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Showing posts with label recession. Show all posts
Showing posts with label recession. Show all posts

Wednesday, May 20, 2009

The Great Distraction

Huh? What did you say? Are you distracted at work? You may think you are not, but your employees seem to be.

Is it any wonder? Difficult economic conditions, combined with a 24-hour news cycle, make it easy for employees to become distracted. Combine that with fears of layoffs, cutbacks, and other unknowns, and you have the makings of a very inefficient workplace.

Managers can combat the big distraction in many different ways. Some of which are direct, and others down right funny. Executives & Professionals: Changing Jobs?

With U.S. unemployment in 1Q2009 near 10%, most people know of someone who has been laid off. That is a terrifying feeling on any day of the week. However, as the value of most peoples' homes has fallen, as well as retirement savings, this fear takes on a new dynamic. As a manager, if layoffs are planned, be honest and provide as much lead time as possible. Don't be coy. Folks need as much time as possible. There is a risk that some employees will leave at the rumor of a layoff, but focus your attention on the core of employees. Organic Flowers & Gourmet Gifts

If you have finished reducing staff, you need to motivate your remaining staff. Organize a contest to promote teamwork and achievement. Set motivational goals and reward them with a sign of recognition. The purpose is to demonstrate confidence in the future. Focusing on delivering high customer service and quality is critical in a down economic environment. Find a way to incentivize the behavior and acknowledge it very publicly. The rewards don't have to be expensive, just meaningful.

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Finally, acknowledge the stress and distractions. Be willing to talk about employee's concerns. For folks really stressed out, consider offering a day off. Make sure to remind people of the Employee Assistance Plan (EAP), if your company has one. The goal is help people express their concerns, be relieved of them, and get back to work at hand.

Fear, uncertainty, and doubt create distractions. While you may not be able resolve macro distractions, such as a recession or unemployment, you can certainly create a positive atmosphere and provide a listening ear. Don't forget about yourself either!

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Friday, April 17, 2009

Innovation for Survival

A study of past recessions has shown that companies who focused on R&D and innovation came out of the recession stronger than before. While this may sound like daunting, it is easier than you may think.

There are few companies in the global economy in 2009 that haven't seen some diminishing of their business. Further, fewer investments look as attractive as they once did and there is nothing wrong with having a ready pile of cash. Cheap? No. 100% Free. Trade stocks for free on Zecco.com. The Free Trading Community. www.zecco.com

So how does a manager convince a company to spend its hard-earned capital on a program of innovation or increased R&D? Nobody said it would be easy and the answer to more capital will likely be "no!" Lest it seem hopeless, consider the alternatives to increased capital spending. Try RingCentral Fax FREE for 30 days

Innovation doesn't necessarily mean coming up with the new "killer app." It can mean simply considering the environment for the creation, production, distribution, and sales of the company's products and improving them incrementally. Can your company improve how a product is manufactured? Can your company improve how it processes receivables? Have Sales and Marketing considered a YouTube channel? Executives & Professionals: Changing Jobs?

While these potential areas for invention seem very droll and boring, consider how the Post-it note from 3M. Here's the story:

Dr. Spencer Silver, a 3M scientist, discovered the formula... in 1968. But it was Silver's colleague, Art Fry, who came up with a practical use for it. The idea for repositionable notes struck Fry while singing in the church choir. His bookmark kept falling out of his hymnal, causing him to lose his page. So, taking advantage of a 3M's "bootlegging" policy, Fry used a portion of his working hours to develop a solution to his problem. Now the world is singing the praises of his pet project: Post-it® Notes.

The lesson for managers is that recessions free up some valuable thinking time. Allow your employees to explore past projects, reconsider failed experiments, and apply new purposes to existing products. While most of these trials will fail, it only takes one winner to make the difference.

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Monday, March 9, 2009

Time for Training

If there ever was a time to encourage and go to training, during a recession is just that time!

Employers and employees need to stop looking backward, and instead look forward to where they want the business and its employees to be as the economy rebounds. Executives & Professionals: Changing Jobs?

As the executive leadership builds its vision of the business, managers and employees need to identify the necessary skills to meet this vision and then get the training.

This may seem counter intuitive, given that budgets for training have been cut back, or eliminated entirely. What is required to overcome these budget hurdles? Creativity! Many vendor partners are more willing than ever to provide training, free, if they believe it will mean more sales now and in the future. Additionally, many traditional training providers are cutting prices. If your business can get a group of five or more employees, the deals just get better. Try RingCentral Fax FREE for 30 days

Training doesn't always require looking outwards, but rather inwards. Many larger companies have educational materials online, such as CBTs (computer-based training) courses. Additionally, many vendors have online classes and labs for their partners. Further, in large companies, there may be a one or two real experts on a particular topic. As business drops off, encourage those experts to deliver courses in their specialty. This goes for executives also!

Executives and managers, as well as employees such as CPAs, lawyers, MBAs, etc., can train topics such as leadership, accounting, contracts, finance, as well as job-specific courses. Further, during slow times, a review of the fundamentals of the business and occupations help to focus both the business and employees. Save $50 on Trademark text and logo search

Continuing education is essential in good economic times and bad, though particularly in bad times. Training helps employees to better understand their jobs, and to prepare for new ones. Training also helps executives and managers to consider new possibilities. Training doesn't have to be expensive, as in most cases, trained personnel are readily available in the work force. Dont' waste time hoping for a budget, get out there and train!


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Wednesday, February 11, 2009

Helping Employees During a Recession

Here in the early days of 2009, people the world over are feeling the effects of the global recession. The daily news is blaring stories of massive layoffs, cutbacks, and closures. After a while, all of this bad news takes it toll. As a manager, how can you help your employees during this difficult time?

If your business is doing fairly well or has stabilized after downsizing, it is a good time to help focus employees on doing their best to retain existing customers. Good customers who pay on time are golden! Elite Jobs for elite professionals! Let Doostang help accelerate your career. www.doostang.com

During the period of focus, remind your employees of their successes. While it may sound like a pep talk, its more than that. It is a vote of confidence for the individuals who are sustaining the company through hard times.

Remind your employees of often overlooked or under utilized benefits, in particular, educational reimbursement. New thinking and skills lead economies out of recessions. Having your employees ready, from an educational point of view, is good for them and for the company. It can also be a tax benefit for the company. Don't forget retirement and 401(k) plans either!



Difficult times also call for imaginative thinking. When resources are cut the old saying "necessity is the mother of invention" stands out. Encourage employees to imagine both new products and services, as well as new ways to run the business. Maybe, just maybe, there is a transformative idea that will set the business on the path to new success.

As managers, we should see the human side of our employees first. Recognizing the needs of our employees allows us to best execute our corporate mission. Recessionary periods increase the need for positive communication and reassurance. Focusing on the positive can help to inspire employees who are fearful and distressed and motivate them to do their best. Recessions are hard on companies and employees, but managers can do their part to see the business through by nurturing their most valuable assets, their employees.

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