I’m happy that some of you recognised the Code of Ethics mentioned in our last newsletter as the 4-Way Test adopted by Rotary International. I highly recommend it as a useful guide when you are unsure of the right way to approach a situation.
CRS is proud to be celebrating 12 years of business. We recently had a “paint” staff party, whereby new staff members painted a picture to join our collection of masterpieces all painted by CRS staff members. This is the result. What do you think of our talent?
“Wait and See” Causes Downturn in Recruiting
If you read the local and international news on the economy, you may be feeling a bit alarmed about the future. Are we heading for a recession? Will escalating food and other prices make the cost of living untenable? What about the effects of global warming and climate change?
Over time I have noticed that the volume of recruitment business is directly proportional to the perceived strength of the economy, which is strongly affected by what is happening in the local (Trinidad & Tobago) oil industry. For instance, when oil prices dropped in the early 2000s then so did general confidence and that led to a sharp decrease in recruiting activities. Companies that are experiencing a downturn in business naturally put a stop to recruiting until business picks up again; then there is a frenzy of hiring to make up for the personnel shortages accumulated during the hiring freeze.
I have observed a more than 40% drop in new I.T. recruitment requirements from this time last year. This has been noticeable since December 2007. There is normally a spike in the amount of new business in January which just did not happen to any great extent this year.
Right now oil prices are at a record high and experts have been saying that the economy in Trinidad & Tobago is strong. So why the fear of making normal business decisions of expansion and renewal? A major factor may be that many of the large oil companies in Trinidad have been laying off staff. This reflects the slowing down of new gas and oil finds (yes, it ought to be said that way round) and the oil companies are quick to cut costs when their profits are in jeopardy.
Yet, it is clear that there is gas and oil here to last for many more years, plus the strong likelihood that more will be found. It looks like the stock markets are recovering and there is no prospect of a recession like we’ve experienced in the past. The lay offs are mostly confined to the oil industry. For everyone else, a “wait and see” approach to business could actually trigger a self-fulfilled prophecy by causing a downturn.
I say we should be confident in our business prospects and plan for increasing success. There are plenty of opportunities and plenty of money around and it is a good time for strategic career moves. That is why CRS is currently investing in new systems to cope with future recruitment growth and market expansion. Is your business ready to do the same?
Tell Us What You Think
We would love to hear what you think of this issue of CRS News. And of course, if you have any suggestions for upcoming issues that you would like to share with us, please send those too.