Heads and Hearts in a Challenging Economic Environment

March 1, 2023

Investment in staff training, development, and support in economic downturn

In the current economic environment of uncertainty we look at how Pre-Met is preparing for the unknown by investing in supporting and training staff. Finding a balance between following reason with data driven decisions versus trusting your instincts to ensure the long-term growth of the company is essential. In this article we explore leadership in a period of economic downturn and the importance of investment in staff.

Leadership in Tough Economic Times

In a difficult economic climate, many engineering companies are reluctant to invest heavily as it may be perceived as a risk during financial instability. However, investment during a downturn can be an effective approach to making a business more resilient and sustainable. In these times agile and responsive leadership is needed to steer a workforce. As Dennis Baltzley, Global Solution Lead at Korn Ferry states,

“The future of leadership lies in preparing people for the unknown. That means creating an adaptive capacity within the organization, so that everyone is ready to pivot when needed.”

Source: Korn Ferry, 2023.

Many companies lower their spending during an economic downturn and cutting their training and development budget can often be the first to go. However, investment in staff training and development can enhance your business operations and help your company identify ways to cut costs and be more competitive. Furthermore, investment can nurture the pioneering spirit within an organisation to help stay on the cutting edge with products and services.

Investing In Apprenticeships, Staff Training & Development

Here at Pre-Met we believe investment in a challenging economic climate bears fruit in the long-term. Currently, we are actively looking at the possibility of apprenticeships to expand our workforce and create employment opportunities. In addition to this, we have also started a programme of middle management development. Investment in training and development can improve problem solving skills, retain talented workers, reduce costs and enhance customer service.

Supporting Mental Health in the Workplace

We are committed to promoting positive mental health for all staff and taking the necessary steps to support employees. We have had to deal with several issues relating to mental health for staff and we are committed to supporting our employees through their challenges. This action is essential for the wellbeing of staff and also to maintain staff retention, productivity and reduce absenteeism. As WHO figures show, staff absenteeism is a major issue for companies,

“Twelve billion working days are lost every year to depression and anxiety alone.”

(Source: World Health Organisation, 2023).

Reflections

Reflecting on investment in staff training, development and support mechanisms during economic downturn, the answer lies somewhere between heart and head. Succinctly put, decisions should be guided by data and facts, but some investments are also based on instincts and empathy regarding staff needs. It is important for a company to think about how their investment affects stakeholders such as employees or customers in terms of well-being and overall satisfaction.

The Pre-Met Formula For Success

Pre-met continues to look at ways at investing in training and development with apprenticeships on the horizon. Furthermore, investment in middle management development and staff training across the board are important ongoing practices to maintain consistent success in our industry. Lastly, Pre-met places great emphasis on supporting positive mental well-being for staff. Our consistent approach in these areas bears fruit because we have recruited a well-trained, loyal workforce with minimal staff turnover through astute investment during economic downturn.

Stay tuned for more insight into the Pre-met story as we look to pave the way for others to hopefully achieve a double century.

< Older Post Newer Post >

Mail

Pre-Met: Key Challenges Navigating Business in Tough Times

October 10, 2024

The key factors to staying resilient when global economic drivers indicate swings in uncertainty levels not seen since the 1970s. As we prepare for Winter 2024, with heavy rain hammering the UK and Europe in unpredicted downpours, we look at challenges, and responses of course, for business during a period post-pandemic, with ‘cost of living’ shockwaves easing but residual and persistent economic limpness. Just how does business respond? A strategic approach, prompt action, and careful monitoring of business metrics can provide assured control in securing long-term survival and growth. Let’s find out more…

Maximising Technology in Metal Pressings & Stampings Manufacture

May 1, 2024

An Overview of How Technology Benefits Pre-Met In this article, we explore how technology is maximised in the world of metal pressings and stampings at Pre-Met Engineering. Technology is leveraged at all stages from design to supply chain management. Let’s find out more.

A CEO’S 12 DAYS OF CHRISTMAS

December 6, 2023

The Power of Teamwork At Pre-Met During Global Economic Downturn To kick off the festive season, I have put together the 12 days of Christmas from the Pre-Met CEO’s point of view. Obviously lighthearted but beneath the humour belies a team spirit that has helped us thrive during difficult economic times. In the face of economic downturns, engineering companies face unique challenges that require innovative solutions. One of the key factors that can make a significant difference during these tough times is effective teamwork. In this final blog for 2023, we examine why teamwork is the solution and explore the Kaizen philosophy.

WHY DO BUSINESSES FAIL?

November 7, 2023

The bigger they are, the harder they fall… Unfortunately, another competitor of Pre-met has recently gone into administration. Sadly. this is not an isolated incident as several more continue to post challenging annual financial results, some firms much larger than Pre-met. It is never nice to see another business collapse because that means jobs are lost and families affected. In this blog, we uncover some of the reasons why businesses fail and identify the solutions that can prevent failure.

The 360' Flexibility Solution For Businesses in Challenging Times

September 1, 2023

How Pre-Met laid foundations for transformation in a difficult 3-year period In the business world the cynics might often say, “flexibility is for the customer to demand and the supplier to comply”, whilst others state that it is, “expecting your employees to do everything asked of them without questioning anything”. In this article we explore what Pre-Met has endured and the challenges overcome in the last 3 years. We also explore the foundations laid which allowed us flexibility in business to generate long-term sustainable growth.

How Nimble Is Your Business?

May 11, 2023

Revisiting the importance of being an agile business in an economic downturn In uncertain times being agile as a business can be the key to sustainable growth. The world economy is currently experiencing a downturn - knowing how to respond in these times is paramount. In this quarterly blog we explore the concept of being nimble in business and responding to change in times of both uncertainty and times of growth.

Evolution not Revolution!

November 25, 2022

The Consistent Steps Of Pre-Met’s Success With a legacy of over one hundred years, if revolution were the answer, a one-off event in the annals of Pre-met's history would stand out like a beacon. If only life were that simple …

Doing The Basics Well, Consistently!

October 4, 2022

The Keys To Pre-Met’s Success During Tough Times It is not always easy to identify what makes your company successful. However, one of the characteristics of defining what a company does best often has to be pointed out by a third party. This is because in the optimum cases, it is normally part of the DNA of the organisation. Therefore, an objective third party view can give valuable insights into the how and why of your success. 2019 - A Time For Much Needed Change At the end of 2019 it was obvious to the new management team what historically wasn't working well. However, almost 3 years on, we need to step back to reflect and take ourselves out of the business to refresh our minds about what has been achieved in a period of global, national and local change. In that time period, there were such upheavals that have been rarely experienced to this level before, certainly not in most peoples' lifetimes anyway.

Survival, Success and Beyond!

August 12, 2022

The key lessons learned during a period of global crisis It’s useful to periodically reflect on business decisions from time. This article summarises the valuable lessons we learned at Pre-met, as owners and as a business, over the last 2 years. Although very difficult and demanding from time to time, you will hopefully see how we faced the challenges and overcame them with a more robust business with our whole team more valued and engaged than when we started this journey. Three Core Management Issues Looking back to January 2020, Pre-Met was facing three core issues. Imagine the scenario as a business owner where: You have a decision to take on a substantial volume of new business which didn’t work out quite as expected. You find out, during the integration, two executives made a personal decision to retire. You were just getting your head around these first two points when a major global pandemic hit with an anticipated 40% drop in sales. These were significant challenges facing Pre-met. It took great tenacity and level-headed management to steer through this period, and come out the other side stronger then when we went in.

Pre-met 103 Not Out!

July 5, 2022

Navigating a Time of World Crisis and Managing the Symptoms Any world class cricket batsmen will tell you that getting close to a century is quite dangerous as attention to detail may lapse in the light of being so close to a 100. They might also tell you that is time to step up the ante, ensure you do the basics better than ever, and make sure you have your ‘A game’ with you. This was exactly the position Pre-met found itself in towards the end of 2019, 100 years on since the inception of Lewis Springs Products, its merged partner since 2005. Frankly, had the new management team have taken its eye of the ball 3 years ago, it is extremely likely that Pre-met would no longer exist.