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Are you ready for the upturn in the economy?
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Have you assessed your readiness?
Inevitably, the economic downturn and the turmoil that has ensued as a result, is going to change. It was reported this week that there is evidence of an upturn, which is exactly what we need. It may take many months, if not years, for this positive influence to impact the entire country, but it is good news to hear the shift has begun.
So, what does this mean to industries, companies and the job market? Obviously, it means the odds of increased profitability are stronger, that the natural order of supply chain will be restored and; ultimately, many of the jobs that have been reduced and eliminated will be replaced.
Hopefully, the bumps, bruises and lessons learned from this economic crisis will not have been in vain. We will have weathered this storm and come out the other side a little wiser and stronger looking to the future through a very different lens. There is a continued risk for those companies/leaders who have dwelled so much in a state of victimization continually blaming the economy on all their woes. I wonder if they will be equipped with the fortitude to ride the wave to economic stability.
That may sound a little strange to you, but consider how much we are inundated with negative communication regarding this issue. If companies/leaders haven’t chosen to turn a deaf ear to those pressures, the fear of their demise could become a self-fulfilling prophecy. Those companies who responded to financial pressure by laying off talented people and never chose to take a deep dive into their business structure, supply chain management, customer base, supplier strength, etc. are now anorexic regarding horsepower and will not be poised at the gate to succeed.
I applaud those companies who have used this event to revisit how they do business and made systemic changes that will equip them to move forward. There is no crystal ball providing us with what lies ahead. It is evident, as the economy turns around, we are facing a business world with new challenges and circumstances we have not faced previously. We would be foolish to approach this upturn in the same manner we did in the past.
There is opportunity in adversity and this is a moment in time to review what has worked, what you would do differently and what emerging trends will determine your next move.
Strong people processes are at the heart of every successful organization. Understanding what skills and expertise are required, as well as experience level, are what set the agile companies apart from those who stumble on a daily basis. Never has talent management been more crucial than today. Most companies have been doing more with less and have abandoned strong processes due to lack of financial support and talent resources to manage them. In addition, what is required to be competitive in tomorrow’s business landscape may look very different than those in the past. At least for today and in preparation for tomorrow, updating your strategy and long range planning is a given. Re-establishing processes to allow you to understand what types of skills and expertise are needed to execute your long-range plan are critical. Assessing the strength of your resources today and understanding what talents you need, where to find them and how to land them will begin to build the foundation for tomorrow.
As we celebrate what appears to be the end of an economic downturn, start assessing your readiness and agility to position yourself as a competitor in the next wave of success.
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