Economic Slowdown? It's the time to hire

5 March 2001 - Following the downturn in the US, economists have been warning that the growth and development of recent years may also be coming to an end in Canada. So you would not think that now is a good time to focus on hiring new staff.

G. Michael Wolkensperg of Rushmore Judge (a management consulting firm specializing in recruitment and retention practices) doesn't agree. In fact, he says that an economic downturn is often the best time to hire. This may seem unorthodox or maybe it's just what you would expect to hear from someone in the recruitment industry worried about a downturn in their own line of business.

But Wolkensberg says that his views are based on experience and common sense. He argues that the best employees are crucial to your business during bad times.

According to Wolkensperg, most companies cope with downturns by battening down the hatches and preparing for the expected economic storm. The result is that more high-quality people will be available in the job market - all looking for a move to a better quality companies. This creates an opportunity for organizations with positive strategies aimed at strengthening their workforces with resourceful staff who can help them thrive during an economic downturn.

So the motto is: hire - but hire only the best.