Blog
Value destruction at lightning speed
October 8th, 2008 in Random musings
Ben and I have been keeping tabs on the financial turmoil over the past few days and mulling over its impact on our business. We had signed up a new banking client about 2 weeks ago but unfortunately over the course of these past 2 weeks that particular financial institution has itself gotten into trouble and thus we are not putting much hopes on getting them to work with us anytime soon. As we call other potential customers, we hear a similar refrain - “we are not planning to hire that many people this year and hence we would rather stick to existing channels”.
We live in extraordinary times. Although we had expected that things would slow down over the course of the year when started, we didn’t expect this kind of implosion of the financial services industry. Although we still see headhunters posting many jobs on boards like efinancialcareers, we think they are also doing a bit of harvesting - i.e. putting up jobs to build their databases.
Watch out for this channel as we try to figure out how to penetrate the market in this turmoil.