The threat of a recession makes everyone pull up their sleeves and do something. Whether you are in big business, entrepreneur or an employee this problem affect everone. But unemployment is one of the worst effect recession.
I feel like in San Francisco, we have been affected less by the recession than other places, so I feel very lucky. What's interesting though, is that if we are in fact heading toward another recession, not everyone seems to be concerned.
For example, at my office, we did a poll of over 1000 small-mid-sized mfg (who I would expect to be more concerned than other industries, due to the automation/outsourcing along with the recession) but spirits were high. It made me wonder if there are some who aren't seeing the recession, all around the country -
jaden, that's nice one. if this is like wheel then the economy should never come out of recession. This isn't the case as long as you have new population that have needs and other infrastructure requirments. But in my opinion economy will keep swinging from dip to high to dip ...
A friend jokingly defined Recession as "if your neighbor get laid off, it's a recession. If you get laid off, it's a depression'. The definition is accurate because it indicates economic results: a loss of jobs, a decline in real income, a slow down in industrial production and manufacturing, and a slump in consumer spending.
So, what does theory tell us? How to get out of the vicious cycle? I guess the government needs to increase the amount of money in the streets (lower interests?)... any economists out there?
Absolutely, mfbertozzi. When customers are already frustrated because something isn't working the way it should, limiting their access to people who are not qualified to help them only increases their frustration, and then any loyalty they may have had to the business would likely fade away.
I agree Ariella, other point is about Call Center - Help Desk. First contact for customers is really important and based on satisfaction perceived, it could make them very happy, satisfied and could potentially increase their spending. Savings for putting there junior people only for answering without any support provided, is a good way for losing customers.
Yes, ccompromising on quality to save cost does not usually pay in the long run. I've noticed a lot of complaints in the retail world from customers who say the quality has gone down from brands they have come to associate with higher standards.
Just to complete the picture, I would like to report another (recent) attitude: savings on labour costs. I have experienced several heads of procurement are proud for cut costs on daily tariff from their suppliers, especially in the area of services. "We have changed the mix, we asked supplier to provide junior people instead of senior". I have heard similar sentece, several times. What's the result? What's service's quality achieved? Considering the end-to-end process, low quality costs much more a senior which ensure a professional work.
Yes, the growth of any industry depends up on either the spending power of people or the exporting power. Since most of the finished products are selling within the country itself, the spending power can affect the production drastically. This may intern end up in winding up of the company and hence increased the unemployment rate.
EBN Dialogue enables and encourages you to participate in live chats with notable leaders and luminaries. Not only editors and journalists, but the entire EBN community is able to comment and ask questions. Listed below are upcoming and archived chats.
Archived Dialogues
Thailand Stages a Comeback Join EBN contributor Jennifer Baljko on Thursday August 23, 2012, at 11:00 a.m. EST for a live chat on how electronic manufacturers in Thailand have shored up their supply chain to reduce the impact of future natural disasters.
Euro-Crisis: What It Means for High-Tech Firms Join EBN Editor in Chief Bolaji Ojo and Contributing Editor Jennifer Baljko on Thursday, July 12, at 10:00 a.m. EDT for a Live Chat on high-tech and Europe's economic difficulties.
Microsoft Surface: Potential Winners & Losers What are the implications for the electronics industry supply chain of Microsoft Corp.'s decision to launch its own tablet PC? Join industry veteran and EE Times' systems and OEM expert Rick Merritt on Tuesday, July 3, at 12:00 pm EDT for a Live Chat on this subject.
Join EBN contributor Jennifer Baljko on Thursday August 23, 2012, at 11:00 a.m. EST for a live chat on how electronic manufacturers in Thailand have shored up their supply chain to reduce the impact of future natural disasters.
Peter Drucker famously said "Trying to predict the future is like trying to drive down a country road at night with no lights while looking out the back window." Yet in the razor's-edge world of electronics—with a lean supply chain and just-in-time demands—the need to know the future is vital.
While no one really can accurately predict the future, we can take guidance from another Drucker saying which is the best way to predict the future is to create it.
You've heard the saying "the No. 1 supply chain risk is your people." That hasn't always been the case. But today's complex global supply chain requires a new type of multitalented employee. It's one who understands, finance, marketing, economics, is savvy with technology, graceful with relationships and can think analytically.
Where are these people? Are universities properly preparing the next generation supply chain professionals? How do train your existing workforce for these new, demanding positions?
Brian Fuller, editor-in-chief of EBN, will lead a 60-minute Avnet Velocity panel discussion that will ask and answer these and other questions swirling around today's supply-chain talent challenges.
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