However, there are many shafts of light through the gloom - with the progressive wing of the HR community doing some pretty smart things at the moment - not least by communicating with - and investing in - their existing talent.
Moreover - if the only certainty out there is that the storm will at some point pass - then the Talent Crunch which so preoccupied agendas just 12 months ago is very much back in play.
Truth is, even if output levels were to remain as they are now - most knowledge-led businesses are going to struggle to find and keep the talent their business will need for future prosperity.So to the counterintuitive bit...
This is in fact a great time to hire in top drawer talent. The sort that can make your business perform tangibly better - and that you may not always have been in the market for in the past. They'll be more than wowed to be approached in the current climate - and hugely impressed that you are strong, bold and healthy enough to be investing in your people.
It shouldn't mean rising wage costs if you're reviewing and rationalising your skill base continously - which is good business practice at the best of times. So go grab yourself a bargain whilst they're out there. All you need now is an Employer Brand Proposition, but that's for another day...
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