Will your company fire you too ? Perform or Perish is the new “mantra”. Sachin Bansal perished for sure, even though he walked out with lots of money.
What is your story?
If you have about 10+ years of experience, a basic degree, been working with the same company for many years, and you are called a “manager”?
If you, I am so sorry to say, you may be “fired”!
If you are a Manager, when was the last time, you “upgraded” your knowledge and skill? The most common answer is “long ago”. Is your answer also “a long ago?”.
The reasons for “upgrading” your expertise are many. If you don’t want to perish, then you need to upgrade yourself and soon ! If not, the company could Fire you too. Why, you may ask?
- The Consumer is changing and changing rapidly.
Take your own personal case. How “happy” you were with your purchases even a few years ago. Go to a neighbourhood retailer, compare what was available, bargain a bit and complete the purchase.
Now, compare it with your most recent purchase. The amount of time you spent browsing the net, may be even going to a couple of stores checking out the items “already” seen on the net, comparing the prices, deciding where to buy from, bargaining for a discount, and finally, waiting for the delivery if online or taking home the purchase.
- The Market is changing and changing rapidly too.
Take your own retail business, whether you are the owner or an employee there. About 5 to 7 years ago, there were just a few shops offering similar merchandise in the neighbourhood. Most customers were familiar with your store, and you probably knew many of them even by their names. There was maybe even a waiting list for some products.
Now, compare it with the situation today. There are probably 3 to 5 times more shops in the neighbourhood apart from the choices online. The sheer “options” for a single size of a refrigerator or a mobile phone is just mind boggling. The number of formats are many too. Multi Brand stores (say a Vijay Sales in Maharastra, Sangeetha in Karnataka, Exclusive Branded Stores (Samsung, Apple), Independent stores and now even experience centres- Xiomi stores, where there is no sales but only browsing and then there is online – Marketplaces like flipkart.com Amazon.in or brands own websites mi.com/in.
- The boss and the company you work for is changing too.
In the recent past, the companies and the owners have come to realise that they need to change to continue to be in business or to grow. Our own consulting experience shows, that organisations that have younger owners tend to be open to change the organisation, systems and processes and increasingly the people too. Once upon a time, experience was important and companies were valuing experience of old rules, regulations etc.
With the consumer, market, the rules and regulations changing on a regular basis, the old ways of doing business are no longer working well, if working at all. Consumers are no longer going back to the same store for shopping, so the “benefits” of seeing a familiar Salesperson and concluding the deal is no longer critical to the company.
The Harsh Reality of businesses
In such a scenario, an older person has to change with the changing environment. Typically, old employees, tend to be paid higher, are not familiar with the new ways of doing business, are reluctant to change their habits. As long as the business was doing well, the company was willing to live with these issues.
But with new managements taking over the company, more and more youngsters coming into the workforce, and the need to pay them lesser than more experienced staff, companies are increasingly letting go of older staff too.
What can an older employee do to upgrade themselves?
- Accept that the environment has changed, and the old ways of doing things has to give way to new ways of doing things.
- Accept that you are no longer “indispensable” as you might want to think. We have seen our friends who were so close to the company management, that the employee’s identity was so closely identified with the company for decades. Yet, they were asked to leave, due to their unwillingness to change.
- Upgrade yourself with new skills and expertise. If you have all along handled only Sales function, work to increase your roles in merchandising, operations etc.
- Be on the look out for what is happening in your business and see if there are other opportunities in other “divisions” or “businesses” in the group companies.
- While formal education is not given due “recognition” for more experienced employees, it will still help you to get formally exposed to new ways of doing business.
- You may even want to start-up for those ideas of yours which you may have not found adequate support but you strongly believe in.
- Just like companies have an option of replacing an employee, employees must also have options. Update your biodata, apply for new jobs and evaluate if there is a market for your skills in other companies. Smaller companies often want to hire old experienced people in senior roles to help them grow.
- Develop a new “side-business”, which will give you a secondary source of income. It could be stock markets, rentals, even a smallFinally, develop a hobby whether it is any active sports (watching cricket on TV is not a hobby), spiritual or any social service.
PS: Needless to say, keep your finances in order. Half the reason why people are so scared of their losing their jobs, is because of the EMI they need to pay just to keep going.
So, what is the ending? Upgrade or perish or be ready to be Fire d
Need help to improve your business, call our Retail Gurus now. 9036036524