Do you see the advantages?
Business executives throughout Nevada have been forced to rethink the way they do business and re-evaluate all aspects of their business plans. With the most challenging economy in recent history, smart business leaders are finding ways to take advantage of opportunities unique to this market. These opportunities include such things as reduced competition and a larger available labor pool. As with every business cycle, the market will change and the advantages available now, will be gone. Do you see the opportunities presented by the 2010 market?
Are you in touch with your staff?
Do you know what the individuals on your team do on a daily basis? Have you observed who is most productive, committed and willing to go the extra mile? Are you aware of the people that habitually show up late with bad attitudes, are marginally productive then leave early? As the leader, it’s your job to make sure your team is passionate about the company, understands customer service and maintains the levels of integrity you expect. In this marketplace, with so much available talent, mediocrity is inexcusable. The time is now to carefully evaluate the effectiveness of your staff and make the needed modifications. This doesn’t necessarily mean that people should be fired. Oftentimes the solution is to move ineffective employees to a position that is better suited to their skill sets. However, executives must be aware of needed changes before they can incorporate them. So the question becomes’ “It’s 8 a.m. do you know where your team is and what they’re doing?”
Do you hear opportunity knocking?
Executives that have the insight to identity market advantages and move on them quickly will survive this economy and be better positioned when the market turns. One of the big advantages of this market is the abundance and availability of talent. The pendulum has swung and we now have a very different market. It was only a couple years ago that Nevada employers were competing for the best and brightest and engaged in bidding wars to recruit and retain talent. In this economy, employers are enjoying a rare opportunity to hire talented professionals that are hungry and affordable. By hiring now, company executives have the opportunity to enrich their labor force through these talented individuals that will become loyal members of the team. While the short term inclination may be to “hunker down,” the long term strategy of seizing the opportunity to hire talent, will put your company in a much stronger position. The only way to be aware of this and other opportunities is to listen. Do you hear the knock?
Can you speak the language?
As the director of the state’s largest private higher educational institution, one of my jobs is to make sure our employees truly understand our corporate culture of customer and community service, integrity and value. This can only be accomplished through clear, concise and frequent communication. From the recruitment of staff members through their retirement, the role of defining corporate culture remains with the organization’s leader. How loud is your voice in communicating the culture of your company?
Do you have a plan for regular communication amongst the rank and file to ensure everyone understands the philosophy and direction the company is taking?
There’s no doubt that we’re living in an interesting economy with unique challenges. But along with those challenges, comes opportunity. It’s up to our business leaders to recognize and embrace those opportunities by using all their management skills and business senses.
Charlie Nguyen is the campus director of the University of Phoenix Las Vegas Campus. University of Phoenix serves a diverse student population and offers associate’s, bachelor’s, master’s and doctoral degree programs from campuses and learning centers across the U.S., as well as online throughout the world.
For more information visit, www.phoenix.edu.
