The Skill, The Will, & The Till – A Recession Strategy

In the Oct 29 – Nov 11, 2008 issue of Knowledge at Wharton 
there was an article titled, “Opportunities and Obstacles
for the B2B Market in Tough Economic Times.”

The article focused on changes to the marketing mix of a
business by asking the question, “Should firms increase
spending during a recession?” 

One of the contributors to the article, Gary Lilien,
provided a very articulate answer to this question when he
said, “It depends.”  Lilien went on to say that it depends
if the firm has “the skill, the will, and the till.”

“The skill” refers to the management and marketing
expertise.  “The will” refers to the organizational
culture to go against the herd mentality in an uncertain
economy.  And “the till” refers to the financial resources
to implement strategies that will have an impact 12 to 18
months from now.

HR CONTRARIAN POINTER: If I were allowed to make one
modification to this Wharton article, I would also
emphasize the importance of employees to Lilien’s strategy
and change his phrase to, “the skill, the will, the till,
and the people.” 

It doesn’t rhyme, but the truth is that employees are the
infrastructure to financial success.  If you don’t have
the systems in place to engage your employees, then you
are missing a major opportunity.

Check out the robust process that I have outlined for
engaging employees that I call Employment Branding (click
on the link below for a description)
http://www.hrcontrarian.com/philosophy/

If you would like to read the Wharton article, click on
the link below:
http://knowledge.wharton.upenn.edu/category.cfm?cid=4

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