Strategic Considerations for the Economic “Upturn”

  Strategic Considerations for the Economic “Upturn”

Since the onset of the 2007-2009 recession, employers have had to make a myriad of difficult decisions in order to keep their doors opened for business.  With the effects of the longest economic “slump” since the Great Depression looming, and in the shadow of layoffs, pay freezes and benefit cuts, it’s no wonder that a recent study found that almost two out of three employees are seeking new jobs (Deloitte Talent Edge 2020).  This is discouraging news for businesses that will depend on their top performing employees as the economy continues to recover.  On an optimistic and strategic note, this news presents an opportunity for savvy leaders to capitalize on!

The mass exodus of dissatisfied employees entering the labor market can be considered a real opportunity as businesses perform their annual SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis.  The seemingly “collective negative morale” of the workforce can be a motive for businesses to re-assess their organization.  Now is the time to make adjustments that would enable the business to become the “employer of choice” that those unhappy talented job-seekers run to during the economic recovery!

 How to Attract and Retain Employees!

Low employee satisfaction rates are not just an inevitable side effect of the decisions businesses have made to stay in business.  A study by Kelton Research and Cornerstone OnDemand (2010) gives sobering insight into how you can abstain from losing your employees to your competition.  Consider the following highlights:

• Besides compensation and benefits, 56% of employees and 62% of women indicated that “being appreciated” would motivate them to stay in their current position.
• Employees indicated that their colleagues appreciate them more than their supervisors or executives.
• 68% of employees claim that they haven’t received useful feedback from their supervisors.
• 82% of employed Americans haven’t worked with supervisors to establish career goals.
• When employees were asked what they would like as a token of appreciation for staying at their company, the top responses were proper training for new duties and responsibilities, promotions or new titles, verbal appreciation by supervisors, and specific feedback on work performance.

People with allergic reaction are at india viagra for sale more risk of side-effect. The answer is that this kind of you could try here cheapest cialis that treats sexual disorders in men. You need to consume this herbal supplement daily two times cialis properien (once after food at night and once in the morning after waking up and the last before sleeping. The point is we do not have to face to a physician that can produce Continued viagra prescriptions online in you an environment of shame as the disease is a sexual one.
In sum, strategies to attract and retain employees must include sharpening the skills of the company leaders and developing a positive corporate culture.  Companies that attract and retain the best talent will be in a better position to gain the most market share during the economic “upturn”.   

“History” Lessons for Businesses:

An economic slump is the perfect time to take the “pulse” of your corporate culture and make adjustments as needed.  Historically, the businesses that took advantage of conditions presented by economic downturns are the ones that came out stronger during the recovery.  The Management Review reinforced this point by announcing in 1993 that “Fortune follows the brave”.  A study they cited  found that firms that raised their marketing budgets during the recession were twice as likely to pick up market share. As per the Harvard Business Review, “rather than wait for business to return to normal, top executives should cash in on the opportunity that the rival companies are creating for them.  The company courageous enough to stay in the fight when everyone else is playing safe can bring about a dramatic change in market position”.  Just as businesses such as Microsoft have capitalized on economic downturns by using it as a time to “brand” their organization with increased advertising, so too should companies consider strategic plans to brand their organizations as an “employer of choice”.  By doing so, I contend that they will be poised to gain a greater share of the labor market during the economic recovery.

Making the Strategic Decision to Be the “Employer Of Choice” :

As other businesses struggle to stay afloat, it’s a great time to develop your pipeline of talent and sharpen the supervisory skills of your leaders.  Optimize employee engagement and develop a corporate culture that discourages “blaming” and encourages learning from mistakes.  With employee feedback, you can increase the efficiency of processes, increase innovation and add value to your products and services.    During the “upturn”, you will be able to devote more time to your core business instead of wasting resources on turnover, recruitment and litigation.  Thanks to a loyal workforce, you will have the competitive advantage and gain market share!  Using this time to implement strategies that will prepare you for the economic “upturn” can make you that “employer of choice” that the top performers from other organizations will flock to! 

 Copyright Denise Scotti-Smith 2011 All Rights Reserved