Tough time tips
For businesses and the people who make them successful, these are trying times. At home, it’s often easy to find ways to cut costs. It usually involves only a little self-sacrifice. But at work, cutting costs is not so easy, because people — a company’s greatest resource — often represent its greatest expense. Unfortunately, not every job can be saved. However, with cooperation, employers and employees can work together to help the company survive and thrive when the economy recovers.
For employers
Communicate: Talk with and listen to employees about the situation. Share your plan and reassure everyone that the actions being taken are vital to maintaining and growing profits so jobs will be secure and products and services can continue to be delivered and developed.
Pay for performance: Quite simply, in a down economy, paying for performance is a must. High-performing employees who achieve their company goals are critical to the success of the organization. Rewarding those who achieve their goals is the most effective way to keep morale high and increase productivity.
Develop talent: The scariest thing about economic downturns is the uncertainty. Employees fear for their future. By implementing talent planning and career development initiatives, you’ll reinforce that your employees’ futures are important.
Be flexible: Business is about productivity and efficiency. Employees are paid based on what they do, not what they need. Often, and this is particularly true in a down economy when the price of living goes up, all of an employee’s needs cannot be met by his or her job, and employers need to understand this. For instance, if your employee’s spouse takes a job to increase household income, you need to be flexible with scheduling. You also need to look for creative solutions to decrease an employee’s cost, such as telecommuting, flexible scheduling or allowing the employee to move to a closer office to decrease commuting costs.
For employees
Communicate with your supervisor: Employers are looking for people who can add value by taking on more responsibilities. If you see an opportunity, make a proposal to your supervisor. It could result in additional compensation.
Be proactive: Employees need to show interest in their own career development. It demonstrates that they are engaged with their jobs.
Demonstrate your value: High performers, those who have demonstrated value to their employers in challenging economic times, make themselves too valuable to lose.
Be supportive: See if there are ways you can cut costs and improve operational efficiencies. Take ownership of your position and treat it like it is your business. If you create success in your individual role you will create success for the company as well.
For everyone
Finally, here’s a piece of advice for all of you: It is important to remember that even in the most difficult times there are reasons to celebrate. So celebrate both the little wins and the big. In fact, it is when we feel like celebrating least that we most need to find a reason to celebrate, to “stop and smell the roses,” because recognizing today’s success could lead to tomorrow’s turnaround.
“Perspectives” welcomes all viewpoints on the Maine economy. Submissions should be between 550 and 600 words and should be emailed to editorial@mainebiz.biz. Please include your name, title, company and where your company is based.
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