December 2008 was a month that businesses do not care to remember because it was on this month that they were forced to eliminate 695,000 jobs. Entire industries including banks and the automobile sector were on the brink of collapse but were saved by billions of federal dole outs. However, the present is a lot different from the past particularly with the desire of White House aides to put a positive spin on Obama’s legacy to the American people.
Last Thursday, Obama’s White House Council of Economic Advisers released the 8th and final Economic Report of the President, an analysis of the state of the US economy. If you will read carefully, you will notice some unfinished business of the Obama administration including what went wrong with the economy and where progress towards higher standards of living were virtually fleeting or nonexistent.
Listed below are some examples of unfinished business that will be passed on to Obama’s successor:
- Weak productivity growth – Americans have become less productive. Technological progress has slowed down and the government did not have the tools to help.
- Income inequality – the Obama administration has made some gains in the growing economy with higher minimum wage rates, laws favorable to labor unions and less regulatory barriers to people in their preferred working fields but it was not enough.
- Labor force participation – unemployment rate dropped from a high 10% to 4.6% but it was helped by people reaching retirement age and people who dropped out completely from the labor force.
- Economic sustainability – there is a great deal of work to be done with the US economy to make it more resilient when the next downturn hits the nation. However, there is no doubt that the US is in a better economic position than it was before Obama became president.
There are several reasons why companies need business process reengineering. Unproductive activities and redundant human labor can be removed to accelerate flow of information and get rid of job repetitions. Accountability is increased among workers and performance appraisal becomes easier because of fast feedback. Customer’s needs are fulfilled quickly to make them truly satisfied.