This year promises myriad challenges for CFOs across the globe. Chief among them, according to a December 2008 USA Today study, are increasing productivity and profitability.
The study asked 1,400 CFOs which issues would take top priority in the coming year. Thirty percent said increasing productivity, while 20 percent saw boosting profitability as a priority.
After sacking their beloved cubiclemates, you may need to reassure the surviving employees that you believe in them.
It’s no surprise, considering the global economic condition, one that’s been punctuated by layoffs, hiring freezes and other cost-cutting measures. Companies must do the same amount of work with smaller headcounts. Among the employees who are left, morale is suffering.
Here are your options if you want to meet your goals of profitability and productivity gains:
- Overload the current crew, and white-knuckle it till the economy rebounds.
- Hire temp workers to save on overhead.
- Hire an outsourcer to pick up the slack.
In the case of Number 1, it’s obvious. Morale is already low. Doling out more work will be akin to shooting yourself in both feet.
For the second choice, it may appear to be an attractive option, but consider this: Temps working the help desk are generalists, who probably will not be able to help out callers with macro questions. What’s more, temp-staffed help desks clock an average hold time of 15 minutes and an abandonment rate of more than 10 percent. What effect will that have on morale?
Number 3, outsourcing software support to a best-of-breed, is sometimes deemed “excessive” or “unnecessary.” But it’s the most profitable choice over time.
For example, instructing your employees to get more done with less help is unreasonable. Pay-as-you-need assistance is realistic. And, after sacking their beloved cubiclemates, you may need to reassure the surviving employees that you still believe in them.
Adding headcount isn’t a possibility at the moment, but freeing up the time of existing IT staff is the next best thing.
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