The Financial World and the Job Market

It'll be interesting to see the fallout in the job market from the current financial crisis, but some effects are already seen...

The first article is from the New Jersey Law Journal and probably won't work for most of you...but the important part is just to read the title and then find a way to get your hands on the article: Pru Appeals in Suit Charging it Paid Off Plaintiffs' Lawyers: click here

Next, an interesting lesson from Yahoo! News via the AP on what can happen with mergers/takeovers and job layoffs as HP surprises Wall Street in this article: click here

(H/T to Wendy for those)

The Wall Street Journal (with a nice, new look) continues with an article sure to cause a little head scratching to most of America...the Executive job market is still healthy: click here and a video here

Next from the Journal is a very interesting article about trying to get Fannie Mae's and Freddie Mac's employees to stay as the mortgage giants go through some difficult times: click here

Going quickly to the Boston Globe's, Boston.com Monster.com HiringHub HR Center HR Blog, word that this isn't your father's job fairs--something new is in the air: click here

Lastly, in an article form the Journal, we learn that GMAT scores are being canceled...a lesson to employers that sometimes test scores aren't really all that reliable: click here

We've also added a great new feed from the WSJ on our right: click here

What I’m Hearing…Economic Downturns

Listening to the news nowadays, it sounds like the American economy is in a bad way. Certainly, mortgage issues, the cost of oil and gas, and a variety of other factors are impacting our nation’s economy in a less than positive manner.

I heard about an interesting and unique article in the 2/13/08 issue of Financial Times regarding the American economy and its health. The article’s author notes that small business owners, at least in the first quarter of 2008, are NOT seeing a downturn in their businesses. According to the article, Proctor & Gamble can tell us more about our economy than one might think.

When there is a significant slowdown in the economy, consumers tend to shift from brand label products to generics in an effort to save money. Proctor & Gamble’s earnings report, however, does not show that this transition is happening. This finding correlates with anecdotal evidence from a Financial Times survey.

As the economy might be stronger than some members of the media report, it’s important that we continue our efforts to recruit and retain the best talent. When the economy picks up again – and it will – key players must be in place in order to push our organizations to the next level of success. Hiding ineffective HR practices or a lack of succession planning behind the veil of “a bad economy” won’t lead to the success that’s needed moving forward.

What have you done recently to make sure your organization is strategically positioned for the coming year?