How the Recession May Be Affecting Your Business & What You Can Do about It

Recession: it’s an ugly word, but unfortunately a fact of life for many businesses.   Managing your workforce when times are good has its challenges; managing it when times are tough can be extremely taxing on everyone involved.. One important factor that must be considered throughout this period of economic difficulty is your people. We rely on people to deliver financial success. A financial crisis often allows a business to take a deeper look at its staff and their potential to grow with the company So what are businesses doing to weather the storm?

 1. Talent Identification Talent management programmes run the spectrum of sophistication and complexity. What is common about successful talent management programmes is a fully integrated approach to workforce planning. This involves contributions from specialists outside the realms of HR in the identification in advance of a need to identify emerging technologies, critical competencies, skills, and experience to align business strategy with human talent.

 2. Role & Competency Design Organisations that achieve and exceed their business objectives have a well defined structure with clear accountabilities and levels of authority. Individuals in successful organisations are clear about their contribution to the business and demonstrate the required competencies (skills, knowledge and behaviours) that are continuously developed so they can progress to meet future challenges.

 3. Recruitment Screening & Selection Processes Successful organisations utilise their competency frameworks to inform the recruitment and selection process and attract candidates with the skills and aptitudes to deliver the current and future requirements of the role.

 4. Induction Processes:  Designing an induction process that goes beyond orientation providing clarity on the role and performance expectations, and enables the new employee to see their part in the process. A customised induction programme can include content that develops awareness of competitors, market trends, industry challenges, future and technologies

 5. Deployment & Redeployment Strategies Matching an individual’s competency set with the interests of the business requires a deployment strategy that enables exposure to projects to align individual competencies with the goal of the project and enable development opportunities.

6. Approaches to Recognition & Reward There will be many differences in how employees prefer to be recognised and what matters most to an employee. Whether its performance related pay, development opportunities, work/life balance this one piece of information is the key to retention

7. Performance Management Providing regular opportunities for feedback and objective appraisal can elevate an employee and ensure that their contribution is aligned to enable the business results required.

 8. Create Learning Maps A learning map is an individual plan developed with a manager that identifies formal and informal learning. The map prioritised development areas outlining skills, training or on the job experience required to address gaps in knowledge of technical expertise

 9. Leadership Development Leadership development is critical at all levels of the organisation not just the managerial level. Enhancing an individuals ability to establish clear goals as well as to motivate and instruct others drives bottom line results in an organisation

 10. Succession Planning Succession is inevitable! Your succession process should identify and prepare individuals in your talent pool for a seamless transition into their role. This requires a state of readiness to take on board the responsibilities required of the role from both a leadership and a financial perspective

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