Will your post recession business recovery comes with problems. If so, have you ever wondered….
- Why there seems to be so much drama and backstabbing in the workplace?
- How to determine if you are hiring a “right fit” employee who won’t upset a well-oiled team?
- Where social media fits in your organization…if at all?
- Why in the world meetings never produce results?
- How to curb Chicken Little’s “the sky is falling” effect when unexpected change happens in the workplace?
Well, you’re not alone. These are the questions organizations and executive teams should be asking as they emerge from one of the most painful recessions to date.
The Harvard Business Review conducted a study involving three recessions spanning the last 30 years. It revealed that three years after each recession ended, approximately 80% of companies had not regained their pre-recession growth rates. Another 17% of companies didn’t survive. They went out of business or were acquired. So where does that leave the few shining stars that actually prospered during a recession? They left the competition in the dust.
And here’s why….
Businesses that survived prior recession had strategies in place. – not just one, but several. Since there is no “one shoe fits all,” these flexible companies were quite adept at rallying the troops. They recuperated from the unexpected, and embraced change. In today’s fast-moving business world, every organization needs executable solutions for strong post recession recovery and success. We’ll look at some of the issues facing businesses today that hinder growth and profitability.
- Engagement of Employees – after a recession and much downsizing, employees are suspect of management, burned-out, and actually hostile toward leaders and other team members. Add the trickle-down effect…and customer relationships get hurt. Now you know that can’t be good for business.
- Developing top performing teams quickly and efficiently – Now is the time to regroup, revamp, and prioritize teams after the chaos of recession. According to Tuckman’s 5 stage Team Development model, organizations can drastically reduce the amount of time it takes to develop top performing teams by reducing conflict and embracing team cohesion.
- Hiring for “right fit” not “quick fix” – Employee turnover, and more importantly executive turnover, significantly impacts a company’s ability to excel. Losing good people can cost a company from 1.5 times the employee’s salary up to $7,000 a day! Organizations and human resource departments must better execute the evaluation of job positions and employee “match” to gain better fit and performance potential.
- Business Infidelity – Customers, employees, partners, and vendors can be fickle when it comes to loyalty if there is a lack of connection or commitment within the organization. When a stakeholder reaches this level of disconnect, a business is vulnerable to losing these stakeholders to competitors who provide a better match to their needs.
- Social media explosion – How do you stop employees from facebooking or twittering part of their day away? Worse yet…what if they release confidential company information too soon or inadvertently damage the company’s reputation? Should leaders embrace and harness the power of social media to grow their organization or simply consider it a passing fad?
- Every employee is a salesman – if organizations aren’t empowering their employees to be active participants in the sales process, they are losing business daily. Teach employees the art of handling consumer objections and organizations can literally double or triple profits.
- Life happens – now what!? – The best designed projects, projected timelines, and goals can be left suspended or upended when leaders and employees experience personal change from outside the company. Everyone experiences changes in their personal lives such as death, divorce, illness, natural disasters, etc. Unexpected changes are part of life, but if organizations don’t have strategies in place to meet the twists and turns of fate, chaos ensues.
- Not another time-wasting meeting! – “No one ever participates at meetings.” This is one of the most common complaints heard across organizations. Meetings have deteriorated to the point of being unfocused and unproductive and until organizations learn how to harness the talent, skills, and experience of employees, meetings will continue to be a profit soaker.
Want are solutions to building a thriving post-recession business?
For clear insight into achieving growth and profitability in the workplace — straight from 10 top experts in their industry— go to: Engagement, Retention & Growth to review best practices.
One solution will not address your unique initiatives, but a combination might make more sense to your complex systems. For this reason, TIGERS Success Series presents viable solutions from diverse perspectives in change management, marketing, training, team development, executive recruitment, employee retention, and sales. Each solution is offered in a 30-minute comprehensive recording from experts in their industry. We provide the best strategies to advance growth… stay ahead of the competition … adapt quickly to change … and improve your company’s bottom line. And, you are encouraged to share these recordings with your employees.
Copyright TIGERS Success Series by Dianne Crampton
Dianne Crampton helps committed leaders build teams of cooperative and engaged employees who commit to the success of the organization. She is the founder of TIGERS Success Series. At TIGERS we offer Team Development Certifications, Consulting and Organizational Development Services
Tracking and measuring your workforce development initiatives is now easier than ever. Couple this with TIGERS 6 Principles micro-training for all your employees. Measurement and training to your assessment results while deploying work culture improvement strategies is the best way to re-engage employees and grow your post recession business. Schedule a conversation to learn more.