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In stark economic times, knee-jerk reactions to cost-cutting woes often involve staff reduction or lay-offs. Greg Price believes people-related decisions require extra planning and careful thought, in order to keep your company properly positioned for the next economic upturn.
Greg: This is Greg Price with PKF Texas' Entrepreneur's Playbook.
People are critical to operational excellence. Turbulent economics often evoke knee-jerk cost cutting at the expense of future flexibility. Eliminating jobs is easier than reinventing processes, and the cost savings are more quickly realized. But when companies look to their core missions, it is their unique combination of people, process, technology, and work environment that makes up the business, with process and work environment highly reliant on corporate learning and corporate culture for success. And that means people need to remain positive and feel like they are relevant to the execution of strategy.
Empower people with better processes. Keeping people at the center does not mean that all painful human resource decisions can be eliminated; rather, it means thinking through the implications. "People" decisions are often clouded by ineffective systems that have grown rampantly and organically in times of affluence and that force talented individuals to act as coordinators. In stark economic times, individual talents need to be unleashed to help navigate change and prepare for the next economic upturn.
To read and comment on the PKF Texas' Entrepreneur's Playbook, visit my blog, fromgregshead.com. PKF Texas – The Fit That's Right!
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