The COVID Crisis Will Not Be The Last To Create Economic Challenges

Back in the COVID days during 2020, a concerning report on Channel 9 News highlighted the economic impact of the virus on Australia.

The forecast was grim: almost 1.5 million Australians were expected to lose their jobs in the months following its emergence, potentially pushing unemployment rates into double digits.

While the government claimed the situation could be worse, I spent some time thinking about what I thought was a critical issue: the looming wave of unemployment and its implications.

The harsh reality was that many small businesses would not survive, leading to permanent job losses. This was real, probably more so in the United States of America than here in Australia given the draconian rules put in place by some over zealous governors.

But it was real for many here. Personally we felt it, we went close when we lost 100 percent of our income for a full 12 months.

That crisis called for a discussion on how individuals might make themselves invaluable in their organisations, and possibly securing their positions.

Now the COVID crisis seems to have passed us, this is still a relevant discussion.

Making Yourself Invaluable as an Organisational Asset

Consider the perspective of a CEO during times of shutdowns and lockdowns. With revenues plummeting, company survival is at stake.

CEOs, especially those who own their companies, will naturally prioritise financial stability, often leading to cost-cutting measures.

Contrary to popular belief and the espoused idea that “people are the company’s assets”, employees are effectively listed as costs, not assets, on a company’s profit and loss statement.

Redundancies often become the first solution to reduce costs. How then, can you avoid being a casualty of these cuts?

The key lies in aligning yourself with the organisation’s commercial success or fulfilling a role essential for regulatory compliance. In doing so, you transition from being a mere cost to becoming a true asset.

Reflect on the role of a coach or a teacher in our formative years, guiding and developing us. Unfortunately, this guidance often ends after formal education, leaving many professionals reliant on their employers for further development.

This dependency is a vulnerability, it is a human weakness in many large organisations that leads to people falling behind their own career potential.

My suggestion to these folk is always this – “Take control of your professional growth, don’t wait for someone else to train you.”

And I offer the same advice to you. Now is the time to invest in yourself.

Develop skills that contribute directly to the profitability or efficiency of your organisation.

Whether it’s enhancing revenue through sales and marketing skills or reducing costs by improving processes and eliminating waste, these skills make you an asset.

Let me offer a metaphor to drive this point home.

Imagine two people whose cars run out of fuel. One waits passively for help, while the other actively pushes their car towards a solution, eventually receiving assistance from passersby.

Similarly, in business and life, those who are proactive and show initiative in helping themselves are more likely to find others willing to support their journey.

In summary, take control of what you can: your skills and professional development. By doing so, you prepare yourself not just to survive the inevitable challenging times but to thrive in the future.

More Information

For more information about the work of George Lee Sye, visit www.9skillsfactory.com where you’ll discover one of the most significant professional development programs in the world today covering topics of leadership, influence, business execution, and lean six sigma.