Much is being said about the improvement in the economy. Unemployment is coming down, interest rates are stable, much fewer layoffs, the housing market stabilized and the list goes on. As the economy does shift, we are also facing some additional influences and the help from a personal financial advisor is very important.
10,000 people every day in the US alone are turning 65. This will continue for another 20 years before it begins to decline. This adds up to more retirements than ever in the history of business, specially now that people are realizing what the future of work is.
On the other side of the equation, the number of people graduating from college continues to dramatically decline. With this as a backdrop, here are five tips for leaders:
- Take care of your people. There are still people suffering many challenges. People are still unemployed and even more under employed. Leaders should keep this in mind as they continue to feel pressure to do more with less. Now is a critical time to enhance and grow relationships with the people who work with you. You can click here to do a background check to understand them better. The candidate experience process is crucial for the image of the company.
- The economy may be improving but your company might not. Your company may experience a lag between the end of the recession and when that impact is actually felt at the ground level of business. Leaders need to remind their people that they need to continue to retool themselves and for organizations to innovate. Some of our greatest innovations happened during economic slowdowns.
- An improving economy means your turnover is going to JUMP UP, that is if it hasn’t already. More jobs means more movement. Professionals who do not feel taken care of during the recession are going to be leaving in large numbers unless you put in place a strong people strategy with a renewed value proposition for every employee.
- Remember, what got us into the crisis at the end of 2008 when the world of banking and finance fell apart was not a mistake. What caused the crisis was a loss of consciousness and ethics. Leaders, please insist on ethical business practices and do not allow any slips. Hold yourself and everyone around you accountable.
- We have to act global to be successful globally. Let’s not confuse this with acting Glocal or the other terms people have come up with. Acting global means taking into consideration what’s happening around the world and not just in your own backyard.
Now that the economy is improving we have opportunities. What will you do with these opportunities. Will you change the discussions you are having inside your company? What about outside the company?