Many of us have been feeling the squeeze since 2022 brought about the cost-of-living crisis to our doorstep. And as we’ve entered the winter months, and inflation rates continue to soar, the mutterings of a recession have become more of a reality.
We don’t know what 2023 will hold, so the only thing we can do is prepare so that when the inevitable happens, your organisation is ready. But there’s only so much preparation you can do when you’re uncertain of the future.
So, what’s next?
Well, when we said we’d have you covered every step of the way, we meant it.
Here’s your five-step survival game plan:
In challenging economies, hiring freezes are the norm, and unfortunately, so are redundancies. But how is it possible to succeed when you can’t hire the new roles you want, and have to let go of a percentage of your workforce?
This is where resettlement comes into play. But if you’re shuffling around your existing teams to fill in the gaps, efficiency must be at the forefront. But how do you truly know where to place people for efficiency?
Data is truly your best friend.
Talent Management Software makes tracking people’s progress easier, with streamlined processes saving you valuable management time and resources. With the ability to identify, track, and develop your teams, you’ll be motivating them on their development and reshuffling their journey to ensure people success. And Talent is exactly what you need.
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 to understand where your people will be most efficient in filling in the gaps your business has.
Talent is there to support your business-critical succession strategies (such as surviving a recession), enhancing your HR capability and strengths. With data-driven decisions, you can ensure you’re prepared to succeed and grow, even in a recession.
Unfortunately, a challenging economy can result in difficult people decisions. Whether it’s shuffling people around or redundancies, making your workforce smaller is never easy.
As expected, it can bring a lot of negativity. But you don’t want to part on bad terms, especially because who knows what will happen during and after the recession?
In this dynamic world, situations could change within a few months, and you may need to grow your workforce again. And wouldn’t it be great to get your beloved, trusty workers back? Well, that’s only going to happen if you give them a good offboarding experience, even help them prepare to find new opportunities.
A good experience being let go? We sound ridiculous, we know. But it can be done.
With Sapling, our onboarding and offboarding tool, you can ensure you give your people the best experience from before the very first day, to the last. With automated tools that can ease the transition for your leavers, you’ll be supporting a more positive experience for those involved.
It’s not just software to make your people happy, but to make you happy too! No more endless hours of paperwork and manual tasks. Sapling automates all your workflows to save you time, money, and sanity.
When redundancies have been made, and your existing teams need to be moved around the organisation, productivity and morale will be at an all-time low. To succeed in a challenging economy, your people need to be engaged, but this is tough when there have been a series of redundancies. So, how do you boost engagement?
Make L&D a priority!
80% of workers stated that L&D opportunities help them feel more engaged in their work. By providing your people with L&D opportunities, you’re allowing them to reskill and upskill to support their learning as they take on new roles and responsibilities. By developing their skills, you’re allowing your people progression opportunities, which will in turn increase engagement and retention because they’re happy.
How can you expect me to provide extra L&D to my teams with already limited time and resources, you ask?
Investing in a Learning Management System is your answer.
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.
Besides, 72% of global organisations see LMS’ as a competitive advantage. Have we tempted you? Find out more here.
In a challenging economy, nobody feels secure, especially if you’ve had to let some people go. Always worrying about what’s around the corner, it can be a hard time, and morale can fall to an all-time low. With everyone feeling this gloomy situation, how can you boost your people to ensure motivation and productivity increase?
Continuous performance management.
Did you know that 85% of workers who receive weekly feedback are more engaged?
Performance management is not just about ‘reviewing’. It’s about making goals, creating opportunities, and motivating your people. Even in a recession, people will move on if they are unhappy in their current role or company. So, if you want to keep your best talent, you need to show you’re invested in their career growth and development.
With Perform, your team’s performance is continuously monitored to ensure goals are met and opportunities are created. Allowing both you and your team to provide feedback, planning for growth and development has never been easier.
It’s a tough time, and some may be suffering more than others, which is why it’s never been more important to check in with your team, whether in a 1:1 or a general chit chat, to ensure they’re okay. Survival is at the forefront, and your people may feel like they should be working at full steam ahead. But remember, take regular breaks, go out for lunchtime walks, and enjoy your weekends! Our new wellbeing course provides you and your team with the tips and advice on improving wellbeing, whether physical, mental, or financial. Life needs to be lived, and despite the worries people may have, there needs to be enjoyment.