What Role Can HR Play in a Turbulent Economy?
This article is from guest blogger
Varghese David, writer.
For many economic analysts, the end of 2008 has brought the world economy into a new era – the “Age of Turbulence.”
For them the world today is more interconnected and more dependent as globalization and technology have combined to generate a new level of fragility.
Indeed, business leaders have always lived with some level of risk and uncertainty although today the pace of change and magnitude of the shocks are much larger than before. Therefore, we ask: How today’s businessmen deal with the economic turmoil?
Some organizations respond to crisis by promoting deep cuts in their costs, renegotiating contracts with suppliers – in search of lower prices – and laying off workers generally.
Therefore, many business owners end up using the executives of Human Resources to try and minimize the damage and stay the course.
But getting the most out of employees in this type of scenario may seem an impossible task, although this is the ideal opportunity to reconfigure processes and fix what is wrong.
Being honest and open in communication with employees, rewarding them in creative ways and encouraging them to participate in the most difficult decisions will certainly help in maintaining and strengthening the motivation of the employees.
It helps your business sustain amidst the economic chaos.
Do not Stop Recruitment
Phases of slow growth is more easy to make time for training new employees and in addition, it is worth remembering that those fired during the recession may have to be admitted during the recovery phases.
Raise the Standards of Recruitment
During the hard times many talented people are available in the labor market the company can get them without making many concessions.
Be clear with your employees by providing them with the real financial situation of organization.
Usually they accept layoffs when they understand better the economic reality of the company.
Changing the approach
In general, the executives set the strategy to be followed and let it flow from top to bottom. However, this approach sometimes does not mobilize employees around common goals. Thus, organizations need to move their employees in an attempt to identify where and how to cut costs.
Therefore, identify the employees who most influence people in their areas and spread the spirit of change. These are employees who know how things really work, and certainly have a “knack” for gathering certain employees to do “something” happen.
Increase Personal Trainings
During recessions employees need new skills which they can get through training. Moreover, the training increases the motivation of people.
The implementation of such strategic behavior will create new cultures in which everyone will be more in tune with the environment and certainly, will have the tools to know how to deal with the uncertain future in order to protect the organization from the threats of the environment of economic turbulence.
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