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20/11/2020: Outplacement in Greece: a case of déjà vu
Covid -19 found the Greek Economy in its best, and almost up-rising, momentum after 10 years of crisis with serious fiscal limitations and compromises. For 2020 the Bank of Greece had predicted a 2,1% growth for the economy, with the unemployment falling to 16%. In contrast, the same institution revised its predictions in April, forecasting a totally different reality with unemployment rising to 31% and the economy shrinking by -8,5%.
Does this economic downfall bring back memories from the 2011 – 2014 period when the economy was declining with a fast pace and the unemployment rate was hitting new heights each quarter? For those of us who are over 35 y.o. it certainly rings a bell and prepares us for a challenging market, yet again.
How did the market react then, during the 2011-2014 period?
Talent Acquisition, Recruitment, and Executive Search services passed on the baton to Outplacement and Career Transition programs, with almost the same headcount and annual revenues. Industries most affected in Greece included Banks, Pharmaceuticals, FMCGs, and Retail companies – especially in the automotive and furniture industries.
For the remainder of the year, and for the foreseeable future, we can expect major changes in the travel & hospitality industries, with the catering, retail, and transportation industries also going through major shifts in prioritizations in order to secure business continuity. This will certainly bring outplacement and career transition services in the forefront once more, as many people will need to create new paths in their careers. It is our responsibility as Outplacement Leaders to support and help navigate those professionals through this period of uncertainty, and to provide them with all the necessary tools for them to reskill and upskill their competencies.