There is more and more news about the coming economic downturn. Here are just a couple of examples:
- In the Workforce Management online magazine’s blogs, Ed Frauenheim writes about "Smarter Belt Tightening." He foresees that companies who have implemented better systems for recruiting and retaining top talent will have more data, and therefore better outcomes, when they have to downsize. in the months ahead. They will be able to hand-pick top performers instead of making blanket cuts that eliminate the talent they need along with the talent they don’t.
- On Computerworld’s Management blog, Bruce A. Stewart lists some tips in his post, "Tough times mean tough choices for CIOs." The tough choices include cutting waste, buying only what you need, and smarter project prioritization; he states:
Don’t do something just to appease your peers. IT executives often say that IT is the only group that sees the whole enterprise. But how many CIOs actually turn down their peers’ requests for new projects by saying, "That’s not in the interests of the corporation at this time"? Your actions should show that you really do see the whole company, and the big picture, just as your CEO would.
Smart workers in this economy will manage their own talent entrepreneurially, as I described in Seven Survival Skills for the Flat World. When layoffs come, the most valuable workers, theoretically, will be retained because the decision makers will have better information at their fingertips. However, when project workers are laid off, they will be smart to approach the job market with the same entrepreneurial spirit. Look for good projects where you can build your skills–don’t merely look for job security, because it is becoming a thing of the past in the flat world.
Smart workers in the "project market" (as opposed to the "job market") should also be advised to look for agile companies who use Project Workforce Management. Look for companies who follow the market and then seek talent to fill market needs–not companies who look for work for their current, probably stagnant, workforce to keep them and the company "busy".
Smart companies in this economy will benefit from Project Workforce Management now more than ever: to streamline the costs of doing business, keep projects on course, and manage effective workflows, just to name a few. Moreover, as Bruce A. Stewart alludes to project prioritization and selection in the excerpt above, smart companies will do the right projects. This, too, requires them to look to the markets and be ready for change.
