Meltdown - Nightmare or blessing in disguise
Meltdown - an event which has probably phenomenally changed the financial landscape of the worldwide economy leaving a layman emotionally paralyzed.
There have been the days when all the industry sectors have witnessed tremendous growth. No one ever though of the situation where in all the growth , financial equity ,emotional equity, and the sweat equity will be on the stakes. No one ever though of the situation where the organizations or an individual will have strive for the ROI.
The Meltdown although seems to be like a nightmare to many of us rather it has much deeper impact than we can think of but this leads us to a certain situation were we need to be introspect.
The collapse of Lehman Brothers into administration and the folding of Merrill Lynch into Bank of America brought the number of banks and lenders that have fallen victim to the sub-prime crash down to a whopping number of 284 worldwide. The so called leaders are on their knees and the followers to these leaders are suffering from a shock scenario. The scenario actually started in 2000 with the burst of bubble, it kept on accumulating and the meltdown scenario actually started in 2006 with a ' caution signal ' and it raised the alarming signal in 2007 when worlds largest bank HSBC saw its first profit warning in the history of 142 years and there on it just kept on increasing to turn in to an ' avalanche '.
Effects :
Thinking about the damages this phenomenon carrying is even worst. Some visible effects can be seen because of this scenario, this is leading to 'fluctuations' everywhere - Rates increase , Rates decrease , volatile dollar prices, non trustworthy stocks, investors refraining to get in to new investment instead are more worried about the existing invested money.
The invisible effect of this phenomenon will have much deeper and long lasting effects on the economy and hence on the humanity causing lay offs , slowdown in the job market, constantly increasing ambiguity in the workforce which in turn affects the performance of the workforce . There have been studies conducted across and have been resulting in to a massive figure of 20 million unemployment worldwide as a result of this crises.
But still this doesn't really showcase the fundamental problem that we are dealing with , the fundamental problem that we can possibly draw out from this situation is a general human beings we are always afraid of regulations. Regulations doesn't necessarily mean policing activities but it indeed means knowing the causes and possible effects of the situations and acting on them and possibly rectifying them before they become catastrophes .
Human Resources in an organization becomes a very key elements in such crises situation , and these are the times when there is an urge of the time to manage them effectively , efficiently, optimally yet not compromising on the quality and the cost of the services .
The way out :
There is no possible immediate way out of the situation but there possibly can be some repair work which can be taken in consideration to avoid the meltdown crises lasting for much longer that expected.
Resource optimization is key element for optimizing the business processes and towards achieving the sustainable business excellence. Probably this is the time to actually get the things in proper shape and reform the organizational values and inculcate the same to the bottommost level of the organization, in such scenarios there comes a need of the business leaders to guide the subordinates towards the right path.
Optimization does not necessarily mean cutting down the cost , rather it means achieving greater and higher results within the same cost range . Somewhere we will have to break the shell to come out with some insight to conclude on what needs to be optimized and how ?
Laying off the resources does not going to help the organizations in the long run because the bottom line will remain the same , and the service cycle will not be complete leaving everyone disappointed.
The meltdown in real crises situation but it can also lead to some path breaking reformations and can prove itself as a blessing in disguise ..... that requires being a bit of introvert thinking and acting proactively instead of waiting for the situation to come and then acting reactively.
Sarang Kamalakar
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