slowing and the nation’s broadest measures of growth are predicting worse to come. Unemployment has risen, and job growth has slowed. The credit markets are still “chilled” and the housing market isn’t helping.
However, despite what some reports suggest, our research confirms that we are not facing a recession. This would mean that our economy is in decline; prices would be up because supply is down and people would be holding onto their money. In short, the market would be going backwards. This is not the case. Yes, growth may be slowing, but slower growth is still growth.
So if you are tired of the negative press, Stonewater Consulting Group is here to give you a reason to be positive. There is opportunity in every economic situation and this is no different. You just have to know how to position yourself. Here’s the good news: this is the perfect time to capture market share with top talent.
By developing a robust EVP (employee value proposition) you can really set your brand apart during these tougher economic times and your business will benefit. The economy is slow, fuel prices are an added burden on most people’s mind, the cost of living in any Australian capital city is high and employees are looking for a way to offset the recent pillage of their finances. So help them do it before they look elsewhere.
It will always be true that in hard times some industries will fare better than others. We have seen record figures released from Rio Tinto and BHP in the resource and mining sectors, for example, and the healthcare and IT communities are also predicted to be two of the most resilient industries for employment in the coming years. However, regardless of industry, any organisation can benefit from a well advised “brand plan” as the place to work during a slow down.
These would include:
- Maintaining or increasing advertising for key employees (your profit centres, for example)
- Implementing flexible working options which reduce operational costs without hindering performance
- Providing greater choices of peripheral benefits (health cover, professional memberships, ongoing training)
- Giving fuel allowances to compensate for the increase in petrol prices
- Promoting innovative employee value propositions rather than the standard benefits
If you can provide an image that highlights stability, security, growth, and innovation during economic uncertainty, you will see a positive shift in the attitude toward your company and the ramifications on long term profitability will make it more than worth your while.
“It is well-documented that brands that increase advertising during a recession, when competitors are cutting back, can improve market share and return on investment at lower cost than during good times.” John Quelch, a professor at Harvard Business School.
This is true with respect to recruiting. Branding your company as the best place to work in a slowing economy is critical and recruiting staff during this time will positively impact productivity. So whether you go to market yourself or use a Search Firm be sure to articulate a strong set of company values and benefits (your EVP) and the rewards your business will reap over the long term will be exponential.