We are in mid-July already, and that can only mean the second half of the year is ticking away. Well, that might sound gratifying, but how was the first half? Depending on which direction your ship sailed, some may have had good fortune to report home, whilst others can only sigh with sadness for having endured aggressive headwinds for six months.
There are those who may not have many words with which to describe their ordeal, often lending great attribution and praise to a higher power for their days under the sun. Six months have truly been eventful.
The half of the year that is already gone had its own fair set of challenges; from rising cost of living, cost of doing business, maandamano shenanigans, road accidents, unexplainable killings and many more – but didn’t we survive? We are counted amongst those who made it victoriously, which is the whole point of this simple piece; that we ought to focus on the positive side of things.
The reality of the fact is that we are hurtling at break-neck speed towards the tail end of the year, and that is why second half is very crucial. There are many who do not have a testimony of better days in this second half as was the case in the first one. If anything, some have had to start it on a terrible note, especially with the rising cost of living. The cost of petrol at the pump has ticked to an all-time high of Ksh195 per liter. The expectation is that as it gets higher, the cost of every other commodity will rise significantly as a consequence. In spite of these trying circumstances for many middle and low income earners, the secret is to remain positive in all situations, no matter the degree of pressure one has to handle in the process.
The other reality is that the implementation of the new Finance Act 2023 will definitely pinch Kenyans indiscriminately. No one will be spared, and that is the reality.
For instance, take the example of employees, especially those in the SME sector. Their pay slips are already burdened with bank loans, whilst the cost of living is not matching the net salary payable. Salary adjustments are rare in the face of the ever spiraling inflation rate. With the introduction of new taxes, it won’t get any better, and for many, it will not add up – not during this second half of the year or later. Trouble seems to be brewing, but what should one do in these extremely trying circumstances?
The employer on the one hand is slapped with high cost of operating business, while business on the other hand have to grapple with difficult economic times due to weak spending power from consumers who are hardest hit in this protracted struggle. In the end, this will call for adaptive leadership for organizations, as these challenges must be navigated accordingly – failure to which the ultimate result will be gut-wrenching.
The hard truth is that not many employers will sufficiently meet their employees’ emerging remuneration needs until things get better. Not that they do not relate to the employees’ dire situation, or that they are ignorant of the environment, but it’s just not feasible – especially for the SMEs – to raise the bar in terms of better earnings for their employees.
For businesses, it will therefore require a lot of innovations, and a deliberate and thorough look at your finances with a keen eye. You must keep moving. Don’t lose hope. See the positive side of the tough times. Keep your existing customers happy. Any new customer is precious. Purpose to maintain them.
Most importantly, your employees are your most valuable resource in any business. Even if you don’t find new clients or projects, build your employees’ morale and remain energetic to motivate them. Preserve an air of positivity in your workplace. Organizations now more than ever, need to be conscious of the levels of employee engagement. Difficult times often prove to be the best times to demonstrate care for your employees. Employees feel like they are part of something bigger than themselves when working with a company they believe in. Employees who feel like their work matters will be more motivated and productive during stressful seasons as is the case today.
Soliciting Employee Feedback is one method through which you can engage employees in difficult times. Provide a venue for employees to freely share information – both frustrations and ideas for improvements – in a constructive, private approach, rather than through a public and destructive way.
Effective open communication also works wonders in winning loyalty and trust from your employees. Leaders who value their employee relationships know that communicating openly, honestly and early, is the key to maintaining trust and credibility. When employees feel secure, they perform more effectively and create a competitive edge.
Servant leadership is crucial too. How the leadership connects with the employees during these tough times can make or break the organization. This calls for leaders who put the well-being, growth, and success of those they lead and manage before their own personal ambitions.
For employees, remaining positive can never be over emphasized. Do what you can humanly do to remain afloat, as long as it is legal and aligned with your values. Don’t make it worse by sitting back and letting things proceed as they are, when you know very well the end will not be pleasant for both yourself and the organization. If it means adjusting your lifestyle, eliminating unnecessary expenses, renegotiating your utilities and bills payments, considering additional sources of income, asking for advises from reliable sources; then do it, but just do not engage with negativity. It will drain you to the core. Be in charge of your mental stability.
“Our very survival depends on our ability to stay awake, to adjust to new ideas, to remain vigilant and to face the challenge of change.” – Martin Luther King Jr.
