by Julie Rose
Did somebody say recession? Unfortunately, recessions are a normal part of the business cycle. There are periods of economic growth and periods of economic slowdown. During a recession, the economy slows, companies struggle with sales, people lose their jobs, and the stock market suffers. The point where the economy officially falls into a recession depends on multiple factors, but many experts indicate that two consecutive quarters of decline in Gross Domestic Product (GDP) is a sign of recession. The recession in 2020 occurred when the pandemic impacted our economy. The Great Recession in 2008 was caused by the collapse of the housing market. We are seeing signs for the next recession too, with some experts predicting late 2022 or early 2023. According to the Washington Post, the economy contracted in the first three months of 2022, by shrinking at a 1.4 percent pace.
Source: https://www.washingtonpost.com/business/2022/05/19/recession-economy-markets/
One common result of recession is that unemployment rises. Companies sometimes employ “hiring freezes” to maintain profits, while they wait for the economy to stabilize. This puts stress on the rest of the workforce so companies must look for ways to protect their current employees from burnout while also ensuring the most critical work gets done.
It’s common for businesses today to look for creative ways to expand their bandwidth to continue to achieve short and long-term goals. For companies that don’t want to make the long-term commitment of hiring full-time employees or are trying to conserve budgets, hiring temporary or “on demand” professionals is a low-risk, cost-effective option.
Recession-Proof Insights Talent from SIVO On Demand Talent
SIVO On Demand Talent can help with skilled Consumer Insight and Market Research Professionals that ease your team’s workload and help you achieve your business goals while also relieving you of the financial risk that is common during a recession.
We offer flexible solutions, like short or long-term assignments for fill-in roles or finite projects. Additionally, we can serve as an extension of your internal Consumer Insights Team, what we like to call your “back-pocket” consultants. For some clients, our talent serves as the virtual CI team, supporting initiatives in a cost-effective way while also ensuring high quality insights.
SIVO On Demand Talent offers far more flexibility than full-time employee expansion. Plus, you don’t have to spend your valuable time searching for, hiring, and training talent. We take care of it all for you, freeing you from the burden of a lengthy process.
Let SIVO help you manage through the ‘hiring freeze” by temporarily meeting your Insights, Analytics or Market Research talent needs.
Reach out to ondemandtalent@sivoinsights.com for a consultation.
