Opportunities Around A Recession

Recession is beyond the decline and fall in trend. It is the best moment for organization HR to audit and restructure in readiness for the wave boom.
Seven best HR practices during the burst; recession;
 
1. Consolidate Workforce:
Workforce consolidation is a huge opportunity that any organization has nowadays.
This is not only in terms of having a leaner workforce, but also in redeployment of
the workforce to improve utilization and efficiency.
 
2. Make organizations more performance-centric:
The recession has forced organizations to take a close look at the workforce and
identify the real performers. The non-performers have either found their way out of
the organization or have been put on a short notice to ‘deliver or perish’.
 
3. Identify real talent:
The renewed strict focus on performance alone for survival in organizations has not
only exposed low- and non- performers, but has also brought to the fore ‘real talent’ in the organization.
 
4. Develop talent as leaders:
A recession is the right time to wisely invest in the development of talent, both in
terms of skill sets and in the form of future leaders. The focus has to be on how much
they are investing in their employees and what skill sets they will need to grow their
businesses in the future.
 
5. Review and restructure policies:
The mad pace of hiring, training and appraising seems to have come to a screeching
halt. And if not to a complete full stop, the rate is low and slow. This also gives HR
the time to revisit its policies, compare them with the best-in-class practices and
restructure them for maximum effectiveness in the present and the future.
 
6. Build employer brand:
Despite the fact that many companies have put a freeze on hiring, both hiring
talented people and retaining them will continue to be a challenge for HR. Hence, keeping the employer brand intact and re-building the same could have a cascading
impact later.
 
7. Communicate and build trust and morale:
Communicating with employees not only remains one of the greatest needs of HR, but is also an opportunity to build the trust and morale of people during tough times.
Finally, off the 7 opportunities in a recession is a sustainable HR manpower practice referred as Outplacement.
 
According to Raymond Joe, sometimes organizations are left with the tough decision to lay off some of their employees; it’s a harsh reality that no employer or employee wishes to face.
However, when no alternative is available that doesn’t have to be the end result. Companies can now choose to offer extended support to those exiting the business as part of the social responsibility of the organization, also known as outplacement services.
 
A situation where downsizing is unavoidable, mostly in a recession, organizations should adopt Outplacement services of manpower life-cycle management. This way employees and organizations benefit.

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