Let’s face it – there are very few good things you can say about lagging economies. Even the staunchest Darwinist puts aside his ideals when he finds himself out of work. The only IROs arguing that investor relations thrives during hard times are those that have jobs to go to. Sure, good people will always be in demand. But the harsh truth is that many good investor relations people are still currently out of work. Why? Simply because that so-called demand is just not strong enough. IROs comprise just one of many groups suffering from corporate America’s massive layoffs. Companies that go out of business altogether – and many more will do so before the end of the year – send more than just their investor relations team packing. Also, fewer initial public offerings in 2001 translate to fewer opportunities for IR consultants, IR newcomers, and out-of-work IR officers. The net result is fewer jobs and more people competing for them.
The environment naturally gives rise to a lot of cynicism. There was a story in the April issue of eCompany called, ‘1040.com, Income Tax Return for Recently Laid-Off Dot-com Employees with No Job Prospects.’ It featured a spoof tax return form with tick-box categories such as: ‘I was recently asked to place all the contents of my office into a cardboard box and surrender my ID card,’ ‘I was born on or after January 1, 1973,’ and, ‘My job title included the words vice president for…’
The rules of the employment game have changed: M&As, downsizing, outsourcing, massive layoffs, and the global economy are reshaping the job market. The bookstore shelves are spilling over with self-help tomes that promise to tell readers how to take control of their destiny and achieve the career they really want. (One title recently caught my eye is, ‘Quit Your Job Often and Get Big Raises!: The proven, step-by-step approach to strategically changing jobs and exponentially improving your salary and career.’)
The social commentators are declaring that we are in the age of the ‘puppie’ – ‘previously urban professional.’ Outsourcing is definitely in. It has produced a proliferation of temp agencies, interim workers, and even – yes – short-term executives. Companies reluctant to make permanent hiring decisions can now choose from many experienced, unemployed professionals to fill temporary executive positions. If the professionals are lucky, their contracts may be extended. But can this scenario possibly be good for cultivating talent?
A new breed of individual is emerging. He has talent. He has skills. He is smart and savvy and marketable. He knows he can succeed at any job he puts his heart into. So, what firm does he work for? The answer is natural. He works for Himself, Inc. Even while working for a big corporation, he is working for himself. Sure, he sees that corporation as his one, big client, but it is by no means his only one. Because when push comes to shove – as it has in the recent job market – he knows that he himself is the only one he can depend on.
