As of the end of April 2023, it’s business as usual, with some people drawing out the hiring process (5-10%). And having said that, a few of our client’s offices had some of their best months ever in February and March and a strong April.
One client was looking at a monthly difference in marketing presentations to job orders. When we went into his portal and looked more closely at where the difference was coming from, he had hired two new business development people, and it was their inexperience drawing down the average. When they looked at their tenured people, the metric of marketing presentations to job orders stayed constant.
I don’t want to ring an alarm bell; however, if we’re looking at the horizon, many economists are debating a potential Q3-Q4 downturn. These economists and everyone I’ve spoken to in the recruiting space indicate a softening, not a harsh downturn.
Additionally, the recent changes in the banking market are limited to a handful of banks that did some of what we can describe as irresponsible things with their bond portfolio. The challenge in the banking community was not bad loans, which is typically what a downturn in banking is picking on poor credit, bad loans. It was risky activity with their bond portfolios. And that was limited to a handful of banks.
So again, I don’t want to sit here for 20 minutes and be an economist with you, but I wanted to share those insights. We discussed this in our Boardroom, Platinum, and Ignite meetings in the fall and again in March. Now is the time, while the economy is still good. Everything from all the readings and based on what I’ve seen with our clients, the economy is still good to harvest new clients.
Brian Moynihan at Bank of America said 50-50 chance of recession. Meaning there is also a 50-50 chance there is no downturn! It’s only the fool that assumes that’s the eternal optimist that does nothing to prepare his or her business.
And when we’re talking to our clients about preparing their business, it’s not about slowing down their investments. It’s about increasing their focus on business development. We’ve seen candidate activity remain the same. If anything, it’s easier this year to find candidates. If there were a softening, there would be less competition.
All right. So that’s my 2023 State of the Union. If you are interested in developing a plan of action to ensure your recruiting business hits or exceeds your annual revenue goals, despite the potential economic changes, schedule a free, no-obligation strategy session here: https://get.therecruiteru.com/scale-now.
And if you’re starting to feel behind, check out what Jeff was able to accomplish beginning in May of 2022:
Take the first step here: https://get.therecruiteru.com/scale-now