Management in Economic Downturns

By Perks |

The first and most important advice for managers during difficult times, is hiring the right people,“getting the right people on the bus and the wrong people off.”  Since it could be really easy to say, but often it not very easy to tell who is “right” for your business, here are some tips that could help you:

-Hire for diversity. People coming from different backgrounds, cultures and with bilingual skills will enhance your business’ chances to grow and be more competitive in today’s global economy. Don’t clone yourself, managers tend to hire people like themselves.

-Check for the highest level of Emotional Intelligence, without forgetting about the other multiple levels of intelligences that best fit the job.

-Hire people who are most passionate about the industry, company or job.

But remember, even though you hire the “right” people, never stop training them, and increasing their knowledge and motivation towards your business.

Secondly, remember always to create, articulate, and communicate the vision and mission with your employees. Remind them why you exist as a business, and what you want to be. A great tip to make this more memorable and fun for your employees is telling them stories that motivates them. Avoid talking about your mission in terms of numbers, like “we need to make budget or a profit,” as this is usually not meaningful to them.

And thirdly, don’t forget about the importance of keeping your team positive. This positive thinking is especially important in today’s Economic Crisis. I recommend you to set the focus of your employees on things that are working, what your team can do, what the accomplishments are versus focusing on the negative which seems to be so prevalent in difficult times. By creating short-term wins you can show more success and make your employees feel like winners.


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