By Oliver Mitchell, ACA
In today’s economic environment I think it would be a fair assumption to say that the majority of businesses are operating on a financial knife-edge, teetering on the brink of obscurity, and desperately seeking out the next plausible income opportunity to keep their cash-flow out of the red. Whether it’s the next month, quarter or year, it’s easy to imagine finance departments everywhere looking poignantly at their cash-forecasts.
Without doubt, since the ‘recession’ struck attitudes to spending have changed, not just here in Ireland but globally. Whereas before, during the ‘Celtic Tiger’ era there was seemingly a never ending supply of money available to everyone and spending levels increased to (with hindsight) unsustainable levels. Now, there is a stigma when it comes to opening your wallet or cheque book and this has had a problematic effect on businesses all over the world.
Although there are still dark clouds hanging over most economies, there does appear to be some level of bottoming out in most markets with consumer sentiment in the tender stages of recovery. Harbouring that sentiment could be key to the development and re-establishment of greener times and nurturing your workforce could be the solution.
As well documented on this website, using a time and attendance system will empower managers to more efficiently supervise their employee’s levels of attendance and absenteeism, minimising the cost consequences of employee absence and tardiness. Furthermore, utilising a rostering system can significantly reduce the duplication or overlapping of the skill sets required at any given time within any given department, resulting in a more succinct workforce.
There are also other less measurable techniques of accessing the huge potential of the workforce. Taking a pensive approach to your employee’s emotions and feelings as suggested under Maslow’s hierarchy of needs can regularly yield surprising results. Actively involving your workforce in your business can lead to a heightened sense of importance which often resonates deeply, leading to a more dynamic and involved workforce.
From involving employees in your vision statements, branding, social media campaigns, or critiquing areas for internal process improvement to something as simple as taking a professional yet friendly approach when dealing with customers. The potential of the workforce is vast; tapping into it in the right way could be the determining factor in emerging from these darker times. If you would like to find out more about how CEOs and managing directors are tapping into the potential of their workforce you are very welcome to download our latest paper - Why CEOs and Managing Directors are taking a more active role in Workforce Management Projects