Savvy companies and savvy individuals will understand these new market dynamics and figure out how to make them work to their advantage.Let me share a couple of examples.
I am seeing some companies recognizing that formerly short supply labor is now so plentiful that they can upgrade their employees...at every level. Companies doing so have great opportunities for improved productivity, as well as improved customer service.
But for every company I see lifting their expectations of their employees, I am seeing even more companies frozen like a deer in headlights. These companies seem more focused on making cuts in employee levels than they do in getting dramatically more from their employees.
Or, take the change in supply and demand in the commercial real estate market. I am seeing some companies getting quite aggressive at demanding renegotiation of their leases with commercial property owners to reflect new supply and demand relationships.
But for every company I see being aggressive at lease renegotiations, I am seeing so many other lessees treating their leases as sacrosanct.
A similar pattern is playing out with individuals.
Some individuals are stepping up their performance dramatically to save their job or, even better yet, to set themselves up for job advancement. While others remain seemingly oblivious to changed conditions (as with the Bellagio Hotel example that I wrote about in a recent post).
Those living in the past...and those focused on new realities. Those frozen in worry...and those choosing to prosper by taking advantage of changed circumstances.
Change represents such great opportunities for the astute, especially those who are also agile.
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