Profit = Revenue - Cost
If we accept this and that there is limited ability to differentiate to add significantly enhanced revenue, the only option is to reduce cost.
If we want to maintain our wage levels, then we had better be pretty jolly good (read efficient and productive) at what we do.
To do this, we need the best, most reliable processes and should be constantly trying to change them to make them better. Do we do this or are we stuck in the "we've always done it this way" mentality.
Our job security is up to us - we, the every day employees need to be the leaders and all drive the cost down.