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Issue 46 - 04 | The Upside of a Downturn

By Steve Pogorzelski, Jesse Harriott, Ph.D., and Doug Hardy
Published May 7, 2008 9:13 p.m.

"A slowing economy has tangible burdens, as employers become cautious in hiring (or even lay off workers). More subtle and insidious is the way even a gentle slowdown in consumption can trigger a well known vicious cycle: Lower corporate revenues lead to job insecurity, which causes consumers to tighten spending, which hurts revenues, which causes more corporate belt-tightening, and so forth until something (government spending, easier credit, unforeseen demand) halts the cycle.

This cycle offers a break in the fevered efforts to attract and acquire the most talented employees, a chronic problem that has beset booming economies for the past decade. To take advantage of a temporary lull in the chronic shortage of top talent, managers in HR and executives leading companies must adopt the longer-term practice we call the Engagement Cycle."

About Steve Pogorzelski, Jesse Harriott, Ph.D., and Doug Hardy | Jesse Harriott, Ph.D. is Vice President of Global Monster Insights and pioneered the Monster Employment Index (ME I), the first measure of online recruitment activity now tracked in the United States and Europe. Steve Pogorzelski, formerly Monster’s EV P of Global Sales & Customer Development, was responsible for Monster sales and customer development in more than 40 countries worldwide. Doug Hardy runs Monster’s publishing program for employers and job seekers, and is the co-author (with Monster founder Jeff Taylor) of three books in the Monster Careers series and Fastweb College Gold, a guide to student financial aid. For more information, visit findingkeepers.monster.com.

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