As many of us are working remotely due to the Coronavirus outbreak, it is helpful to look back at difficult times in the market to see who were the winners when the market recovered. Whether it was the recession of 2001, 2008 or previous economic downturns, those who recover the fastest are the ones who made the most of the opportunity that comes with the economic slowdown. Fortunately, most economists see this challenge as a very short-term one compared to the last two downturns. This sparks the questions of how it will impact hiring and what is the best way to continue the job interview process during social distancing?
According to an article published by Harvard Business Review, they stated that “companies that master the delicate balance between cutting costs to survive today and investing to grow tomorrow do well after a recession.” Companies who shut it all down and waited it out took much longer to recover, while some never got back the ground they lost.
While we pray for those who are sick and wish them a speedy recovery, we are learning from past mistakes and building strategic plans for the future of our companies. Interestingly, MarketPro has only had one executive search be put on hold this week and we have seen a relatively normal flow of new searches coming in the door. So while the stock market has gone crazy and the media seems to focus on fear, we are seeing business leaders being very level headed and taking advantage of the short term change in the talent market. Partnering with these incredible business leaders, we have guided them on the best practices when it comes to their job interviewing process.
How To Continue The Job Interview Process During The Coronavirus Outbreak
MarketPro, the leading marketing executive search firm has already shifted most of our customers to virtual (Zoom) video interviews this week. In a few cases we received pushback but after brief discussions, clients understood the importance of continuing to move quickly and a willingness to hire senior executives after only meeting them via videoconference has been widely accepted.
While meeting with candidates in-person is obviously ideal, MarketPro has long used Zoom or Skype to video interview as well. Regardless of the medium for the screening process, you can accomplish the same end goal of hiring top talent. On the other hand, if you decide to not consider a change in the hiring process, your competition will be hiring top talent and moving forward faster than you as the market recovers. Complacency always gets organizations left behind.
The market will always have their ups and downs, however, building a relationship with customers will always ensure the growth of any firm. By continuing your search virtually, your company will be able to hire the best marketing talent to steer the firm in the right direction and continue the growth of your organization. In addition, your company will effectively be able to communicate and address the concerns of each candidate on your behalf during this challenging time.