The Wall Street Journal online (wsj.com) features significant video content. One of the best offerings is a series called "Boss Talk," where a corporate leader answers a few general business questions, and in doing so, manages to pass along some bits of insight and advice.
Above is a "Boss Talk" clip with Fabrizio Freda, CEO of Estée Lauder. I chose to share this video because of Fabrizio's comment regarding the best management advice he has received -
"Take advantage of the recession, to do the changes that you need to do anyway, to then be successful during the after."
Every business owner may have different thoughts run through their head as they read that quote, but I instantly recalled a conversation I had with the CFO of a mid-sized publishing company last week. The CFO said that as a result of the economy, he had been forced to lay-off approximately 15 percent of his workforce during the previous 6-12 months. He contended that although the firm's results were improving and they could financially afford to consider refilling some of the lost positions, this was unlikely. Rather, the poor economic conditions had forced the company's remaining employees to work harder, work smarter and work more productively. In effect, the economic troubles alerted this particular company, and undoubtedly countless others, that they could get by with less.
The CFO's point-of-view when it comes to hiring certainly brings some validity to all the talk of this being a "jobless recovery" - improving economic indicators without significantly improved job's reports. Though we all know that jobs will inevitably be created as conditions continue to improve, the pace and volume of job creation is what is undoubtedly on the minds of millions of unemployed Americans every day. Not to mention office building owners throughout New York City.
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