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How to adapt your HR strategy in tough economic times
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CloseThings you'll need
- An engaged workforce with the skills to steer your organisation through the tough times.
Adapting your HR practices in response to the current economic pressures will help your organisation remain cost effective, competitive and to exploit opportunities presented by adjustments to labour markets.
Absence management
If you have a higher than average level of sickness absence, reinvigorate your attendance management practices. Typically this will reduce absence by up to 20%.
Recruitment
If you have vacancies, pursue and exploit the current labour market adjustments. There are big pockets of redundant workers with excellent transferrable skills and competencies.
Employee engagement
Provide clear leadership and direction. Engage with your people in periods of change. If you are making redundancies, devise a strategy to ensure those who remain continue to be engaged.
Learning and development
When evaluating L&D ask if all activities remain current, what new skills and competencies are required for next 12-24 months. Consider more cost effective forms of delivery such as developing in-house trainers or e-learning.
Pay and benefits
Are your benefits affordable and in-line with your employment market competitors? Many employers are reviewing occupational sick pay entitlement, contractual hours and annual increase mechanisms.
Redundancies
Ensure your procedure and selection criteria enable you to retain employees with the skills to deal with the challenges over the next 12-18 months. Consider alternatives such as sabbaticals, secondments and part-time working. A free guide to managing redundancies can be downloaded here.
Retention
As human behaviour generally becomes more risk averse in turbulent times it is likely less people will consider a voluntary job move. Review the impact of this change on your planned recruitment and training budgets/activities.
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