The Smartest Investment You’ll Make in This Economy
October 21, 2008
from OPEN Forum:
The smartest investment you’ll make in this economy is your investment in your employees. Companies that plan to survive, even thrive, in this economy should increase their investments in their employees. That’s right. Companies should invest more in their employees during this challenging economic period.
Forget those CDOs (collateralized debt obligations) or CDSs (collateralized debt swaps) and Wall Street banks hoping for a comeback or those secret Santa Claus-like portfolios of sub-prime home loans you’ve heard are all the rage. Forget about green energy technologies like wind or solar or geothermal. The smartest investment you’ll make in this or any economy is your investments in your employees.
Now’s the time to not only maintain your current investment program of salary and benefits (You do offer benefits, don’t you?), but find ways to increase that investment. Here’s why: Employees are your company’s number one asset. Oh sure, we’ve all heard that cliche bandied about. Peter Drucker, the legendary management expert, coined that phrase decades ago. It stuck. It stuck because it’s true.
Who makes your company’s products and services? Who talks to your customers? Whose efforts make them love your company and tolerate your mistakes to their credit cards and bank accounts that ruin their day and waste their time? And, who comes up with the systemic solutions to those problems?
- Categories: Branding, Economy, Employee Engagement, Employee Retention, Employer Advice, Events
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[...] It’s true that recruiting trends are shifting, regardless of the state of our economy (btw, Sullivan later addresses the topic here), but because the economy is what it is, it’s that much more necessary for companies to shift their recruiting strategy, like, now – because if businesses aren’t cutting talent or implementing hiring freezes, it seems they’re slashing recruiting budgets, which should be an absolute last resort. [...]