Anywhere you look — online, tv, newsstands, grocery stores, work place, etc., America’s money crisis is beyond painted all over but more of etched in our daily lives. It’s so depressing. Our economic climate has severely affected our country’s resources, businesses, and individuals like you and me. So many Americans lost their jobs and I won’t be surprised if there’s another round of axes ready to cut more human capital. This is all too common in an economic downturn.
In today’s news, they’re saying that when credit freezes up, businesses find it tougher to secure financing needed for daily operations including payroll. This means that more companies will have to take a careful look at business operations in the current climate and in some cases, may have to make some very, very tough decisions.
We are in a recession. When we must cut our workforce, companies or employers should keep their top performers, their A-players or their best talent based on performance, proven track record, or results, and their productivity. In addition, ensure that whatever it is that you do that there’s actual business need for your role. If you’re one of those that get paid the bucco bucks, just make sure that you’re worth every penny, you’re getting paid. Without results, outstanding performance, and all that good stuff, in my opinion, you’re overpaid.
During these tough times, it is not unusual to see companies slashing even entire departments, offices, or even regions, if they are not cost effective, or dismantling divisions that are costing more money than they’re bringing in. In many of those cases, all or most employees in the department, offices, regions, etc. will get pink slips, regardless of their length of service or loyalty, performance, or salary. It really isn’t anything personal but simply a business decision to keep the business alive and running. Some companies will try to redeploy some of their workers to other areas within the company to maintain employee confidence and retain the top performers.
Hmmm…. with all that being said —- we may not always be ready for whatever possible “change” may come. However, we can always prepare.