Are we going through an economic slowdown, and how do slowdowns affect the hiring process? Find out today.
Though early market indicators suggest we might be in the midst of a slowdown, we’re definitely not in a recession.
How are slowdowns and recessions different?
A recession is defined as two consecutive quarters of negative growth in GDP, which currently isn’t the case. A slowdown is defined as a period in which the economy is still growing, just at a slower rate than usual.
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We’re definitely not in a recession right now, though indicators suggest we might be in the midst of a slowdown.
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We’re definitely not in a recession right now, though indicators suggest we might be in the midst of a slowdown.
How do slowdowns affect the hiring process for authorities and job-seekers in the marketplace?
As someone who owns an executive search firm, I’m very in tune with the employment market. A slowdown will actually help hiring authorities be better able to find talented candidates. For the last two or three years, I know it’s been tough to find talented people. This also means that job-seekers will better be able to find work. Mind you, no one is rooting for a full-on recession, but a little economic slowdown won’t necessarily be a bad thing for us at all.
What positives can we look for in a slowed market?
For consumers, interest rates are better and inflation won’t be as high. For homebuyers, you’ll have more purchasing power and the market will tend to favor you. For sellers, you’ll have a larger pool of buyers able to afford your home.
In the end, a market slowdown isn’t always as bad as the media would have you believe. The key is to know how you can empower yourself to make the best of the situation as a consumer, hiring authority, or job-seeker.
If you have any questions about today’s topic, don’t hesitate to reach out to me. I’d love to hear from you.
