The corona crisis is putting numerous companies and self-employed people at risk. Jobs are considered at risk across many industries, and at every level. Entrepreneurs, self-employed people and employees are understandably deeply unsettled. The mostly gloomy forecasts for economic development - a recession of considerable scale is expected - are frightening. The effects on the labour market are already serious: HR departments have to focus their resources on short-time work, other support schemes offered by the employment agency, or redundancies. New hires are only pursued in the most urgent cases. And on the candidate side, something like shock paralysis can be observed. Anyone who believes they have a reasonably secure job puts career change ambitions on the back burner for now. Not an easy time for executive search consultants either.
Job security has become a topic that, in the face of the largely unclear economic impact of COVID-19, will move increasingly to the forefront as the crisis progresses. But there is no reason for executive search consultants to bury their heads in the sand either. While some industries are indeed already fighting for their very survival, others can look to the future with considerably more confidence.
Using the opportunities of change
For us as executive search consultants, it is crucial right now to continuously analyse the corporate landscape. We use our relationships with clients and candidates to assess opportunities and risks in the changing labour market, based on the most realistic information available from our network. This matters to us because the current crisis will have a massive impact on the future world of work. Working from home, for example, will likely have to gain much stronger long-term acceptance from employers. Going forward, companies that continue to reject home-office solutions, or only accept them to a very limited extent, will increasingly fall behind in the competition for capable and motivated specialists and leaders. Only those able to face these challenges proactively will emerge stronger from this crisis. That applies to companies, candidates, and to us as executive search consultants too. Many other expected changes will reshape working life far more profoundly and place new demands on companies and employees.
Competence and trust create added value
Executive search consultants who consistently apply their industry knowledge and advisory skills right now can provide considerable added value for their candidates, and thereby for their clients too. This can be well illustrated using the example of SAP specialists, who remain in urgent demand. Naturally, SAP professionals, particularly in the hardest-hit industries, are now also asking themselves how secure their own job really is, and above all, what reasonable alternative opportunities exist for professional development. Our approach of viewing both the companies commissioning us and our candidates as our clients, building trust and forming long-term relationships, is paying off for everyone involved right now.
For us, advice is not a one-way street. We see our success rooted in the fact that we also feel obliged towards our candidates, to advise them competently and honestly on their decisions about a career move to one of our clients. Besides a professional analysis of suitability, this also includes a careful weighing of the respective opportunities and risks involved. A good insight into the target industry, the target company and its cultural particularities are essential prerequisites for that. Candidates considering a move should pay particular attention right now to whether the executive search consultant is only interested in a short-term deal with their client, and pursuing a quick contract signature without regard to the consequences.
Systemically relevant industries - a wide field
The greatest job security is arguably offered by companies operating in systemically relevant industries. These will continue to carry out their activities in full even during the crisis and will therefore continue to need staff, in some cases even to a greater extent. This includes all industries involved in maintaining what is known as critical infrastructure, for example. Besides healthcare and food supply, this covers areas such as logistics, energy, administration, information technology, finance and insurance, and media. Our clients operating in one of these sectors still have an urgent need for capable and motivated staff, and not only for the fiercely contested SAP or IT specialists.