Global recession, massive layoffs and lack of capital resources for investment have created fear and uncertainty even among those who are still holding on to [their] jobs. This cuts down the circulation of money, further fueling the fire of economic crisis.
The market will continue to be price-conscious for a long time to come. The drive for lower prices will be much more aggressive, as the competition for survival and revival heats up among global players.
Is the U.S. manufacturing sector and particularly the plastic industry ready for such global competition? Not until we root out the root cause of current crisis: mismanagement.
To recover from this crisis and face stiffer competition, we must dismantle and redesign our business management system and organizational leadership structure. Let's develop measurable standards of performance and an equitable rewards system: the code of ethics and system of accountability for everyone in the organization a sweeper all the way up to the board members and CEO.
This will cut down overhead costs, increase efficiencies, reduce waste and promote genuine creativity and real innovations at all levels of the organization.