A recession is every business’s worst nightmare – even before it begins. There’s too much uncertainty. We don’t know how long it will last, who it will affect, and how we can recover.
So, how do businesses achieve people success in a challenging economy?
They invest in their people.
However, only 1% of senior and junior employees across financial operations believe that their organisation is currently prepared.
Preparation is crucial – and we’re here to help.
Employee engagement is key
No matter what, your people should always stay a priority, especially in a recession. We can be fooled into thinking that because it’s an economic downturn, retention will be at an all-time high because finding a new job is scary enough. But that’s just not the case.
If your people are unhappy, they will move on. And can you really afford to lose your best talent amidst the recession?
Replacing talent is not cheap. In fact, on average, replacing a team member can cost £30,614. And that doesn’t even account for all the loss in productivity, and time spent recruiting and onboarding, especially when this could be used to help your business thrive.
Employee engagement has never been more crucial. You need people that will be skilled, productive, and committed to helping navigate your business’s success through the recession. But this will only happen if they are happy, motivated, and engaged. So, how do you start?
Invest in development
A whopping 43% of learners said they wanted more learning this year. Whether it’s for career progression, upskilling, or reskilling, your people want to learn. But how do you provide learning with the right tool for what your people need?
Invest in a Learning Management System.
With an LMS, your people will have access to eLearning, as and when they need it. With engaging learning available, your workforce will strengthen, producing more creative and motivated people to ensure growth continues. That is what’s going to keep the best businesses thriving through – and after – the recession.
Don’t forget compliance
In times like this, things can get put on the back burner. But your compliance should never be one.
With an LMS, you’ll never need to worry. An LMS provides your people with a suite of engaging eLearning, so they stay up to date with their compliance, from wherever suits them. Saving time and admin burden with robust reporting, managers can easily see who has overdue training or is underperforming. With less time worrying about the small stuff, growth can be at the forefront.
Managing performance
Development opportunities are great. But your people want to know where they’re headed. A recession brings hiring freezes, puts promotions on hold, you name it. And it’s not easy for the team. Your people want to see a route for progression, and if you’re not providing that, the less likely they’ll see a future for themselves in the business.
Performance management gives your people the confidence they need from you that they’re important to the business and that you value them. And your people want to help the business too! In times of economic turmoil, your loyal people want to see the business succeed, but they need to know how they can help pave the way.
Surprisingly, 43% of learners felt their performance reviews are less frequent and effective than they used to be. We get it. It’s busy, and performance reviews feel like a task too many. However, with performance management software, managing performance has never been easier. Perform enables you to monitor performance continuously throughout the year, provide feedback, and goal tracking.
Assess your business health
Unfortunately, in times of looming recessions, difficult decisions need to be made. When money is tight, and survival is at the forefront, how do you make these decisions?
Performance management isn’t just about boosting your team’s confidence, but the business’s too. Managing performance gives you the ability to assess the productivity, success, and weaknesses of your people to give you the information you need for the business’s growth and survival.
It’s never easy to think about the reality of recessions and what it means for your business, from recruitment freezes to the worst-case scenario, redundancies. But planning is essential for success, and we can help you with that burden.
Perform helps you to figure out where efficiency is low and identifies the skills gaps so that you can understand what needs to be done.
Talent Management software also helps you to plan for the future with streamlined processes. Flexible and intuitive, Talent offers powerful analytics for clear insight and evaluation of individual performance and potential. It provides all the data you need to map, develop, and analyse key talent and business-critical succession strategies, enhancing your HR capability and strengths.
With data-driven decisions, you can ensure you’re prepared to succeed and grow, even in a recession.
Get ahead for your people
When the future looks uncertain, it’s time to prepare. When needed, financial decisions can feel ruthless. But if you get ahead of the game, you’re sure to keep your best talent. Make a plan, invest in your people, assess your business health, and watch your business thrive, even in the most difficult times.
Written by Claire Moloney Claire is an enthusiastic and meticulous content writer whose passion is to support growth and continual learning for everyone.
