Good news!

The negativity of some may well keep the news interesting and help to sell their newspapers. It may help some generate social media kudos and others even sell their craft beers. It may well even influence the current economic trajectory, to an extent…but it won’t create the reality that is ahead of us.

At #TRN, we remain fervent optimists and opportunists, and believe that the grim economic picture the media is portraying is simply not the reality, as many recruitment businesses are now proving and as our resident in-house economist has again, predicted in today’s TRN exclusive economic update.

Of course the second quarter of 2020 has been tough for just about everyone and the journey ahead will be equally challenging. The latest June Jobs Outlook produced by TRN partner, the REC, paints a very clear reality of employer confidence and hiring intentions dropping well below previous quarters, something that much of the industry has felt. This is a reality of the last few months, not the reality of the next quarter.

At the same time, some elements of the press have suggested that 18 years of GDP growth had just been wiped out in yet more sensationalised headlines, which in itself is factually incorrect with Britain’s GDP currently sitting at ￡2.2 trillion in comparison to ￡1 trillion 18 years ago!

A recession is defined as two successive quarters of negative growth – we are not there yet, so we mustn’t let sensationalised news convince us that we are. Simple behavioural economics suggest that Q3 has the potential to see a steep economic recovery as lockdown eases and households return to pre-covid consumption and spending habits.

Similarly, our economical sources suggest that “we will see a rapid recovery in the third quarter of 2020 and the global system itself will be back at 2.5% growth by this time next year”.

As we being to enter Q3 of this extraordinary year, the prospects ahead for those organisations that are building their business strategies in preparation for a potentially sharp and v-shaped recovery are there to be had. 

Common sense, of course, dictates that we must keep one foot very firmly in the camp of “survival first”, but not to the detriment of opportunity maximisation.

So, choose what headlines you read and choose who you listen to for your source of truth right now. 

But please, don’t choose to miss out on the opportunities that lay ahead.

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To gain access to our economic predictions, and all the support and guidance you need to maximise your business potential, join us at www.therecruitmentnetwork.com