What Now? Play or Fold?

Oil prices are up and down, housing numbers are down, unemployment is up… When consumer cutbacks are causing an even closer look at the P & L, when tearing your hair out hasn’t been effective, what can Management do?  Gear up for the long haul! Take Stock – Are you fully staffed?  Are all members of your team properly trained?  Does the team have the tools they need to function efficiently and effectively?   Are there specific objectives with explicit plans for achieving those objectives?   In an effort to cut costs many businesses utilize staff reductions, while the growth of other businesses is hindered by excessive employee turnover. In an attempt to fill these voids, managers often assign responsibilities of the vacated position to remaining employees with existing responsibilities that now are compounded exponentially. Employees that find themselves managing multiple positions are unable to operate in an efficient manner. The New York Times quoted David E. Meyer, a cognitive scientist and director of the Brain, Cognition and Action Laboratory at the University of Michigan as saying “Multitasking is going to slow you down, increasing the chances of mistakes. Disruptions and interruptions are a bad deal from the standpoint of our ability to process information.” Managers presented with reduced people power may want to consider interim employees that are Interns, Apprentices, or even Part-Time staff that can be utilized at peak productivity times.  Local colleges, universities and trade schools tend to be a largely untapped resource for knowledgeable individuals already familiar with your industry from an academic standpoint.   When it comes to expenses versus revenue, there’s a common misconception that by significantly reducing or eliminating employee training and/or redirecting focus away from employee motivation programs a prudent budget cut will be achieved. Rather, a trained and motivated employee will work more efficiently and productively than an employee simply earning a paycheck.  Employee turnover, whether it is due to disenchanted employees or elimination of a position, is one of the largest unbudgeted expenses a business can incur. Businesses that are interested in long-term viability recognize that ongoing training and motivation of employees in all positions will ultimately save them money. Manpower to cover the responsibilities of the vacated position, the search for a replacement employee, and the time and manpower utilized to train a new employee far outweigh the expense of ongoing employee training and motivational endeavors.   To determine the cost your company incurs as the result of turnover, The Center for Community and Economic Development, University of Wisconsin Extension offers, at no charge to the user, an Online Employee Turnover Calculator (http://www.uwex.edu/ces/cced/economies/turn.cfm). Clear and precise corporate economic goals enable managers to plan and implement employee programs designed to attain these goals in the most dynamic and cost effective manner. In businesses where employees are actively linked into the development of these achievement plans, a much higher performing organization is achieved.  Brainstorming, utilized at all employee levels, can be an extremely useful and prolific tool.   Implementation of informal dialogue, with clearly defined goals, should be encouraged. Creative thinking is available to each of us, and under positive conditions such as ‘no idea is a bad idea’, new strategies and techniques can emerge from the source of every company’s strength – the employee. Formulate Your Plan - Make use of what is readily available to you.  Meet with your corporate executives and departmental leaders.  Provide each manager the ability to understand the current economic status of your company, and work with this group to develop the future goals and the plans necessary to attain them.  Your employees are your most valuable tools, but they are only able to function at peak productivity if they are finely tuned. As you develop your plans to attain your growth goals, initiate informal group and private discussions with employees. Ask for an exchange of ideas. Incorporate brainstorming sessions into staff meetings.  Jenni Idea Management, online at www.jpb.com, offers excellent tips and a Step by Step Guide to Brainstorming.  Give your employees an opportunity to work with you to protect and enhance the investment that you each have in your business. If your business does not have ongoing training and motivational programs in place, initiate them.  There are many books, seminars, and planned programs offered.  Although readily available, often times these offer generalized plans with little or no opportunity for ongoing development strategies.  Your program needs to be one that is tailor made for your company.  When utilizing an outside source for any or all segments of your training and motivation programs, first determine if customization is possible. As already mentioned, this is crucial for a successful objective. Other things to consider when contemplating an outside source include whether or not a long term and on-going program will be developed.  Can the long-term program be altered as the company grows and changes? Will the program allow employee interaction and personal development? Make It Happen! – The suggestions and ideas outlined in this article are only the tip of the proverbial iceberg.  Don’t let “What ifs…” and “If onlys…” hold you and your company back.  Be proactive in your assessment and plans for your company.  Strive to not only sustain your position in your industry, but also create and move into higher industry levels of success.     Tips, tools, and techniques abound.  Only you can determine what is best for your company.  2009-08-07T13:23:00Z