Over the last few weeks, after a massive defeat at the UK general election, several senior staff in the Conservative Party have reportedly taken voluntary redundancy, with more staff cuts expected to follow. Perhaps not surprising, as morale is not likely to be high. But it raises an interesting and broader career development question: is it better to leave an organization in decline or which has suffered a major downturn? Or are there benefits to staying with it?

There are four main questions when it comes to deciding our career path after our organization has undergone a major business failure, downturn or adverse event.

1. What’s happening in leadership?

First, we need to consider: will the old leadership remain in their positions? The likelihood is that they will be replaced, so the next thing to assess is if the new leadership is likely to be more resilient and successful than the former leaders.

Authentic and engaging leaders are more effective, and tend to get the most out of their subordinates, and retain them longer within the organization. As Lao Tzu, founder of the Taoist religion, reflected on leadership: “A leader is best when people barely know he exists. When his work is done, his aim fulfilled, people will say, ‘we did it ourselves!'”

2. Am I valued?

More important than what’s happening to the leadership is: will they be more or less likely to value my contribution and skills? That is to say, do I see greater opportunities in the medium to long term by staying rather than leaving?

This, of course, may require staying put for a while, to assess the new management and what opportunities come your way. This reflection period will help you consider your future career decisions. As Renaissance polymath Leonardo da Vinci wrote: “To remain constantly at work will diminish your judgment. Go some distance away, because work will be in perspective and a lack of harmony is more readily seen.”

3. What’s the damage?

Then you need to consider whether your “personal brand” has been damaged by being associated with the failed organization. If you think it has, than leaving may not be the optimal solution, because it may be very difficult getting a job, particularly in the short term.

4. Is this a chance for change?

This will lead to another consideration. Is this an opportunity to do something entirely different, given your skill base, rather than continuing in this function or sector? Would it be best to do something entirely different? As US industrialist Henry Ford wrote: “If you always do what you always did, you’ll always get what you always got.”

In making up your mind to leave the sinking ship, don’t automatically seek another job in the same role or sector. Take some time to think through a range of options.

A new path

It’s a lie that people hate change. In my book, “The Myths of Management,” co-authored with Stefan Stern, we write: “It’s not true that ‘people hate change.’ Bought new clothes recently? Or even a new car? People hate stupid, unnecessary, imposed change.” We go on to conclude: “They can and will cope with it—even enjoy it—if you give them a chance … and a say in the process.”

Taking control of a new career path means identifying your strengths and weaknesses, as you explore the various options open to you.

First, what would I ideally like to do? Second, what skill base and personality predispositions do I have to do this job or peruse this career option? Will this require training and development to make up for some deficits in my “skills portfolio?”

Third, will this job give me a sense of purpose? As John Ruskin, the social reformer, wrote in 1851: “In order that people may be happy in their work, these three things are needed: they must be fit for it, they must not do too much of it, and they must have a sense of success in it.” This still holds true today.

This article is republished from The Conversation under a Creative Commons license. Read the original article.

Countries globally are rapidly transitioning to a cleaner energy future—accelerating their push for electric vehicles alongside ambitious targets to phase out gasoline and diesel in transportation. Global electric car sales surged by around 25% in the first quarter of 2024 from the same period in 2023 and are projected to reach approximately 17 million units by the end of the year, accounting for more than one in five cars sold globally.

In Singapore, under its Singapore Green Plan, all new car registrations will have to be cleaner-energy models by 2030, with a target of 60,000 EVCS by the same year. As an essential infrastructure within the broader push for electric vehicles, a comprehensive understanding of EVCS deployment and associated factors is crucial for policymakers, industry stakeholders, and consumers.

Researchers from the Mens, Manus and Machina (M3S) Interdisciplinary Research Group (IRG) of Singapore-MIT Alliance for Research and Technology (SMART), MIT’s research enterprise in Singapore, in collaboration with the University of Florida, Melbourne Business School, Tongji University, and the Massachusetts Institute of Technology (MIT), have published a study in Nature Communications, one of the first worldwide, that demonstrates the economic benefits of Electric Vehicle Charging Stations (EVCS).

In the paper, titled “Effects of Electric Vehicle Charging Stations on Economic Vitality of Local Businesses,” the researchers analyzed data from over 4,000 EVCS and 140,000 business establishments in California, U.S., finding that installing one EVCS boosted spending at nearby establishments by 1.4% in 2019 and 0.8% from January 2021 to June 2023, leading to an overall increase of USD 6.7 million in 2019 and USD 19.5 million between January 2021 and June 2023, with EVCS attracting higher-income, exploratory visitors and residents.

Akin to the successful business practice of having convenience stores at gas stations, the research illustrates that combining accommodation and food services; arts, entertainment, recreation; and retail trade options with EVCS can significantly boost revenue by attracting more customers, thereby enhancing local economic vitality.

Using a ‘difference-in-differences’ methodology—a way to measure the effect of something (like a new policy) by comparing changes over time between two groups (one that experiences the change and one that does not)—and analyzing data from 4,000 EVCS and 140,000 business establishments in California, U.S., the researchers established a causal link between EVCS presence and favorable economic outcomes.

While EV owners were more likely to be from higher-income populations, with EVCS attracting higher-income visitors, the economic benefits were not confined to high-income neighborhoods. The installation of EVCS also stimulated consumer spending in underprivileged areas—serving as a potential catalyst to enhance economic vitality for businesses within these communities.

The study revealed that strategically positioned EVCS could significantly impact urban planning and economic development. For EVCS operators, this offers an opportunity to create business models and strategically partner with local businesses to drive local economic growth, while policymakers, including those in geographies with a growing EV market such as Singapore, can use these insights to integrate the economic benefits of EV infrastructure into their planning and investment strategies.

The research team employed a comprehensive analytical framework, analyzing real-world data from various regions in California, U.S., using advanced statistical techniques, machine learning, and economic forecasting to ensure high confidence in their results. This approach not only sets a new benchmark for EV infrastructure research but also provides a solid foundation for future studies on the broader impacts of EV adoption.

“Uncovering the synergistic relationship between EVCS and urban planning is essential for the creation of sustainable cities. Our research emphasizes the importance of a comprehensive infrastructure approach that incorporates EVCS into broader mobility and land-use strategies,” said Dr. Yunhan Zheng, Postdoctoral Associate at SMART M3S, first and corresponding author of the paper.

“By optimizing EVCS placement and considering factors such as public transportation accessibility and green spaces, we can develop more livable and climate-resilient urban environments.”

“Electric Vehicle Charging Stations (EVCS) can be powerful catalysts for economic growth, particularly in underprivileged areas, and our findings provide useful insights for policymakers and stakeholders committed to advancing clean energy goals while fostering economic development,” said Professor Jinhua Zhao, Lead Principal Investigator at SMART M3S, Professor at MIT, and one of the authors of the paper.

“Drawing on insights from research and theoretical frameworks, strategically deployed EVCS can stimulate job creation, attract new businesses, and enhance property values, resulting in economic and social benefits of clean energy infrastructure.”

Moving forward, SMART M3S’ work will concentrate on conducting further studies to optimize the placement of future EVCS in Singapore. Building on insights from current research, the team aims to maximize the positive impact of EVCS on local economies by strategically positioning these stations to stimulate economic growth and development within Singapore and globally.