It was said that during the last recession over 1 million people left the communications industry. I know one person, for example, that decided to run his own Post Office branch. I don’t have any stories this time round – I’m too busy. However the results of a survey I just read from Cobalt Corporate Finance suggests that the industry thinks it is worse this time round.
Of over 100 UK mid-market businesses in the Technology, Media and Telecoms industries questioned, over 50% indicated that the impact of the recession has been worse than the 2000/2001 downturn. This compared to 35% in 2008 survey and 15% in 2007.
The good news is that in 2010 employment levels are expected to increase at 45% of companies surveyed. Only 20% expect a decrease compared to over 50% this time last year. Positive sales growth in 2010 is forecast by over 70% of respondents although the optimism of last year’s survey may have been misplaced (nearly 60% forecasting growth in 2009).
I think that if you have come through last year unscathed you are in a good position to take advantage of opportunities in 2010. Having said that, experience has shown that it always takes longer than you think so a strategy that involves taking on more staff must be executed with great care.
PS I have no idea if the Post Office branch is still open. He could have picked a slightly safer alternative career in my mind!