Region’s leaders still getting a good night’s sleep despite crisis

THE temptation to make knee-jerk responses in the face of the current credit crisis must be held in check by experience and considered action.

That’s the recommendation being made by Yorkshire managers and leaders according to a poll conducted by the Chartered Management Institute (CMI).

Although the survey shows that just one in five individuals feel secure in their current job and that more than 40% feel that their work has become more stressful, managers appear to be dealing with the pressure.

Only 28% claim that fears over the economy have caused them to lose sleep.

Around 74% said they viewed the downturn as presenting them with “greater challenges” while 40% admitted they were more focused at work.

Yorkshire managers also have confidence in their ability to deal with the current situation with a significant proportion still keen to take risks (36%) or accept extra work (81%).

Many are also not prepared to sit tight during the downturn, with 52% suggesting they would be tempted to move if the right offer came along with 27% claim to be actively looking for a more senior position.

Jo Causon, director, marketing and corporate affairs at the CMI, said: “In these challenging times, it has become more important than ever to demonstrate strong leadership.

“It is vital that the UK’s leaders remain composed in the face of growing economic pressure because knee-jerk reactions will only serve to exacerbate the problem.”

He added: “It’s easier to manage when times are good, but the current climate is a real test of how strong the UK’s leadership credentials really are.”

The research also identifies the top factors currently putting most pressure on the financial performance of Yorkshire-based organisations.

Rising energy costs top the list (32%), followed by concerns over employee motivation (29%) and weak demand (27%).

However, despite a clear majority (59%) admitting that the current state of the UK economy was having a negative impact on their organisation, more than half  (51%) were either ‘optimistic’ or ‘very optimistic’ about business prospects in the next 12 months.

When asked to justify their positive outlook respondents said that combination of experience, decisive action and long-term planning was the key.

Indeed, 82% have previously experienced redundancy and half have supported friends and family through job loss. Around two thirds said that the stigma of redundancy was much less than in the 90s.

A third admitted that recruitment had been frozen, but 42% said they were diverting attention to developing skills of core internal staff. Nearly 90% agreed that focusing on management and leadership skills would help them survive recession.

Meanwhile, 65% agreed that organisations should continue to focus on product innovation and service with only 38% arguing that cutting costs was the best response.

The CMI is to launch a website at the end of the month to help managers and employers survive the ecomomic downturn.

Advice will cover a range of topics including how to recession proof yourself, prepare for your organisation’s future, and build partnerships.