News alert! There is a recession in the wider world, and it's in the post to New Zealand!
Now this probably isn't news to you, but in the recruitment world it's been big news for a long time. But what does it mean to businesses? Let's take a look.
When recessions occur, historically everyone gets worried and checks their pockets to make sure they have a few dollars tucked away.
The same is true for businesses: they look at how they can cut costs and save some money.
For recruitment agencies, the clients' belts tighten and they expect more from their recruiters, and rightly so. This, despite all the news of job cuts and hiring freezes, can be good news for those looking for jobs.
Whether you are a first-time jobseeker or a candidate looking for a fresh challenge, it means that the recruitment fraternity has to work harder to get you that right job.
On the other side of that coin, businesses that engage recruitment agencies to get them the best staff for the job want results, otherwise the agency will be cast aside like last year's Christmas toy.
During recessions, you may be amazed to find some of the most inspiring success stories that you'll ever hear.
Back in 1975, when the United States was in the midst of a stagnant economy, Bill Gates and Paul Allen started up Microsoft. Today they have 12,000 employees who are millionaires.
In 1980, in the middle of a "double-dip" recession, Ted Turner announced to the world the arrival of his Cable News Network. CNN is now recognised as the go-to news channel everywhere in the world.
What we can take from this is that although recessions are tough beasts to cope with, they are also a great time to hire and start new ventures.
We all have two choices: we sit down and accept the tough times, or we can step back, reassess and go for it.
Whether you are running a new business, are a jobseeker or even the Government, recessions offer us all the opportunity to recreate ourselves and our future.
The wheels keep turning, so we've got to keep moving.
Mark Doyle, is client services manager for Shamrock Recruitment Group in Wellington, which caters to recruitment needs for both clients and candidates and specialises in commercial and executive recruitment and psychometric assessment services. See www.srg.co.nz