Unemployment statistics are rising all over the country. In New Jersey, where my firm is located, the December ’08 unemployment rate was 7.1%, the highest level in nearly 15 years.
Which has many people question the assertion that executives make about people being their most important asset. And, it has me encourage executives to review some of the practices and procedure they have vis-à-vis their people – are they appropriate for our times and consistent with their values and intentions? For example:
- At what level are hiring decision made? And does every person who hires know the values, strategies, priorities and desired outcomes that each employee will need to sign up for to be a value added contributor?
- Does your employee hiring process meet the same level of standards, inclusion and review as financial assets, for example?
- How are employees trained, developed and coached? Do executives who mange people know to what extent are their employees an appreciating asset? Who is accountable for this asset appreciation, and at what level of seniority is this asset management review carried out?
- Is there are well thought out process and set of practices for letting people go, other than the simple expediency of cutting costs?
- And, finally, are their practices and procedures in place to maintain the morale, energy, creativity and commitment of the people who remain after some of their colleagues have been let go?
I encourage executives, when they have thought through my questions, and their own that surface in the inquiry, to communicate as transparently as they know how, about both their commitments and the circumstances they are dealing with that threaten their commitments.
I have seen sufficient examples of employees contributing to solving “people problems”, and with solutions that many executives considered employees would never “go for” to have faith that when employees are included, maybe, just maybe, we could find ways to staunch, even reduce, unemployment.
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