{"id":5099,"date":"2022-04-30T18:22:19","date_gmt":"2022-04-30T18:22:19","guid":{"rendered":"https:\/\/www.horsesforsources.com\/?p=5099"},"modified":"2022-05-01T11:26:50","modified_gmt":"2022-05-01T11:26:50","slug":"spiraling_043022","status":"publish","type":"post","link":"https:\/\/www.horsesforsources.com\/spiraling_043022\/","title":{"rendered":"Our world is spiralling out of control… we must be a bit smarter to get through this"},"content":{"rendered":"

\"\"<\/a><\/p>\n

All the excesses of the past 14 years are colliding into a maelstrom of converging dynamics \u2013 the likes of which we have never experienced in such a worrying combination.\u00a0 The US economy is contracting and we\u2019ll soon learn about many major economies following suit.\u00a0 The post-pandemic growth bubble has burst and we must open our eyes to the new reality of our business environment.\u00a0 Anyone who claims they can clearly visualize what the world will look like in a year simply isn\u2019t human.\u00a0 Or isn\u2019t a robot either\u2026<\/span><\/p>\n

Moreover, 43% of today\u2019s US workforce is Gen-Z and Millennial and only the older Millennials may have some recollection<\/em> of what it\u2019s like to work in a contracting economy.\u00a0 A good tranche of today’s w0rkforce simply has no idea what\u2019s likely to hit them in the coming months as corporate belts tighten.<\/span><\/p>\n

My only words of comfort are that recessions rarely last more than a few quarters and we will re-emerge from this – and (hopefully) learn from this.<\/span><\/p>\n

So how best can we prepare ourselves in the meantime?<\/em><\/span><\/p>\n

Think twice before hopping your job<\/strong><\/span><\/h3>\n

We are entering a recession and we don\u2019t know how deep\/long it will last.\u00a0 8% inflation doesn\u2019t equate to a 50% payrise, so be wary that you could find yourself in a precarious position with your new employer.\u00a0 The current wage-hike situation is not sustainable, and businesses struggling in a recessionary economy will have no choice but to downside\/shed costly staff, and \u201clast-in\/first-out\u201d could well apply.\u00a0 We are already seeing many staff seeking to return to their former employers as they quickly discover the shiny new laptop and paycheck didn\u2019t really equate to stability and happiness.\u00a0 There might be a talent shortage, but when businesses struggle, they\u2019ll look to lower their headcounts in any case.\u00a0 Loyalty still means<\/em> something and many of those who kept the faith will be glad they did so.<\/span><\/p>\n

Be very careful – many early-stage start-ups will fail<\/strong><\/span><\/h3>\n

The champagne days of the post-pandemic start-up bubble are over.\u00a0 Savvy start-ups are looking to conserve cash to ride this out and come out the other side.\u00a0 Most mature start-ups have delayed IPO plans.\u00a0 Sure, they all let you work from home, but will they keep you employed<\/em> in-between Netflix binges?\u00a0 In my view, everyone should experience the start-up thing at some point in their career, but you gotta question the wisdom of doing it right now.<\/span><\/p>\n

Leaders must get laser-focused in the short-medium term<\/strong><\/span><\/h3>\n

Spare a thought for the business leaders having to keep the wheels on their businesses with this collision of disruptive forces threatening to derail them.\u00a0 Employees demanding to work from home; salary demands to retain key staff; mental health of staff; cost and scarcity of people with specific skills; fractured supply chains; \u00a0unscalable automation models; massive challenges to mine and manage data; broken process flows;\u00a0 corporate politics and executing reral change<\/em> in a remote environment;\u00a0 customers needing immediate help;\u00a0 the impact of war on the European mainland\u2026 I can go on and on, but leading people in this quagmire of disruption is a huge challenge.\u00a0 The key is to stay focused, develop short-medium plans to keep the wheels on.\u00a0 Long-term planning is almost impossible amidst such business and economic uncertainty.\u00a0 But you can see ahead a few months to tackle these issues head-on until the fog clears.<\/span><\/p>\n

Adjust your lifestyle for inflation<\/strong><\/span><\/h3>\n

This is a huge worry for economies and our living costs, and something not experienced for decades.\u00a0 Inflation is one of the world economic diseases: once it kicks in it\u2019s almost impossible to keep a lid on it, especially with broken supply chains, rising energy costs, rising food costs etc.\u00a0 We have to refocus on how we manage our finances and look at making real changes to our lives to compensate, such as where we live, being astute with our energy consumption, cutting back on overpriced food (learn to cook?), and saving more money for the future as this could get worse \u2013 or investing our money in things that hold their value in line with economic fluctuations.<\/span><\/p>\n

Bottom-line:\u00a0 We must recognize these are highly abnormal times and grind through them.\u00a0<\/span> <\/strong><\/span><\/h2>\n

We\u2019ve got pretty used to tackling uncertainty since March 2020, and one thing is clear today \u2013 the only certainty<\/em> is that these times are uncertain.\u00a0 It\u2019s a shame that we have to face up to a global recession just as we are enjoying seeing colleagues and clients again, but things need to cool off and economies need to return to normal.\u00a0 My hope is that we – as people and workers – become a little bit less selfish, and a little bit more appreciative of working in the technology industry which is essential for the very continuity of business.\u00a0 If everyone\u2019s simply out for themselves, this isn\u2019t going to end well for many people and many organizations.\u00a0 We need to be better collaborators, better empathizers, and better communicators if we are to pull through the next few months and come out the other side on top.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

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