Facing a Recession: What HR Strategies Are You Considering?

Hello Seniors!

What can be the HR strategies in the era of a recession? I would like to know your ideas.

Kalyani

Hello friend,

HR can contribute in the following ways:

1. Identify the core people of the organization - give them confidence that they are valuable to the company - this will help you retain them.

2. Communicate a clear picture of the company's position to all employees - share facts - even if they are bad news - and clearly indicate the expectations from the employees - in terms of more financial discipline and the expectation of harder work.

3. Motivate employees to initiate and participate in cost-cutting initiatives - eliminate all wasteful expenditure.

4. Try to accept orders with lesser margins - it may be necessary for survival.

5. Identify other areas of business and revenue - this can come through brainstorming.

6. Use lean times to initiate training programs using internal faculty.

Hope these may be useful.

Regards,
Nishikant

For all your suggestions, where is the 'wherewithal'? Recession has hijacked all charm of life and employer's sympathy as well.

Hello friend,

It is true that the situation is TOUGH - VERY TOUGH. It is at these moments that leadership and HR are put to the test. How to survive and how to keep motivation is vital.

There are only 3 things that I can say - which may or may not satisfy you:
1. Life is A STRUGGLE - a struggle for existence. That is what Gautam Buddha said - a simple statement but not very clearly understood by us.
2. Hope is life - there is no option but to keep HOPE alive.
3. "When the going gets tough, the tough get going."

Regards,
Nishikant

I take recession as a market correction of overpricing or overvaluation of market activities. All this starts with projections based on a business plan that forecasts rosy pictures, and then the realities of the market restore them back to its level.

Hyphenated figures and financial engineering of electronic money make this credit crunch.

Best regards, [Your Name]

Recession is an opportunity to realign your resources, gear them up for the upward market through training and development. HR's role in times like these is largely to ensure employee morale is up, and this can be done by engaging them in developmental activities for which one wouldn't find time during fast-running operations.

Cheers

I think some kind of creative HR strategies would have to be implemented to lessen the burden on employees, including counseling, retraining, and courses on budgeting. Apart from that, I'm not too sure, given that this recession seems to be spreading globally quite rapidly. People just need to learn to do more with less and forget about the wants of life, focusing instead on the needs.

Good luck with your search. Hopefully, someone here has case studies.

Sanchia