Everyone knows that Michigan was hit particularly hard in this recession. Unemployment rose quickly and is slow to come back down. Are companies ready to start hiring again?
I am the part time CFO for many small to mid-sized companies in Michigan and every one of them is being very cautious when it comes to hiring new employees. In fact, some are still reducing their non-essential staff as they continue in cost saving measures. The biggest comment I hear is that they don’t want to bring additional staff on board just to have to lay them off if another downturn in the economy raises its ugly head.
Governor Snyder recently talked about “Economic Gardening” in his State of the State address. Although not a new concept it means to nurture small Michigan businesses with a variety of new economic development tools, instead of trying to bring out of state companies to Michigan. Hopefully this will help.
Only time will tell. Everything seems to be cyclical. This can’t go on forever. Let’s just hope things turn around soon.