Facing Hard Times? Laying Off Workers?

As companies come to grips with an economic slowdown, they should not overreact and unwittingly paint themselves to a corner.

While there are virtues in belt-tightening such as reduction of headcounts, they should not restrict their capacities to respond to challenges.

They should not limit their capabilities to grow their businesses.

While companies cannot predict or prevent an economic downturn, they can build a more resilient organisation to successfully undergo and grow through every evolving challenge and situation.

In the process of battling real and potential problems, they should be mindful not to affect employees’ self-efficacy.

Self-efficacy refers to employees’ beliefs in their abilities to learn or accomplish their jobs at a desired level.

Research shows that self-efficacy has a major influence on employees’ motivations, well-being and achievements.

Therefore, companies should continue to inspire employees to enhance commitment, confidence and courage to plan and fight for a desired future.

Help them develop a passion and ability to learn, improve and achieve better results on an individual and collective bases.

When employees are cautiously optimistic about the business and its desired outcomes, they are in a better position to achieve better results and thrive in an unpredictable future.

By forging a more able, agile and adaptable team, they can strengthen their value-additions to customers and capitalise on bright spots in every storm.

Business is not just about expanding market size but also about enhancing market share.

Therefore, employees can capitalise on competitors’ fear and cautiousness to entrench and grow their stakes in the market.

They can proactively identify business gaps that cannot be fulfilled or be adequately fulfilled by their competitors. They can value-add on these gaps to develop more stable, secure and sustainable business, career and contributions.

Economic downturns can frequently offer some of the best opportunities for companies to motivate employees to redesign their business models and streamline and automate operations to improve productivity and results.

They can make use of lull periods to expand their range of offerings and expand into new markets and businesses, and prepare themselves to rise to a higher level during an upturn.

It bodes well to remember: During an upturn, prepare for a downturn. During a downturn, prepare for an upturn.

http://www.straitstimes.com/business/economy/singapores-economic-growth-to-stay-sluggish-in-2017-amid-weak-trade-outlook-mas

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