The Upside of the Downturn: 10 Management Strategies to Prevail

In the News from Staffing Industry Executive Forum Last week I spent 3 days in Las Vegas, at the Red Rock Resort and Casino. Although Vegas is the place for it, I was not there to drink, gamble or party. I was there to get connected on what is happening in the staffing industry, what’s new and what is critical for me to learn to keep KeenHire Talent Management in a growth mode.

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The most poignant speaker was Geoff Colvin of Fortune Magazine. This is a man who travels the world, writes and speaks to several industries what he had to say was absolute validation for me, of why KeenHire was created.

First and foremost, he began with in tumultuous times – when everything is up in the air – is the time to change where we are in the competitive order. It is a tremendous and fleeting Opportunity and it is up to ‘you’ to take advantage of it. He told a story of Lance Armstrong in his first Tour de France.

I was unaware that when Lance began the race he was nowhere in line to win. He was a no one, he was not seeded and for the 1st few days he was behind the best riders. It was not until the race went into the mountains, the most treacherous roadway that Lance took a strong hold. He was prepared, ready and able to outperform.

The leaders became laggards and the laggards became leaders. He sent a very strong message for today’s times. He has a new book, The Upside of the Downturn: Ten Management Strategies to Prevail in the Recession and Aftermath. The message was something like this.

As the economy recovers, the business world we’re entering wont be anything like the pre recession world. Consumers are saving more and saving less. Government is taking a larger role in the life of everyday business. The global economy is becoming less U.S. centric.

These dramatic changes aren’t necessarily dangers- they’re opportunities for companies and leaders that respond the fastest and smartest. All those changes and more are profoundly affecting staffing at every company. Author and Fortune Magazine columnist, Geoff Colvin, who sees the world’s best organizations and leaders up close, describes how they are responding to the new normal and what I means for their most valuable asset, the people who work for their companies.

Below are the top 5 most critical aspects of managing through an effective recover and beyond.

1. UPGRADE your Human Capital. The only competitive advantage a company has is the people who work inside it and represent it. The best companies are using this time to tell the truth to themselves about whom they have on their payroll and who they need to have. They are evaluating and assessing their talent pool and continuing to evaluate their performance quarterly. They are using this time to hire better people, to steal resources (people) from the competition. He said something really cool next. You don’t see who is swimming naked until the tide is out. When the tide is out you can clearly see A