Employers need to remember that when the economy is tough for the company, it is also tough for their employees. So, how can you make the most of your resources while also maintaining employee morale in these tough times? Here are some tips.
Transparent communication builds trust:
- Lead with empathy. Focus on human factors (caring, fairness).
- Be honest about the company’s organizational health and performance
- Provide regular updates about what is known, unknown, and in process
- Promote a “speak-up” culture. Two-way communication is key
- Provide and seek feedback
Workforce Planning:
- Identify critical roles and skills that are essential to retain or further develop
- Have a contingency plan for different economic scenarios
- Create flexible staffing models that can adapt to changing conditions
- Cross-Training to ensure critical roles/skills are not one-deep
Retention Strategies:
- Focus on retaining your current talent (what are current employees interested in – A great reason to seek feedback)
- Do an employee needs/employee satisfaction survey, conduct focus groups, and have one-on-one conversations. You want to make the best use of your budget to focus on what matters.
- Conduct stay interviews to understand concerns and motivations
- Conduct a benefits survey to more effectively use your Total Compensation Program budget with employee needs
Strategic Skill Building:
- Prioritize promoting from within rather than hiring externally
- Provide cross-training to enhance internal mobility
- Create development opportunities that align with your future needs – demonstrate focus on the long-term investment
- Refresh leadership training for supervisors, focusing on emotional intelligence
- Reskilling for the future helps your company remain competitive
Focus on Employee Wellbeing:
- Explore self-care resources for employees
- Implement an Employee Assistance Program (EAP)
- Consider a wellness program (this could also reduce your health insurance premiums)
- Check to see if your health insurance plan can include free or low-cost virtual sessions from a licensed therapist through Teledoc Health, or other programs
Alternatives to Reducing Your Workforce:
- Transition full-time staff to reduced work weeks with proportional compensation adjustments
- Look into the possibility of job-sharing
- Offer unpaid sabbaticals or voluntary time-off programs
If Layoffs are Inevitable:
- Remember, people talk!
- So, if you have to do layoffs, keep in mind that how you manage those will have an impact on future retention and the reputation of your company
Our professional HR Business Advisors at Rocket City HR Consulting can guide you through developing a strategic plan to address all of these areas. Give us a call!
