Oct 22, 2009

As One Door Closes, Another Window Opens

Image from Microsoft Office Clipart

This might sound ironic but when I read in the white paper, Talent Management in a Down Economy from Taleo about job creation during a recession,  it actually made sense. According to the article, it is a misconception that hiring stops during a recession. In fact, hiring continues and job opportunities are still available!

As a point in case, data derived from the US Bureau of Labor Statistics (BLS) showed that in the 2nd quarter of 2001 when the the dot com bubble burst, 1.2 million jobs were lost. On the other hand, in the same period, 7.6 million jobs were created.

History is repeating itself again and the same case will be applied to the current global recession. Old jobs will be lost but, new ones will be created. These jobs are the by-products of new opportunities as businesses look for new markets to grow into, new products to develop and new services to offer. Likewise, new jobs will also be created when businesses go back to their roots and focus on core products and services. Recessions always provide that impetus for businesses to improve the overall strength of its current workforce by making it lean and efficient and at the same time infuse it with new, skilled talent.

I saw this trend starting here in the Philippines albeit the massive layoffs happening in several companies. As an example, one multinational company which shed numerous jobs in its financial department is currently expanding its support operations.

What is the lesson learned here then? Do not stagnate in your current job! Always look for learning opportunities in potential growth areas. This will give you the leverage to capitalize and grab potential job opportunities most especially during recessions. This will also help conquer that fear of being fired.

From my standpoint, the opportunities right now are in service management, business intelligence and process improvement frameworks (ISO, CMMI, Six Sigma). These 3 focus on the identification and implementation of opportunities in reducing costs without sacrificing quality while increasing productivity, 3 critical factors needed right now in this challenged business climate.

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