The past weeks have seen unprecedented upheaval across the world as Covid19 has taken its toll on the global economy. Never have we seen such rapid and far reaching economic downturn.
Decades of globalisation has created an economy where we all broadly speaking win or lose together. That said there are nuances that affect verticals differently. A recent Deloitte report looked at the consequences of the Covid19 outbreak, and four possible scenarios were considered, all of which saw a positive outcome for the TMT sector.
As the world corrects itself, we may see people embrace technology more as they change the way they work and socialise. Vacuums create a spike in innovation, online security becomes as important as personal safety and under certain circumstances we may see the fourth industrial revolution we have been promised for so long.
In the UK forecasters expect Q2 GDP to be down by 14% followed by a 6% increase in Q3 and 4% in Q4. Looking further down the line, although hugely speculative at this point, they predict 2021 growth to be at a staggering 6.5% like the UK’s strongest year of growth in 1927.
Combining both notions bodes well for the UK TMT sector but it comes with a responsibility to be bold. We need to be out the blocks first; the one that once that moment comes, and the starter pistol is fired we are running as hard and as fast as we can to kick-start the economy for others.
Expand group have over 20 years’ experience supporting growth in the TMT sector. Some of our more senior consultants have seen at least two downturns and understand how to support the market’s bounce back.
What we have learned:
- You will need a different type of candidate to help you reposition and thrive.
- Candidates will be more cautious about change, so a relationship, built ahead of hiring, with the best is critical.
- You will need people who can operate in a different paradigm. You will want hunters eg. sales people who can win new business.
- This is an opportunity to meet diversity goals and take time to hire the best, not the available.
- There will be noise and determining which candidates will solve your problems will take more time and effort
- Agility and resilience will be vital.
What we can do to help:
- Offer you commercial flexibility, we understand cash flow, value and ROI are key. Talk to us about the new commercial models we have to offer.
- Ask the right questions to make sure you are looking for the right talent to solve your problems
- Be confident enough to challenge your thinking so you can see what is possible
- Access the best talent in our community – accelerate conversations via trusted relationships.
- Share market insights- the market, salary benchmarking, attraction, retention and engagement strategies.
- Reduce risk to hiring through structured video interviews, assessments, referencing.
- Supply interim or contract resources – to support business modelling or fill short term operational needs.
expand is well placed to support your bounce back. We understand the challenges you are facing as we are facing them too. If you would like to explore ideas as you prepare your resource plans for 2020 and beyond, drop us a message to schedule a call.