Countercyclical Market Segments Are Hiring
The Career News (sorry, no link) references an article regarding job market growth in 3 specific sectors (my bold):
While hiring in the financial and consumer discretionary sectors has clearly been impacted by the continued fall-out from the mortgage market collapse, the technology, healthcare and defense sectors are all adding to their executive-level ranks nationwide.
There were 12,000 more $100,000+ jobs posted on TheLadders in the first quarter of 2008 than there were in the first quarter of 2007. The recession is grabbing the headlines, but there are always countercyclical segments of the market that thrive in a down economy. The reports are showing a lot of reliance in this marketplace.
This fact is always true - while some markets flounder, others flourish. In recruiting, selling, job hunting, etc., the key is to focus on the segments that are in strong growth mode.
One other tip is to understand that the media is prone to sensationalism in their reporting. After all, their business is to keep your viewership, listernership or readership…and to do that they must hold your attention. Recessions, market collapses, stock market drops, etc. are all sensational vehicles to hold attention.
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Derrick,
I spoke with an executive recruiter the other day as part of an engagement with one of our clients. He told me that his firm has numbers of new projects for recruiting VPs of sales. He says the economy is forcing CEOs to examine ways to drive more revenue and bringing in a new VP of Sales is high on the list.
I’m interested in your perspective on that.
Dave,
Interesting data and certainly something we have seen before during an economic slowdown. I think CEOs sometimes aren’t sure how to drive revenue so they think changing out the sales leadership will do it.
I’m not certain that is always the best approach (almost seems like the classic “fall guy” move). Changing horses in midstream adds a learning curve that may actually slow down revenue growth while the new VP ramps up (they have to ramp too).
The one thing I have seen is VP’s who get defeated or lack the skill set to make the needed adjustments in the economic slowdown. If that is the case, the change is clearly warranted, and needed.