If you are a student of business, the past eighteen months have been an incredible learning experience. You witnessed some unprecedented reactions from the business community regionally, nationally and globally. Many have stated that business, as we knew it, will never be the same. In some instances, thank goodness.
Our economy was historically based upon the fundamentals of supply and demand. This premise seems to have morphed into an economy based upon greed, corruption and fear. This may have always have been the case, but I naively believed my economics instructors in college. They made a lot of sense back in 1979.
Unfortunately, way too many people lost their jobs during this recession, and have been coldly characterized as “casualties’ of the poor economy. Yet, behind every one of these individuals is a dream, a family, co-workers, friends and a livelihood. Wall Street often celebrates downsizings of public companies with improved stock prices, yielding to the news that these “cost cutting” reductions will improve the bottom line of the company. Such short-sided recognition reinforces that long term success strategies can be easily pushed aside. Add a huge dose of fear-based decisions by weak managers and you have what we have today – incredibly high unemployment levels and companies paralyzed, waiting and hoping that soon someone will buy their services and products.
There is a tremendous amount of hard working, top talent on the sidelines today. They are waiting and hoping to get back to productive and challenging jobs. Many of their searches have hit dead ends. Their frustration is evident in their faces. I know, as I have spoken at over fifty job search group meetings in the past year, held at local churches, libraries or community halls. It is gut-wrenching to see the reality of the “new economy”.
Organizations around our region have an opportunity to make a dent in local unemployment. It’s a matter of being creative, taking a few risks and making sacrifice. In the long run we all benefit. More importantly you can make a difference in someone’s life today by helping someone get back to work.
Buy local! – You may have heard this slogan over and over again, because it works. I challenge every CEO in Northeast Ohio to commit to using only local vendors whenever possible. From Executive Search, to Printing to Architectural Design, our region boasts great companies that can do the job. When you use an out-of-region firm (when a local firm can do the project), you kill local jobs – plain and simple. Consider taking a few minutes right now and send out an email to your management team requesting a list of all your company’s vendors and their locations. Let your Managers know that their job is on the line if they do not make every attempt to work with a local vendor and justify if they go outside the region. Buying local is one of the best ways you and your organization can positively affect jobs and our local economy.
The CEO $10.00/hour pay cut – That’s about all it would take to employ a full time intern at your organization. Better yet, hire two part time interns (20 hours per week) and show them how great it is to work in Northeast Ohio. Imagine if just half the CEO’s in our region took the $10.00/hour challenge – the impact on the media-hyped brain drain would be dramatic!
Get Creative – This is exactly the time to think out-of-the-box about your business, its products and/or services. Historically, great new business opportunities emerge out of poor economic times. Perhaps the next great idea should come out of your company. And, that great idea could spawn new employment – now that is a great idea!
Take a Risk – There is a plethora of talent, on the sidelines, biting at the chomps to get back to work. This is another amazing opportunity to acquire talent that in better economic times was out of reach. Great talent is exactly what you need and should desire on your team – at all organizational levels.
Ask! – One of the great lessons that hopefully every company leader should have learned over the past few years is to include employees in decisions. In retrospect, many theorize that if employees were asked back in early 2008 how to address the impending economic downturn, creative solutions may have surfaced saving countless jobs and perhaps softening the effects of the recession. Now is a great time to get your troops together. Ask them how they would approach job retention and creation in your company going forward. They will appreciate the inclusion and you will appreciate their thoughtful and constructive responsive from your most important stakeholders.
Take action – If you are not a fan of the local, state and/or federal tax structure and/or bureaucracy, let your voice be heard relentlessly – to your elected officials. Complaining to each other just does not work and will not change a darn thing. Lower expenses related to decreased taxes and bureaucracy ease the cost burden to businesses and can fuel job expansion.
It has been disheartening to see fear-based decisions be the rule of the day. Ironically, too may of these ill-fated organizational decisions were intended to avoid the symptoms (like excessive unemployment) we have experienced during this recession. Evidently, we have not yet learned how to manage effectively and lead courageously in challenging times.
Now is the time to reverse the trend. Consider seeking ways to retain and create new jobs. Our region depends on it and in reality all our jobs are on the line in less we change our ways.
Posted by Pat Perry 