Kelly Executive urges company leaders to focus on thriving rather than surviving
11 October 2011
Advice for staying ahead of the game in an unstable economic climate
With current global economic volatility spreading uncertainty to all markets including Australia, specialist recruitment consultancy Kelly Executive is urging company leaders to focus on the positive rather than reverting to “survival” mode.
According to employment experts Kelly Executive, in these testing economic times, those managers that demonstrate confidence in their team and their own abilities and experience will ultimately have a greater chance of succeeding compared to those who let financial concerns dominate actions.
Sally Charles, General Manager, Kelly Executive said, “In the current economic climate the first action of many leaders is to ‘bunker down’. This approach seldom generates exciting and positive results. Managers can find it challenging to discard ‘survival mode’ in favour of creative market growth action plans.
“Smart employers that remain focused on growing their business will have an opportunity to take business away from those that have chosen a defensive approach.
“Outside the box thinking and high creativity are key factors for generating success in times of uncertainty, and it’s important to remember resources often already exist within the business particularly in the form of people,” Charles said.
Kelly Executive offers the following advice for staying ahead of the game in an unstable economic climate:
- Retain key people - Focus on ensuring you retain key clients and employees. This sends a clear message of stability and maintains a strong base from which you can drive a growth strategy. It also makes sense to focus on growing existing clients first before going to market looking for new clients.
- Generate higher profit margins - It’s difficult to achieve higher margins by raising prices during down economies. Often, increasing cost controls and eliminating unnecessary expenses is key. Be wary of slashing headcount during these times as this will lead to a rapid loss of corporate knowledge and customer relationships.
- Create new income streams - Look to employees for new ideas, instead of relying on your usual methods of idea generation, and tap into the internal skills pool to see of you can use existing employees to extend the business’ reach. Innovative thinking can generate new income stream ideas. Think about complementary products and services, new ways to sell and promote current products, and/or creative pricing that opens new income possibilities.
- Increase and improve performance - Continue to motivate employees, provide feedback, and most importantly lead by example. The right employees will be willing to ‘step-up’ and take on a little extra to help the business through tough times.
“Ultimately, Kelly Executive advises managers to resist the temptation to head into the bunker. Instead leverage internal resources to achieve market growth and stay ahead of the game,” said Charles.
About Kelly Executive
Kelly Executive is part of Kelly Services Inc. and focuses on recruiting executive and management professionals in either a full-time, contract or part-time capacity across all industries. Kelly Services, Inc. (NASDAQ: KELYA, KELYB) is a leader in providing workforce solutions. Serving clients around the globe, Kelly provides employment to more than 530,000 employees annually. Revenue in 2010 was $5 billion.
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