Managing change in the times of recession
Recession has caught the global economy by its throat. So strong is the grip that even the financial whiz kids who were partly instrumental in bringing about this gloom and doom, have been reduced to nobodies. But now the real question is who will lead the charge and fight recession.
Can world rely upon these financial whiz kids? In fact, these CEO and CFOs were fully aware of their actions when they decided to ignore ethics in lieu of business development with myopic visions. They were more interested in short term goals rather than worrying about the effects of their actions on country or for that matter global economies. Now some of these CEOs will be spearheading the bailouts in their respective countries. Will their mentality change? Or they will continue to get stuck with shortsightedness.
If world has to come out of this rut such illustrious persons who have been made top heads to oversee the recovery will have to shed their myopic vision and think about the whole nation or for that matter the whole world. Integration of economies of the world the developed and developing is an absolute must in any strategy which US and European countries may like to implement in the near future. To address the change which the world is witnessing at this point of time, it is essential we redesign our strategies and focus on realignment of our processes and working. Some of the suggested strategies to address the recessionary issues may be
• Review cost of operations: This may sound simple but if taken up holistically, the results can be amazing.
• Focus on your core fundamentals: These can be difficult times. Before harping on any business development exercise, build upon your fundamentals. New development efforts can wait. But don’t let your fundamentals slip away. These can be tough times indeed.
• Communicate: Communication is very important. Keep channels of communication open between yourself and your colleagues. Share information about the markets, business environment and strategies. Seek suggestions from your employees as far as possible. Communicate whatever you are planning to do.
• Be forthright: There will be some situations when you may have to take tough actions. These times can be tough but take your employees in to confidence.
May also like to read: Managing change – an Occupational Health and Safety perspective.
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Thank you so much for your article.
Here’s another great resource for anyone interested in Change Management.
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Economic recession created huge unemployment rates around the world. I think the world economy is already on the road to recovery.
Our country had been so much affected by this Economic Recession. there are lots of job cuts and company shutdowns. We are seeing some signs of economic recovery right now and we hope that it would continue.
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during the height of the economic recession, our online and offline business in the US have suffered some major drop in sales. now our sales are getting slowly back to normal.
Our home business was really affected by the Economic recession, we have to cut jobs just to cover up our losses. fortunately, we have already recovered. ‘