In a recent story on “Morning Edition,” Kurt Nickisch reported on companies that are thriving despite economic downturns. His story focused on how any company, even a small business, can find opportunity in a recession. One of the consultants he interviewed, Darrell Rigby, said he compares these situations to race cars speeding around a race track, where recessions are the curves:
Rigby says it’s hard for companies to pass each other during good times on the straightaway. The big companies stay in front on power alone. ‘But on a curve, curves are driven by strategic finesse and so even a company that has less power — if it is skillfully maneuvered in curves — can pass much larger, stronger competitor. . .’.
Our economy is still somewhere on that curve, but it certainly won’t stay there for long. For a company to pull ahead of its competitors, it will need to begin making those skillful maneuvers before its opportunity for advantage has passed. There are a limited number of areas where true competitive advantages can be found for businesses. Two of these avenues are through Technology and People.
Therefore, the questions we must ask ourselves are: Are we employing the right technology, and are we working with the right people? New technology can take a great deal of time to implement, but working with the right people is something that you can control and change on a much shorter timeline. As evidenced by a recent report, the Aberdeen Group found that 60% of organizations are turning to contract staffing as a means to get the right people onboard in a much shorter timeframe – in many cases days, versus weeks or months. Additionally, using contract staffing firms, as compared to “1099” independent contractors, drove an 88% higher rate of compliance to federal, regulatory and state labor policies.
Contract staffing has distinguished itself as a tool that strategic companies can employ in order to better position themselves and power ahead of their competitors before we are back on the straightaway.