The last major slowdown was a decade ago during the global financial crisis. We learnt several lessons then. All stakeholders of a business, right from the owners, management team, employees, and customers to suppliers, partners, and government are impacted by it. Some businesses fail to deal with the slowdown and die, while some thrive very well and get stronger. The management team, including the HR leader of the organisation, play a huge role in dealing with a downturn.
Spotting the trend and figuring out a way ahead The automobile sector in India is facing a downturn. Consumer demand is not picking up in spite of promotional pricing and many new products coming in. Business leaders are figuring out how they can boost sales, optimise costs, change the technology in use, improve processes, diversify into new products or categories, and explore all possibilities.It is important for leaders to communicate transparently within their organisations so that the people [within] know the reality, contribute in terms of ideas, and do not waste their energy on watercooler conversations. Two-way communication within the organisation helps in spotting trends in the external environment and evolving solutions. HR teams have to facilitate this conversation between the senior executive team and the rest of the organisation.
Evolving solutions and deploying them
Business leaders sit together to discuss potential alternatives. The HR leader must have the stature to sit at the same table and contribute meaningfully. It calls for a good understanding of the external as well as the internal environment.
Denne historien er fra November 2019-utgaven av Indian Management.
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Denne historien er fra November 2019-utgaven av Indian Management.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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Trust is a must
Trust a belief in the abilities, integrity, values, and character of any organisation is one of the most important management principles.
Listen To Your Customers
A good customer experience management strategy will not just help retain existing customers but also attract new ones.
The hand that feeds
Providing free meals to employees is an effective way to increase engagement and boost productivity.
Survival secrets
Thrive at the workplace with these simple adaptations.
Plan backwards
Pioneer in the venture capital and private equity fields and co-founder of four transformational private equity firms, Bryan C Cressey opines that we have been taught backwards in many important ways, people can work an entire career without seeing these roadblocks to their achievements, and if you recognise and bust these five myths, you will become far more successful.
For a sweet deal
Negotiation is a discovery process for both sides; better interactions will lead all parties to what they want.
Humanise. Optimise. Digitise
Engaging employees in critical to the survival of an organisation, since the future of business is (still) people.
Beyond the call of duty
A servant leadership model can serve the purpose best when dealing with a distributed workforce.
Workplace courage
Leaders need to build courage in order to enhance their self-reliance and contribution to the team.
Focused on reality
Are you a sales manager or a true sales leader? The difference, David Mattson, CEO, Sandler® and author, Scaling Sales Success: 16 Key Principles For Sales Leaders, maintains, comes down to whether you can see beyond five classic myths that we often tell ourselves about selling.
