Throughout the last eight months I have taken it upon myself to speak with many leaders within the industry I serve (Building Materials & Construction).
The impact that the pandemic has had on businesses is, unfortunately, inevitable. I've heard from many leaders of SME businesses who have been forced to restructure due to organic growth through the years and the inevitable layering of teams. Likewise, I've heard from bigger corporates who have expanded through their acquisitive nature and are now evaluating teams effectiveness.
As I tell candidates who enquire about work, the good news is I remain busy, with a healthy number of companies getting in touch, looking to add strength to their teams. Candidates ask, why is this? In the main, the answer is clear - progressive companies are predicting not reacting to the situation. They are staying true to both their medium and long term strategies.
The below article points towards the dangers of reacting once the damage has already been inflicted. Having recruited a number of Marketing Directors, I have come to appreciate just how powerful these leaders are in analysing trends, listening, interpreting what customers want, and in providing hugely impactful input into the businesses strategy.
Those businesses who are investing in talent have one thing in common - they are looking forward; are investing in NPI, market penetration, increasing their teams effectiveness within departments and adapting to better suit the customers experience.
Yes, an unfortunate by-product of the times we're all living in is the threat of job losses, but it doesn't mean there are no opportunities out there.
To finish, a very important message the below article points to is communication to your people. If need be, this needs to be daily, with board members ensuring departmental heads are relaying the message.
Employees are in tune to threat and this is only compounded by remote working. Communicating decisions, from the top, before they happen is imperative. Any potential bad news needs to fit in line with the businesses strategic direction. Transparency is key. If not, demotivation and decreases in performance is inevitable.
Robert Schach, managing editor at Debtwire, says the goal of many current restructures is to ready businesses to bounce back in an economic recovery. “There will be a pent-up demand after the latest lockdowns,” he says. “If you think your earnings can return to previous levels, you can avoid the distractions of cost-cutting pressure. Focus on managing your liquidity and postponing rather than cutting costs, for example through tax deferrals. This will allow you to focus on more core strategies.