Handling The Dreaded Task Of Layoff

Handling The Dreaded Task Of Layoff

Technology improvements, financial downturns, and business model shifts – these are all common challenges that may prompt you to consider laying off employees.No one wants to go through layoffs. But, it happens, and in a lot of cases, it is necessary for the survival of a business.

Here are 5 tips to consider when laying off an employee.

1. Let Employees Know Where They Stand

An employee should not be surprised that he or she is being fired. Rather than simply commanding folks to pack their things and leave, respectful employers explain the reasons behind the layoffs. Whether the employee is not performing up to the standard or does not fit within their team, you need to be clear about the problems.

Provide precise details about issues such as customer complaints, improper behavior during meetings, missed deadlines or failure to meet sales targets. Meet the employee and give them examples of problems regarding performance or behavior.

2. Go One-On-One

Notify the employees of the decision in private before the word is out. They should be told respectfully, behind closed doors. Allow them to take the news and figure out what they are going to do with it before they have to face their co-workers.

3. Allow For Goodbyes

Standard layoff policy seems to require terminated workers to leave the building immediately, but that is often not necessary. In most cases, it is recommended that folks be permitted a chance to say goodbye to coworkers. And there is absolutely no need, under normal circumstances, to have someone escorted to the door by a security guard or supervisor.

Keep in mind that terminated workers are recent employees, not ordinary citizens. When possible, it is even better to let workers transfer their responsibilities in an orderly way, perhaps training others who will take over their former jobs.

4. Ease The Transition

Ease workers’ transition to other employment. For example provide resources to help laid-off workers find jobs, register for unemployment benefits or return to school.

By providing outplacement services, you are helping folks in your community and generating goodwill with the people being let go and those remaining. 

5. Remember The Remaining Workers

With fewer employees, it is more crucial than ever to maintain productivity and keep your company running. That is why you cannot neglect the workers who are left behind–often with high levels of concern about their job security and new tasks they may be asked to undertake.

Mention clearly about job duties and expectations, especially if workers will be asked to take on tasks earlier handled by others. Furthermore, talk about each employee’s performance and what led to decisions about who to keep and who to let go. These discussions help people understand what they can do to keep their jobs. And if there is a chance there will be future layoffs, it is fair to let employees know you will continually evaluate the situation. 

Recession Can Be A Boon

Recession Can Be A Boon

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Entrepreneurs are mostly afraid to spend money or invest in their business during economic downtime or recession. It should be understood that even recession can be an ideal time to invest in your business and expand it.

Such a time can offer ample opportunities for innovative and creative businessmen. Most people choose to be inactive in such dire times and hope that things get better. But a successful businessman will prepare his business for growth when the economy turns around. 

Given below are some ways by which you can remain active during a recession

Study Your Finances 

Carefully study your financial statements and balance sheet. Try to see if your business is on survival mode and if you have any additional capital that can be used for expansion or other operational activities.                                Study your credit statements and agreements and see if there is room for negotiation and repayment flexibility. Check your credit terms with your suppliers and see that everything is effective.

Improve Operational Efficiency 

This is one of the best times to improve the overall operational efficiency of the company. Start by eliminating unnecessary processes and expenses. Be sure that your processes are effective and deliver the expected results. Avoid overproduction and using under-trained employees. Ensure that your product quality is not compromised.        Almost all businesses will be affected by a recession. This offers great opportunities for you to acquire products and supplies at a lower price from sellers. You can also invest in equipment and technology that will help is optimizing your production. 

Invest in external business consultancies and experts who will help you in spotting and identifying areas in which you can be more efficient. Such professionals can also help in identifying the strengths and weaknesses of your company and how you can enhance and overcome them respectively. 

Expand To New Markets

During an economic downturn, competition diminishes. It becomes an ideal time for exploring new markets. Assess your market and explore your options. You can consider a potential partnership with other companies to enter into new markets. 

Another way to expand your market is to launch a new product or improving existing products. Keep up with your customers’ needs and provide them with the needed products and services. Make sure that you do better than your competition. 

Encourage Teamwork 

Include your employees during discussions and encourage your team to generate new ideas that will help boost your company. Employees might provide a different outlook or insight into the market changes and needs. 

Always keep a positive outlook even during tough times. It is difficult to invest during unsure times but with proper research, your investment will prove to be fruitful down the line.

Innovation Is Key

Innovation Is Key

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Innovation is simply doing or making something different to meet a perceived need or gap in the marketplace. Ideas are what stimulates innovation, and creativity and conceptualism make those ideas unique. Innovation is not merely doing something different for difference’s sake. Usually, innovation involves creative thinking that escapes from a common viewpoint. It can be difficult when you are customary to something, that you cannot see it in another way. 

To help you gather associates and brainstorm here are five tips.

Have A Vision For Change

You cannot demand your team to be innovative if they do not know the direction in which they are heading. Innovation needs a goal. It is up to the leader to set the path for this goal. You need a single statement which determines the direction for the business and which people will readily understand and remember. 

Explain to people how their role is essential in fulfilling the vision and meeting the challenges. It motivates people to become passionate about finding innovative routes to success.

Fight The Fear Of Change

Innovative leaders constantly preach the need for change. They replace the comfort of satisfaction with the hunger of ambition. They must paint a picture that presents an appealing future that is worth taking risks to accomplish. The prospect involves risks and opportunities. The only way we can get there is by embracing change.

Brake The Ice With Bad Ideas

At times people feel pressured by the presence of their bosses during a brainstorming session and this stops them from giving their ideas. Logically this fact is not favourable at all since you can lose the creativity of your team because of the shyness or fear of some team members.

To solve this situation, an effective method is to suggest they share bad ideas for a few minutes. You can begin this to break the ice by throwing out there an illogical and least favourable idea. This can be a warm-up session and when all the members have shared their bad ideas and laughed about them without fearing being exposed, they can concentrate better on formulating innovative ideas.

Welcome Failure

The innovative leader encourages a practice of experimentation. You must teach people that each failure is a step towards success. You need to give people the liberty to innovate, the liberty to experiment, the liberty to succeed. That means you must give them the liberty to fail too.

Be Passionate

Concentrate on the things that you want to change, the most important hurdles you will face and be passionate about overcoming them. Your enthusiasm and energy will translate into inspiration for your people. Filling your bus with contented, self-satisfied passengers is not enough. You need people who believe that reaching the goal is really worthwhile. If you need to motivate people to innovate, to improve the way they do things and to achieve amazing outcomes then you have to be passionate about what you believe in and you have to show that passion every time you speak.

Tips To Be More Productive

Tips To Be More Productive

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Productivity and growth go hand in hand. Often time’s people focus only on expanding their business. But with growth it becomes highly important that your business remains productive and that you can manage the increasing employees and demanding situations.

Employing right strategies in the right places can easily boost your productivity and help you reach your goals. Here are some ways by which you can increase your productivity:

Hire Managers

As your business grows, it might be difficult to maintain personal or direct relationships with all your employees. This is when an integrated management system becomes important.

Hire operation managers and controllers to implement and maintain effective financial information systems. Promote employees and make them managers. Empower the front line managers to take on more responsibility.

Expert Consultation

Rely on experts in areas that are beyond your expertise. Consult with such experts to fully understand your business. They will perform an organizational analysis and identify problems, provide solutions, suggest changes and more.

Implement New Technology

All businesses that want to grow or expand should employ and implement the use of latest technology. Implement of technology can mean two things.

It includes providing your customers the latest technological innovations. This will ensure that you stay ahead in the market and you are better able to the face the competition.

Technology can also be employed within the organization to boost productivity and efficiency. This can help employees to work faster and better. Technology and mechanisation can also automate most processes and help in storage and management.

Grow Gradually

Plan your business strategy is such a way that you grow gradually but surely. Losing control of a rapidly growing business should be avoided at all costs.

Consider all possibilities before taking on a new project. Always analyse and look for better solutions when looking for an expansion.

The tips mentioned above will help in increasing the productivity of the business. Integrate these suggestions into your overall business strategy. Monitor and review how these new changes actually help or affect your business. Make further changes when needed. With extra effort and dedication you can watch your business grow and prosper.

The Entrepreneur Mindset

The Entrepreneur Mindset

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An entrepreneur is a problem seeker, solver, and innovator. The way towards entrepreneurship and an entrepreneurial mindset can be sought after by anyone. For those who are interested in attaining entrepreneurial success for themselves, here are some of the traits an entrepreneur’s mind should have:

Creativity

The main asset of an entrepreneur is the ability to see things differently. Whether it is with new products or new processes, entrepreneurs are driven by the ability to see problems in the marketplace and come up with innovations to fill them. Though it’s not the only essential quality to success, creativity may be the fundamental skill.

Optimism

There is a time place for constructive criticism, but successful entrepreneurs look at every problem they face with the confidence that a solution can and will be found.

Suspicion of predictors

Entrepreneurs often tend not to labour under the assumption that data is the sole predictor of an outcome. Especially in a new market and with new products where data is largely interpretive or assumed, entrepreneurs are unaffected by the typical predictors that may scare away fainter hearts.

These entrepreneurs realize that creating something new always has a risk, and no one can know the outcome with any amount of certainty.

Comfort with uncertainty

Similarly, a distrust of prediction and analysis creates an atmosphere with uncertainty.  Uncertainty is indeed the very essence of entrepreneurship. Entrepreneurs are comfortable existing in that space between raw ideas and successful products, and they tend to live in the ground of experimentation, revision, and testing.

Openness to experimentation

A comfort with experimentation goes beyond scientific trial and error. The ability to experiment with new products, processes, and outcomes, no matter where the results may lead, is the essential element of this quality. Most people are comfortable when testing new products or systems with a range of possible outcomes. When the results fall accurately within the range, we can go on to the next step.

Functional humility

Egos can destroy the very best ideas. Entrepreneurs who are committed to solving a business problem or reinventing a product display a functional humility. They understand that their egos are only useful in moving the idea forward, not producing outcomes to make results conform to a preconceived notion. The very best entrepreneurs may constantly generate and promote their ideas, but they think and act collaboratively and are solutions-focused.

So can everyone have an entrepreneurial mind? Maybe not. But with time and practice, we can begin to think more like entrepreneurs and achieve an entrepreneurial mindset. We can start to make small shifts in old, reflexive thinking that stops us from exploring new ideas or taking the leap required and launching our own business. Entrepreneurial thinking may be less of a destination and more of a journey as we push our boundaries and explore exactly what we are capable of.