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When trucking companies began to see a decline in freight in late 2006, it was one of the first indicators of our current recession. By December 2008, when the National Bureau of Economic Research made the recession official, those of us in transportation and logistics had long since been aware of the dismal state of the economy.
By Barbara Hunt
The rules have changed for our industry, and when that happens, businesses either can resist - and fail to move forward - or they can acknowledge the situation and revise their strategies and tactics to help them survive and even grow.
Nearly 3,100 trucking businesses declared bankruptcy in 2008, resulting in 7% less capacity on the road, yet there is little change in available capacity for shippers. No one can know for sure the exact moment when the market will turn, but it's already certain that failing to assess the forces at work today will create an inability to implement the changes needed for today's survival and tomorrow's growth.
Talent acquisition is a key area for most companies, but in a soft economy, many curtail recruiting and may even resort to hiring freezes and downsizing to minimize operating expenses. However, a growing number take advantage of down economic cycles to "top grade" their in-house talent by replacing poorly performing employees with higher quality candidates available at an equal or slightly higher cost.
A recent study by Career Builder, a Web-based employment service, found that transportation and utility industry employers planned to increase hiring by 20% in 2009.
Those companies understand that even in a slow economy, hiring top performers will achieve greater long-term results. They also know that there is market share to be gained at the expense of firms paring back. Companies that might have problems attracting top performers in a booming economy may find that in a soft market, their willingness to stay aggressive gives them an edge.
This talent acquisition strategy helps them to keep vital projects ahead of schedule, capture market share and improve operating efficiency for greater margins. And when brighter days return and other firms are scrambling to ramp back up, these forward-thinking firms already are positioned to capitalize on explosive growth opportunities. Many companies are returning back to the basics and focusing on core business. Others are taking advantage of the soft business cycle by acquiring other companies in order to expand their current service offerings or add additional lines of business to complement their core functions.
Companies hiring bright new talent during the market slump want to keep them when the economy improves, of course, so they are returning to the basics and focusing on core business. Some are taking advantage of the soft business cycle by acquiring other companies in order to expand their current service offerings or add additional lines of business to complement their core functions.
As companies work through these changes, communication about the state of the union within their organization is vital. Trucking companies should be communicating in a very direct manner so their employees know what has happened, what is happening now and what is going to happen.
It's not only employers that must change. Whether they are seeking employment or not, workers in today's shaky market must realize nothing stays the same. Their own goals and visions must change, or their ability to grow within an organization may stagnate. They must keep their options and windows of opportunity always open.
Individuals not currently open to opportunities right now should understand that change creates abundance, and developing and maintaining a relationship with a strong network of transportation industry employers and recruiters opens lines of communication should the time come to start looking at opportunities. Networking Web sites popular with many professionals include LinkedIn, Spoke and Plaxo.
However, while more casual social networking sites such as MySpace or Facebook can be good for developing more personal relationships within the professional network, it's important to consider what information is being put out there. Employers, even in the transportation industry, are looking at profiles on these sites to gain extra insight into potential candidates. If the highest levels of privacy are not set on individual profiles, it's very likely potential employers may view them.
Most important in these times, companies are looking for individuals who not only have had a solid career progression, but also have proven track records during the down economy in the past two to three years. They want candidates who will bring value to their organization. They are seeking out the next industry leaders to help position the company for growth in the near future. When the economy is tough, companies cannot afford to bring in seat warmers - they need people who have shown they can drive the bottom line and will do it again.
It's true that right now, transportation and logistics are in a tough spot, but it won't always be that way. Firms that continue proactive talent-management techniques and keep an eye on the potential for success, rather than the inevitability of defeat, will emerge stronger. Employees who can shine in spite of today's dreary outlook can write their ticket to anywhere in this business. The key is keeping our heads up, looking for the opportunities that are out there.
Recruitment services provider PrincetonOne has headquarters in Skillman, N.J., and offices in many other U.S. locations. The author leads the transportation and logistics practice at the firm's Indianapolis location.
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Why It's Smart to Hire Now
March 2, 2009
When trucking companies began to see a decline in freight in late 2006, it was one of the first indicators of our current recession. By December 2008, when the National Bureau of Economic Research made the recession official, those of us in transportation and logistics had long since been aware of the dismal state of the economy.
By Barbara Hunt
The rules have changed for our industry, and when that happens, businesses either can resist - and fail to move forward - or they can acknowledge the situation and revise their strategies and tactics to help them survive and even grow.
Nearly 3,100 trucking businesses declared bankruptcy in 2008, resulting in 7% less capacity on the road, yet there is little change in available capacity for shippers. No one can know for sure the exact moment when the market will turn, but it's already certain that failing to assess the forces at work today will create an inability to implement the changes needed for today's survival and tomorrow's growth.
Talent acquisition is a key area for most companies, but in a soft economy, many curtail recruiting and may even resort to hiring freezes and downsizing to minimize operating expenses. However, a growing number take advantage of down economic cycles to "top grade" their in-house talent by replacing poorly performing employees with higher quality candidates available at an equal or slightly higher cost.
A recent study by Career Builder, a Web-based employment service, found that transportation and utility industry employers planned to increase hiring by 20% in 2009.
Those companies understand that even in a slow economy, hiring top performers will achieve greater long-term results. They also know that there is market share to be gained at the expense of firms paring back. Companies that might have problems attracting top performers in a booming economy may find that in a soft market, their willingness to stay aggressive gives them an edge.
This talent acquisition strategy helps them to keep vital projects ahead of schedule, capture market share and improve operating efficiency for greater margins. And when brighter days return and other firms are scrambling to ramp back up, these forward-thinking firms already are positioned to capitalize on explosive growth opportunities. Many companies are returning back to the basics and focusing on core business. Others are taking advantage of the soft business cycle by acquiring other companies in order to expand their current service offerings or add additional lines of business to complement their core functions.
Companies hiring bright new talent during the market slump want to keep them when the economy improves, of course, so they are returning to the basics and focusing on core business. Some are taking advantage of the soft business cycle by acquiring other companies in order to expand their current service offerings or add additional lines of business to complement their core functions.
As companies work through these changes, communication about the state of the union within their organization is vital. Trucking companies should be communicating in a very direct manner so their employees know what has happened, what is happening now and what is going to happen.
It's not only employers that must change. Whether they are seeking employment or not, workers in today's shaky market must realize nothing stays the same. Their own goals and visions must change, or their ability to grow within an organization may stagnate. They must keep their options and windows of opportunity always open.
Individuals not currently open to opportunities right now should understand that change creates abundance, and developing and maintaining a relationship with a strong network of transportation industry employers and recruiters opens lines of communication should the time come to start looking at opportunities. Networking Web sites popular with many professionals include LinkedIn, Spoke and Plaxo.
However, while more casual social networking sites such as MySpace or Facebook can be good for developing more personal relationships within the professional network, it's important to consider what information is being put out there. Employers, even in the transportation industry, are looking at profiles on these sites to gain extra insight into potential candidates. If the highest levels of privacy are not set on individual profiles, it's very likely potential employers may view them.
Most important in these times, companies are looking for individuals who not only have had a solid career progression, but also have proven track records during the down economy in the past two to three years. They want candidates who will bring value to their organization. They are seeking out the next industry leaders to help position the company for growth in the near future. When the economy is tough, companies cannot afford to bring in seat warmers - they need people who have shown they can drive the bottom line and will do it again.
It's true that right now, transportation and logistics are in a tough spot, but it won't always be that way. Firms that continue proactive talent-management techniques and keep an eye on the potential for success, rather than the inevitability of defeat, will emerge stronger. Employees who can shine in spite of today's dreary outlook can write their ticket to anywhere in this business. The key is keeping our heads up, looking for the opportunities that are out there.
Recruitment services provider PrincetonOne has headquarters in Skillman, N.J., and offices in many other U.S. locations. The author leads the transportation and logistics practice at the firm's Indianapolis location.
Executive Search | Recruitment Process Outsourcing | Contract Staffing | College Recruiting | Site Map
This site is optimized for 1024x768 resolution and Internet Explorer.
Copyright © 2010 PrincetonOne