Expert Perspective by Grahall’s OmniMedia Editorial Board
In early October, World at Work reported (Most Companies Actively Recruiting as Economy Improves) that a survey by BenchmarkPro showed “More than 90% of surveyed companies are actively recruiting personnel as the unemployment rate begins to level off and the economy begins to show signs of improvement.”
And then Courtney Schlisserman shared in her October 22, 2009 article for Bloomberg, (U.S. Economy: Leading Index Climbs More Than Forecast) that “The index of U.S. leading economic indicators rose in September for a sixth straight month, showing the economy is likely to expand into early 2010… and reports showed jobless claims rose and home prices fell. More than $2 trillion in government stimulus programs worldwide have revived growth from the U.S. to China, signaling the worst global recession in the post-World War II era has come to an end.”
But which direction is Ms. Schlisserman travelling, from the USA to get to China, East or West?
We checked out some statistics from Europe and found an October 3 press release from the International Monetary Fund (IMF Says European Economic Recovery to be Fragile and Calls for Policy Action to Secure a Solid Rebound) saying: “The current European economic recession is showing signs of bottoming out, but the recovery is likely to be slow and fragile, the International Monetary Fund (IMF) said today in its October 2009 Regional Economic Outlook (REO) for Europe. Helped by rebounding confidence and a tentative pick up in global trade, the contraction in Europe appears to have ended at mid-2009 and is expected to give way to a moderate recovery in 2010 and more solid growth returning only afterwards, the report said.” Well at least that’s not bad news.
And let’s not forget Japan. How are things going there? In August Justin McCurry wrote for The Guardian in his article titled Japan emerges from deep recession that “Japan has emerged from its worst recession since the end of the Second World War, recording its first quarter of growth for more than a year amid a rise in exports.”
So is it over? Can we go back to business as usual?
If the Worlds’ economies are truly showing signs of recovery, this might offer companies – both local and global – a perfect opportunity to revisit, renew, and refresh policies and procedures for allocating scarce resources. Just as the financial services industry is being challenged to rethink its compensation practices, now may now be time for all companies to reconsider the strategies and structures used to make decisions about selecting, motivating, and rewarding personnel.
As we shared in our recent blog Same Dances in the Same or Shoes: “Grahall’s distinctive approach to compensation design is “more surgical” and structured to help a company to select, retain and mobilize not just its best people, but the people best suited to drive success in the future.”
As Rahm Emanuel, Obama’s chief of staff, memorably said: “You never want a serious crisis to go to waste.” But wouldn’t it be far worse to waste a recovery?
Contact Grahall’s OmniMedia Editorial Board at firstname.lastname@example.org