For about sometime now, France has been plunged into a state of national emergency, a state of "war" against an enemy that claims to be invisible. This surreal situation has caused quite the stir in France’s economy and leading companies are re-organising, fearing incalculable losses and anticipating a recession.
To have a clearer vision of the current situation and understand what our partners will have to face, I decided to dive further into my research, to help them assess the "after" plan which is not often talked about today.
What strain has COVID-19 placed on the financial markets?
The first post-spreading results of the virus directly affected global indices with losses of more than 10% during the black week driven by fears linked to the scale of the coronavirus epidemic. Volatility at all-time highs along with falling demand for oil added to the panic which left us bear witness to losses in equity markets that had not been seen since the Global Financial Crisis of 2008.
Keith Wad, Chief Economist and Strategist at Schroders now forecasts a 3.5% contraction of the world economy for 2020 followed by a rebound of 7.2% in 2021 after a half-year recession making 2020 the worst year in terms of growth since the 1930s.
Although the situation remains alarming, I have collected several testimonials from our partners (Banks, Asset Managers, leading FinTech companies) concerning their activity. Their take on the current situation and long-term vision is encouraging.
These companies have had the strength and agility to react in time to limit costs and maintain the confidence of their clients. They conclude that the emergency allowed them to take some of the following actions:
Assessing their day to day activity and using digital solutions
Increased interactions with their current clientele
Utilizing this moment to further tailor their clients' needs and adapt
The use of market research to find new sectors of activity and therefore a future increase in productivity.
Protecting their employees during these complex times that reinforce the sense of belonging and talent retention
Planning a recruitment budget allocated to counter this period of fragility
Mr. Pierre Filippi, CEO of Fidéas, a company that provides investment and fund management services, has steered the company's strategy towards essential values by creating a Smart for Climate Fund after observing a slowdown in efforts towards carbon neutrality, which could be one of the counter-shocks to this health crisis.
Can I hope to find a job after the crisis?
In a situation of national Lockdown with sudden changes, many will wonder whether the position they currently hold is really in line with their values.
This situation offers the opportunity to question their environment and to finally be able to reach for a new challenge that makes sense.
At Skillfinder, we believe that the exchange and sharing of information is essential in building a strong network to understand the present and prepare for the future.
Many financial groups remain active today to prepare the return to normal activity with an accelerated recruitment plan in the coming weeks.
My advice: prepare your research well to focus on positions and companies that will help you progress and not to slow or stop your efforts for fear of the current situation.
At Skillfinder International we guide technology professionals to the right jobs, and help organisations navigate the world of technology talent. Find your next hire here.
Photo by Orest Sv