The corona crisis has a massive impact on the entire economy. While many sectors have come to a complete standstill, others have to make the best of the exceptional situation. What does this mean for us? What risks does the crisis bring - and what opportunities does it offer?
Like almost every other company, and like the economy as a whole, we too depend on business cycles. That means client needs vary with the cycle, and so do the demands placed on us. The corona crisis is certainly an exceptional situation that threatens entire industries and will lead to a temporary downturn. Yet the cyclical nature of the economy, and with it a time-limited downward trend, is nothing new to us as long-standing executive search consultants. So we see no reason to panic.
Why competence matters in times of crisis
In times of crisis, companies face varied and ambivalent challenges. Some can be handled with knowledge and experience, others require original, creative approaches. That places enormous demands on the competencies required of leaders. On top of that, a crisis separates the wheat from the chaff:
Not every leader will demonstrate leadership strength in this exceptional situation. Crisis mode calls for different qualities than day-to-day business. Right now, many companies need the support of crisis-resistant leaders.
Executive search in times of crisis
For us, this crisis will be about meeting the demand for capable crisis managers. That can start with seemingly trivial things, such as setting up a productive home-office infrastructure. Besides functional IT provision, this also includes controlling appropriate to the circumstances, one that keeps a competent eye on employee motivation and productivity. Depending on the industry and company, this situation can be new and overwhelming, requiring expert help in various fields. So the task is to bring in the right experts and "problem solvers".
The corona crisis calls for creative solutions at times. Crisis communication is currently one of the most important qualities, and therefore one of the central competencies, that companies may now require when hiring new staff. For our clients, as for us, this crisis is an entirely new and unfamiliar situation that inevitably creates uncertainty and will raise new problems. But we also see an opportunity in this for anyone who manages to meet these problems with creativity and determination - including for us.
Setting the right course
We are already looking ahead to the personnel challenges our clients will face. Depending on the still uncertain overall economic development, these can take very different forms. The demand for top performers will be very high for many companies in the medium term. Depending on the industry, one possible development is increasingly tough competition among fewer market participants, who will need correspondingly motivated and capable leaders and specialists. Our task and our aspiration is to find first-class candidates for our clients and to accompany their onboarding professionally. The competitive advantage of professionally recruited top talent can be of decisive, potentially even existential, importance for many companies, both during a crisis and immediately afterwards.
Recovery will follow the crisis
Realism is particularly important in times of crisis, and for us that also means not closing our eyes to risks and developments. But it equally means not giving in to doom and gloom. There are at least two good economic reasons for that. First, the economy will recover after the crisis, and an upswing will follow the downturn. Second, from an economic perspective, a good dose of pessimism always contributes to a downturn, just as optimism supports a recovery. Economic development is by no means only a matter of attitude, but expectations do play a role in whether investments are made, goods are demanded or services are used. Optimism that leads to sustained consumption across the board can therefore play its part in a swift recovery. Our clients can rely on us being ready and able to make our contribution, even in the current crisis situation.