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Lessons Learned from 20 Years in Staffing: Surviving Recession

PrideStaff North Dallas has been in business for 20 years now – and a lot has changed!

Since opening our doors in 2000, my team and I have witnessed dramatic changes in our industry, survived the Great Recession and learned invaluable business lessons along the way. To celebrate our 20th anniversary, we’re sharing those lessons in a series of 12 posts.

If you’ve missed the first two, here are handy links:

Lesson 1: If you want to be the best, work with the best

Lesson 2: Hire a great team

Lesson 3: Prepare to thrive in any economy.

The Great Recession hit our nation hard, bringing a cumulative decline of 5.1% in GDP and the loss of nearly 8.8 million jobs. During that 18-month period, more than a third of staffing employees lost their jobs, and countless staffing and recruitment agencies were forced out of business.

Markets shifted dramatically and threatened our very survival.

The major economic contraction forced us to make difficult decisions – and to learn how to thrive in any economy.

Our biggest takeaway from this period?

Perseverance and perspective can get you through when the cycle is in decline.

While many competitors chose to throw in the towel, we chose to look for the silver lining – by seeking out new opportunities developing in the current economic climate. Specifically, we shifted our focus to countercyclical industries that benefitted during the downturn, as well as workforce solutions that helped clients reduce overhead and operate leaner.

By changing our perspective, thinking creatively and “adjusting our sails,” we found that we were more resilient than we first understood. Ultimately, perseverance helped us avoid the fate of 30% of our competitors in the market at that time.

Concerned about weathering the next economic downturn?

While nobody knows exactly when the next recession will occur, rest assured that PrideStaff North Dallas will be here to support your success. With 20 years of experience under our belt, we’re prepared to thrive in any economy – and to help you do the same. Contact us today for a free workforce consultation!

 

Amy Linn, Strategic Partner

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