Surviving the Slowdown
Now that a full-fledged economic slowdown is upon us, the question is how to cope. For many process industry veterans including your humble correspondent, this isn’t the first downturn and it won’t be the last, so experience from past recessions is germane.
The first and most important lesson from past experience is that this too shall pass. Despite overblown media hype, this is not a crisis. And odds are that it will progress as most recessions have over the past century or so without 30 percent unemployment, soup kitchens, and bread lines.
So business will pick up sometime this year or next, and when it does there will still be strong demand for process automaton professionals. Remember how hard it’s been over the last few years to find quality automation pros? It’ll probably be just as difficult in the near future and beyond.
That means that letting core staff go right now to save money could be a big mistake. Click here to see how your peers plan to survive and thrive during the slowdown.