Leading through the Economic Pickle
Skill Lake - Corporate Learning Management Platform
People Development Platform | Enterprise LMS Software - Skill Lake
So here's the pickle -? Budgets are shrinking, hiring freezes are looming, and a sense of unease is creeping in. Most major economies appear to be in a strange place.? While some numbers are looking good, economists are predicting tough days ahead. And your customers, leadership team, board, and CFO want to be prepared for the uncertainty ahead. But no matter what the situation, one thing is certain - HR pros?will likely get most of the blame.?We can’t help you with that. However, we can help you feel better as you warily sail into this storm. Here are four actionable reads to help you navigate through this period of uncertainty. In this edition:
What should you focus on?
This piece gives you an overview of the different areas that need your attention during a period of economic uncertainty. We like that it takes into account the recent post-pandemic shifts in workplace culture, and takes into account the changing needs and expectations of your workforce. The top 5 priorities identified by the author include - productivity, morale, leadership, skills, and resilience. The article offers useful tips to get you started thinking about the specific actions you could take to make a difference. Read the full article here, “Top 5 Priorities For CHROs During An Economic Downturn”. ? “Internal mobility is important for boosting employee retention and engagement during a recession. Restructuring or reskilling your current workforce allows you to remain agile and adapt quickly to the shifting business priorities.”
Help your managers
Your managers and leaders have a disproportionate influence on the work culture and organizational mood. During uncertain times, managers under immense pressure, may desensitize themselves to their team's emotions. While team members become ever more sensitive and scrutinize every word and action. This unsettling dynamic can turn toxic.
In this timeless piece from the HBR, Bob Sutton, a Stanford professor, provides a useful framework to get bosses focused on what their people need from them most. In a situation where people feel threatened, a good boss finds ways to provide more predictability, understanding, control, and compassion. We recommend sharing this article with your managers.
“The chief advice here is to accompany any major change with an explanation of what makes it necessary and what effect it will have—in as much detail as possible. This advice, too, is rooted in psychological research: Human beings consistently react negatively to unexplained events. The effect is so strong that it is better to give an explanation they dislike than no explanation at all, provided the explanation is credible..”
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Leading with Transparency
In the wake of the pandemic, our economy rebuilds. Vital to this process is upholding team morale—a delicate dance between optimism and realism. Your team's engagement is the linchpin of success.
Discover?effective team management with Ted Blosser's guide, "How to Manage Your Employees During a Downturn." Learn methods to maintain team morale during challenging times by striking a balance between positivity and transparency. Whether you lead or collaborate, these strategies steer you to triumph amidst turbulence.
“In April, Gartner projected that employee annual voluntary turnover would likely increase by 20% this year. I believe this number will probably be higher in companies that fail to nurture employee connection, belonging and loyalty. Taking concrete steps to counteract the economic downturn is essential to employee satisfaction and retention.”
Navigating the Next Wave
Timing is everything.? David Windley, a veteran human resources leader and President of IQTalent, in the article "Planning For The Next Increase In Hiring And Recruiting," suggests a "down" recruiting cycle has arrived – the perfect moment to revamp your talent acquisition strategy.
Windley dissects the evolving world of talent acquisition and highlights the pivotal role of applicant tracking systems, AI, and virtual interviews. Gain a competitive edge by assessing systems, embracing cutting-edge tech, and staying attuned to regulatory shifts.
“As the economy rebounds and corporate growth returns, as corporate leaders, we must be prepared to recruit and hire efficiently and effectively with a moment’s notice…By ensuring that your organization is ready for the next wave of hiring and recruiting, you will have a competitive edge when we return to a more candidate-driven market with fierce competition for highly skilled, top-quality candidates.”
Get ready for an exciting dive into workplace dynamics in the next People Pickle issue! We're putting the spotlight on a big challenge: how to encourage managers to give feedback to their teams. Get ready to uncover helpful solutions and enjoy a truly enlightening read!