Companies that treat their people
well, even during difficult times, will be the Long -
Term winners. - Guest Article.
WEATHER THIS STORM, PREPARE FOR THE NEXT
We
are faced with what is being described as an ecoŽnomic
downturn, although some see it more as a free fall with
no idea how close to the ground the parachute will open.
One thing history tells us is that the parachute will
open. Rest assured, this economic cycle, as all in the
past have, will come to an end. The survivors will pick
up, then innovate their way up the value chain and
economic staŽbility will again emerge.
We have seen this cycle many times. The Great Depression
of 1929, Black Monday, Oct. 19, 1987, the Asian
financial crisis of 1997, as well as the period
post-Sept. 11, 2001. Each time the world's economy has
fallen followed by a steady rise as industries
consolidated along with new industries born. Learning
leaders are going to face some difficult times ahead
with pressure to cut back on learning investments and
potential for freezes on spendŽing including travel.
This means we will have to innovate like never before,
maximizing technology and other means of delivŽering
learning while helping to salvage the bottom line.
Throughout this period of economic uncertainly, there
will be many distractions, Be warned, there is another
storm waiting, brewing, growing, right as the economic
storm passes. This storm has been brewing for years and
has the potential to derail busiŽnesses around the
world.
Some are calling it the "perfect storm," the convergence
of mulŽtiple storms that when they collide, cause
massive amounts of deŽstruction and damage. Retirements
of the baby boomers in developed countries, aging
populations worldwide because of deŽclining birth rates,
longer average life spans, a widening skills gap and
insufficient numbers of people entering the workforce
are all factors that, when combined, are leading to this
"perfect storm." This storm will threaten every type of
industry and employee group. We are receiving many such
storm warnings from all over the world The question is,
will global leaders heed these warnŽings, or will they
ignore them the same ways we've seen before?
Our current economic crisis may slow the impact of the
"perfect storm" but will not stop it. We will be faced
with a skill gap never seen before, a leadership gap due
to retirements and an entry skilled worker gap all of
which will occur simultaneously.
Here are a few thoughts to consider as we mitigate the
damages from the current storm while continuing to
prepare for the even larger "perfect storm."
■ Eliminate the word "outsourcing" from your vocabulary.
InŽstead, call it "global sourcing." Companies will find
stability in having work done where skilled labor is
available. It is not about taking jobs from one to give
to another, it is about utilizing knowlŽedge workers
from around the world.
■ Even though hiring is slowed and there may be layoffs,
comŽpanies need to continue to "do the right thing" to
emerge or reŽmain an employer of choice.
■ Companies wishing to attract and retain talent should
as-sess how they currently treat their employees.
Companies that treat their people well, even during
difficult times, will be the long term winners.
Companies that treat their people poorly during tough
economic times will lose their best people to the
winners as soon as the parachute opens.
Training Industry Quarterly, Fall 2008 / A Training
Industry, Inc. ezine /
www.trainingindustry.com/TIQ
