The Successful Hire's Resource
Friday, April 01, 2011
It's naive to think economic hard times are over, but logical to
say the worst is behind us. If there is one lesson everyone learned
over the past 3 years, it's to be cautious and informed when making
a big decision (like buying a house or accepting a new job). Warren
Buffet, when asked if right now is a good time for Berkshire to
invest responded, "Our elephant gun has been loaded, and my trigger
finger is itchy." Basically, what the greatest value investor of
all time is saying, 'yes there is opportunity out
there.'
TD Bank, headquartered in Cherry Hill, earned $5.2 billion in
operating income last year (a nice $1.5 billion bump from the
previous year). Campbell's Soup, headquartered in Camden, saw an
increase in operating income of $100 million in 2010. In 2010,
Comcast, the guys who built the largest building in Philly, boosted
revenue just short the $8 billion mark; couple that with a bump in
earnings of $800 million.
Companies laid off a ton of people in 2008 and 2009, a decision
driven by plummeting sales and earnings; converse, companies are
currently hiring due to soaring sales, high profits and a very
bright outlook.
The three Philly based companies I cite are a strong barometers
for what's in store for business in our region. Although they are
the biggest and strongest in a vast sea of local companies,
historically the juggernauts lead the charge and all others follow
and benefit. Companies, big and small, are making money, and they
are making lots. Growing sales and expanding customer base can be
cited as two of the main reasons. To support these fiscal successes
companies are reinvesting in themselves, adding talent from CFO to
staff. The dynamics of the hiring market changed in January and
February; professional hiring spiked and I can only
reason it's because companies are making more and more
money. The worst of these economic hard times are behind us and
business is on the upswing.
Do you agree or disagree?
Patrick Dougherty is an Associate Recruiter at Magellan Search
Group. Patrick welcomes your thoughts; he can be reached at
pdougherty@magellangroup.com
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