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4 Advantages to Businesses in a Tough Economy

September 27, 2011

By: Omnia Group

What are today’s employers, business owners, managers, and companies doing during this challenging economic time?  Today’s economy is making the workplace a perilous place for many.   Let’s finally take a break from all the doom and gloom messages floating around in the business world and hear some positives!

Recent fresh perspectives we have heard from clients convey that challenges create opportunities!  Clients are as proactive as possible when deciding what they can scale back and what they can enhance without hurting business opportunities.

Here are 4 takeaways we got from clients on making the best of a tough economy:

1. Employers are testing existing staff to uncover natural aptitudes and interests.
This is a win/win situation since it should mean managers gain a clearer, faster understanding of what drives their employees and develop them. For employees, this insight and development likely translate into enhanced job potential and chances to grow and acquire new responsibilities within the company in a shorter span of time.
2. Managers are learning how to do more with fewer people.
Employers can double or even triple their return on employee investments by having each worker fill the correct multiple roles. For example, an outgoing administrative type usually entrenched behind the scenes might double as a telemarketer when office work is slow. With minimal training, this natural networker may be the one who so deftly uncovers new leads for a company or easily convinces indecisive prospects to schedule seminars or presentations.
3. Owners are reassessing general business practices.
Because many are finding that what once worked no longer does, more creative avenues are being explored throughout the industry, greater emphasis is currently being given to the completion of succession plans. Next-generation initiatives are getting launched now instead of later. There’s a renewed sense of determination to let go of old ways and try something innovative – which is, indeed, what must happen as senior executives retire and younger ones take their place.
4. Companies can be prepared today for the industry rebound.
Once the tide turns, there’ll be no stopping it. Having well-rounded, loyal workers in place today is the secret to staying ahead of the competition. While others are simply wringing their hands and shaking their heads, more aggressive company owners are ambitiously setting goals and devising plans.

 

Omnia Group

For over 30 years, we’ve helped organizations across the world improve and optimize their workforce operations and company cultures. While we take a unique, scientific approach to hiring, development and retention, we also believe every business is a people business. Our passionate advisors always put people first.

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