Wow, what a difference a year can make. I remember trying to hire people 12 months ago and it was painful! It is still painful now, but in a completely different way. Our team has only had one opening in the last few months and we were flooded with resumes. Before we'd be lucky if we had two qualified applicants and they would expect the world. Now we have a dozen over qualified candidates competing for a job that will come with a $20,000 wage decrease. As someone in the position to hire, it is hard to tell all these people "No, sorry, we won't be offering you the position." You think about their family and the impact of either getting or not getting the position will have.
On the personal side, our family is holding off on the big purchases, the over seas vacations and staying at home. Even next summer we're planning on sticking closer to home and camping more with our kids.
This really brings me to the point of this post! I'd like to hear from everyone how the economic downturn has effected you personally and how you've reacted to changing circumstances. What innovative ideas have you seen or been a part of? How has you approach to innovation changed with a changing economic situation?