Dale Winston, CEO of executive search firm
Battalia Winston, recommends executives develop an arsenal of tools to help maintain job security. “Executives should use this opportunity to develop revenue saving ideas and cost effective initiatives. Now is the time to help the company save money, so executives should not introduce any ideas that involve major investments,” Winston suggests.
Executives who are on international assignment may face different challenges, and Winston says the impact will depend on the industry and region. “For instance, those in food, agribusiness, life sciences or professional services and in China, India or Eastern Europe, the only downside is a possible slight delay coming back to the U.S. since the U.S. growth is not as robust as those regions of the world.”
For global executives in the financial services sector, the subprime credit issue has more of a deleterious effect. “In this case, the length of the international rotation assignment could be significantly lengthened and the number of expat executives in the near future could be curtailed until the clarity around the scope of the credit issue has been evidenced,” says Winston.
Despite the outlook, there are still pockets of opportunities for job seeking executives, and Winston recommends looking for jobs in industries that are known to sustain momentum in a recession. “For example, the wealth management space, healthcare (but not necessarily pharmaceutical) and energy industries typically remain strong. So do the gaming, some entertainment and beverage industries.”
“The most important thing for job-hunters to do in any situation is to network. In a recession, this becomes even more important. People may be more sympathetic and willing to help,” notes Winston. “It is important that employees continue networking and talking to recruiters, so that they keep their options open in the worst case scenario.”
