COVID-19 and Global Financial Crisis Hiring Comparison
COVID-19 has been and continues to be a health and economic tragedy and has cut large swathes through many countries throughout the world. There is no doubt that COVID has pushed the markets and applied increasing pressure on topical trends (such as office space usage, remote working) and on certain sectors (such as retail and hospitality) that were on their way down pre-crisis. But the most significant development from our point of view is how opposite some of the consequences seem to be that are unfolding.
Take for example how the industry has reacted to COVID-19 compared with what happened immediately after the global financial crisis. The initial period of shock and triage in the autumn of 2008 was followed by deep downturn inactivity, with clients going defensive, freezing assignments, hunkering down and severely focusing on mitigating risk.
As an example, at the time of the GFC, Sousou Partners were retained by over 40 clients and all, but one froze or ended their searches. This rapid deterioration in confidence and disinvestment reflected and mirrored the seismic shock and profound feeling of dislocation felt by many businesses. This time around, the initial period of adjustment has been followed by a far quicker and more proactive and positive response. We have seen a little downturn in assignments but in fact, our business has expanded and continues to grow.
Published on – React News.
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