As economic conditions continue to threaten business survival, organisations are constantly pressured to find the most creative and cost-effective balance in order to remain competitive and profitable.
As most of us are aware, the business of business is to maximise returns on investments. In so doing, organisations must consider factors impacting both their internal and external environments, and try to address those factors in order to improve their chances of survival. Leading businesses continue to focus on mastering the art of leveraging their internal Strengths and minimising operational Weaknesses, while simultaneously trying to capitalise on external Opportunities (however minimal). They also need to devise strategies to circumvent the impact of external Threats. However, turbulent times call for more than just ‘SWOTting’!
In recent years we have felt and continue to feel the impacts of the tough economic times. Businesses worldwide have been forced to respond in various ways and develop unique coping mechanisms to stay afloat. In our local context, it is no different. The reality of the situation stares us in the face daily. The news of layoffs, redundancies and wage cuts have become the order of the day and CEOs are increasingly seen as the ‘Grim Reaper.’
The question is: What are the options available when a contracting economy isn’t showing signs of recovery? The answer to this will vary depending on who the respondent is. Business executives will do what they MUST! Very often they will first look internally to find cost savings through streamlining and reducing unnecessary overheads. What can we do without while still maintaining or improving our current performance output? Ultimately, this would be the predominant question on CEOs’ minds in these critical times.
History has shown that downsizing, rightsizing, corporate re-structuring, or however you wish to phrase it, has long been and continues to be Option 1. This is evidenced by the measures adopted by our local telecoms, banking and hotel sectors, and more recently St. Lucia’s lone oil refinery, which slashed sixty-plus jobs.
While this may sound harsh and scary, one must note that in challenging economic times, an organisation’s aim is to hold on only to its most competent core of employees to continue ensuring that the talent and creativity of its workforce is unmatched. In this era of ‘do more with less’, the onus is on each and every one of us individually to make sure that we are strategically positioned to enhance our chances of securing our jobs.
Let your performance speak for you, and always take the initiative and learn as much as possible. Take responsibility for and invest in your personal growth and development. Creating a Personal Development Plan is an effective way to set timed goals and monitor your progress. This is just one safeguard against you ending up on the chopping block. And in the unfortunate event that the ‘Grim Reaper’ gets you, you would at least have enhanced your capacity and overall employability, thus making you better able to gain new employment or even create employment for yourself!
Protect your livelihood through self development. Avoid becoming a casualty of the economic times. Enhancing your employability is critical; it is your surest security!
