Companies across the country and the world are reeling from the meltdown of our financial and credit markets over the past few months. Some have already filed or may soon file for bankruptcy. Others are slashing budgets and payrolls to stay afloat. The lucky ones are merely tightening their belts in a very volatile period for which the end is not yet in clear sight. Board rooms and executive suites are at red alert in many corners of the globe, while anxious employees hope that the turbulence will soon subside and their jobs will be secure.
What’s a company to do? You can start by applying the same advice that Warren Buffet recently gave to investors. Invest. Now more than ever, companies should be investing in the employees they want to keep — the talent and human assets that will enable the company to pull out of a slump faster than its competitors. In most cases, all the talent that a company needs already exists within its own ranks. It is simply not being mined and nurtured effectively.
Walls, doors, and artificial boxes dictated by org charts typically get in the way of creativity and innovation. Show employees that you consider them a valuable resource with some modest investment in innovative leadership training and events that will surely pay dividends in the near-term.