Business is slow but perhaps layoffs are not around the bend. Are you using the time wisely? Focus on your customers and your employees. New professional development programs may not only motivate employees, but it could help your company avoid workforce reductions. For example, The Dannon Company is planning to retool IT staff in sales and research development in order to avoid layoffs while simultaneously steering clear of costs associated with head count increases in areas that will help stir up new business.(1)
In terms of your workers, this is the time to gather them together in order to bring the company’s vision back into focus. They are the ones on the front lines. What solutions and ideas can they bring to the table through brainstorming sessions? The anxiety that comes with slowdowns might have them thinking. You might be pleasantly surprised to learn what is on their minds. Have these discussions incorporated into your company’s plans so that you’re ahead of the game when the economy starts to make its way back.
According to a Gallup Management Journal survey, engaged employees are most likely to inspire innovation. Their research shows that engaged workers feel safer, are more productive and profitable, create stronger customer relationships, and stay longer with their company than workers that are less engaged. The research demonstrates a domino effect as engaged employees are more likely to be motivated by the ideas of their engaged counterparts.
The Gallup study also finds that employee engagement is a major catalyst in the improvement of management and business processes as well as customer service. Gallup’s employee engagement research has consistently shown a connection between employee engagement and customer engagement. One factor that can influence customer engagement is an employee’s willingness to change – or to “learn and grow” – to meet the customers’ changing needs.(2) Managers should keep in mind that for most companies, the untapped latent profit in their existing customer relationships is much greater than the magnitude of our current economic problems.(3)
Cogency Group understands that although change is always difficult for people and organizations, leadership avoidance is never an option when confronted with uncertainty.
(1) Hamblen, Matt, Thomas Hoffman, and Patrick Thibodeau. “IT Industry Recoils as Economic Downturn Worsens.” CIO. November 17, 2008 .
(2) “Gallup Study: Engaged Employees Inspire Company Innovation.” Gallup Management Journal. October 12, 2006.
(3) Yastrow, Steve. “The Downturn Is a Rounding Error.” Tom Peters! June 25, 2008.
