The global recession may be the worst and unprecedented in human history thus, far, we have experienced several recessions in the past but this one is the most unpredictable period thereby we cannot estimate how many months or years it will take to restore the robust economic growth.

On the other side of the doom and gloom of today's economic downturn, smart leaders look to history for learning. History tells us that now is not the time to cut important foundational programs, but to leverage current conditions for competitive advantage so they emerge from this economic downturn better positioned for success. Researchers forecast that in the next 3-4 years time a whole lot of new market behaviors and segments will spring up which will introduce a myriad of products and services that are recession centric customer needs.

One of the areas that seem to be under pressure is workforce size and employee engagement. Many firms will cut back in this area; some will see this as an opportunity to strengthen their teams through strategic hiring, downsizing and internal communications.

In these times of uncertainty, it is especially important to go above and beyond to strengthen employee engagement. Leaders may set the direction, but employees make things happen, including building and maintaining competitive advantage. Happy, engaged employees aligned with your corporate values, goals and strategy produce amazing results. A culture of pride of ownership permeates the entire organization and results in better products, better customer service and better business results.

This calls for certain change management measure

Explore the needs/sentiments of your internal and external customers

Internal namely being your employees, various departments, vendors, suppliers etc

External being your end users or distributors, channel partners

The first step (and arguably the most important) is communicate, communicate, and communicate. Don't sit in your office and send out e-mails; walk around and reach out to folks personally, and coach your managers to follow your lead. Really talk to employees about what is going on - and listen to what they say; it's amazing what you can learn from them.

Apply the age old practice of “Attithe devo bhava” – Guest is God factor for both your internal and external customer to create that ‘WOW ‘effect as the moment of truth at every customer touch points. Show them that you really care.

If you don't already regularly survey your employees, it's a good idea to have a confidential employee survey program to get the feedback you can't get in person. These can be set up easily using free online survey tools.

However, to be effective, you must act on the results and communicate early and often that you plan to do so. And remember that this is not a once-and-done process.

Your customers and distributors also need reassurance in these difficult times. Making an effort to connect with them now will pay dividends over the long term. Brand loyalty leads to competitive advantage, and customer loyalty boils down to excellent customer service, which enables trust and confidence. Now is the time to reach out and communicate.

Leverage technology tools to enhance regular ongoing communication. Electronic newsletters, wikis and blogs are powerful ways to regularly update your employees, customers and distributors and get their feedback. Streaming video and podcast updates about how you are weathering the storm also are excellent tools. Even the notice board with great visibility and reach can make a huge difference in the morale by recognizing the outstanding contributions made by employees.

Look for quick wins that will serve customers and stimulate sales in the current economy. Are there new products with lower pricing you could offer? Would a review of their current services to ensure they are maximizing any discounts or product combinations make sense? These initiatives demonstrate you appreciate their situation and the lower margin pain you feel now will be rewarded when customers come back for your products and services when things turn around. Plus they are a great opportunity to talk to your customers and potentially identify issues before they consider moving their business elsewhere.

Also, make sure you employees are ready to respond with a higher level of empathy and support for the customer. Now is not the time to offer bad customer service, as emotions are running high and customers will vote with their feet.

When the change externally supersedes the change internally, organizations are either forced to contract or perish. Times may be difficult, but regular, meaningful ongoing communication will ensure everyone is focused on the goals of the organization and working in the same direction. Set yourself in the exploratory mode to try everything and any thing that will increase your chances of your organization to excel. The opportunity to harvest the chaos that is following the recession and the subsequent results will determine the real worth of entrepreneurship. It’s for us to choose on which side of the fence we want to be.