PRINCETON, N.J., April 2, 2001 (PRIMEZONE) -- The stock market and financial media have been sending the message that the economy is slowing. Yet, the largest drop so far has been in the technology sector, especially dot-coms. As these organizations cut back and struggle to get on track, many of their high-level management, marketing and operations people are finding themselves out of work.
Larger organizations, with the resources to weather the economic storm, can take advantage of the slowing economy and look to these displaced entrepreneurial individuals to provide the leadership and technological insight necessary to take advantage of opportunities as they arise.
According to Michael D. Zinn, President of the executive search firm, Michael D. Zinn and Associates, "The recent dot-com and technology meltdown has freed quite a few high-level executives and managers for employment by other organizations. Many of these people are extremely creative, and they understand the role technology can play in today's competitive markets. In addition, they often have an entrepreneurial mind-set, and are eager to land in companies that are moving forward."
When the economy is slowing, many companies simply need a boost or jump-start to get them going again. According to Zinn, "For those organizations, recently displaced entrepreneurial executives may be just right. Entrepreneurs tend to be risk takers. That can be a very desirable trait to organizations willing to let them use their creative and risk-taking talents to find new ways to compete. Hiring the right entrepreneurial person can result in market share gains taken from competitors who are pulling back."
The recently created talent pool comes from small, energetic companies where they were used to an active, highly entrepreneurial environment. Zinn added, however, "Organizations seeking to hire these individuals should also be aware of potential danger.
These currently out-of-work executives may want to go back to smaller companies when the economy picks up. To guard against this, hiring organizations need to creatively construct jobs and compensation packages."
Though there may be risks inherent in hiring entrepreneurial types, Zinn concluded, "These people should still be considered for employment. They bring highly spirited, entrepreneurial and technological attributes to management that can be extremely important for future growth."
Founded in 1988, with locations in Princeton and New York City, Michael D. Zinn & Associates conducts executive searches for general management and senior executives in financial services, technology, pharmaceuticals and health care, consumer packaged goods, and manufacturing, as well as other industries.
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