While news about slowdown in economy is always a trigger for caution for companies and employees alike, the attitude towards it, while in it, makes a huge difference in how one emerges out, after the economy picks up.
Manufacturing companies cut production & inventory, service companies reduce outlets or stop service verticals that are hit, many companies defer short term and long-term investments, spends like marketing are also viewed by some companies as luxury spends in these challenging times.
One thing that I have observed is that companies usually protect their employees during these times as much as they can, unless the down turn compels a down-sizing as a direct outcome of shutting plants or reduced production levels. And here again, employees who have stayed in tune with the changing times in their skills, attitude and have shown an ability to perform in challenging situations will always be precious to the company and the market outside the company.
Yes, there may be a lull, may be a reduced activity level in organisations leading to less pressure. This is the time when employees should not slip into complacency. It is the most fertile time for employees to upgrade their skills and knowledge in the spare time they may suddenly find is available. It is the best time for managers to think innovatively as to how to improve current processes and create a cost consciousness of a new order. It is the best time to create tactical ideas that help the company stay close to the goals. It is also a great time to plan new strategies to cope with the change in the business and yet be close to expectations. This is the time when the saying, “Necessity is the mother of invention” really rings true. Every penny counts and employees should make it count.
Employees’ attitude of positivity helps teams and hence the organisations tide over this otherwise uncertain gloom. HR teams can be the energizer that guides their employees through this emotionally challenging period. That’s not easy for HR as there are no easy answers that they may have either on the future months. Focussing on getting the morale up, creating training programs for skill upgrades, celebrating small wins and having a transparent and well thought through response to employees’ queries can make the environment constructive.
It is a great time for managers to look at their Business plans and see how they can make it more efficient. A down-turn calls for a business plan recast. This done proactively with an organisation point of view vs just a function point of view will help both employees and the company to salvage some bottom line. I have seen that managers sometimes resist recasting the spends. But please wake up and smell the reality. If top line is not happening there is no way that middle line can stay the same. Hence, I say it is the best time for creativity and innovation.
Use this time gainfully, get your business to be slim and smart, upgrade your knowledge & skills and stay positive. Why worry about something that is not in your hands and not in most people’s hands. Instead look inward and become your best version. Its time to display your best self!
If you thought finally you can be lazy for a bit, think again. Make this the best turning point for yourself as a professional. On the other side of the turn, you will see that you have grown not only with what the down turn has taught you but also with what you taught yourself!
