Value your people
There is no escaping the fact that market conditions are tougher. Many companies may find it difficult to motivate employees and maintain productivity levels during these economic conditions. Whether you are struggling to deliver business as usual, or are managing a targeted restructure, a critical first step is to identify the talent that cannot be lost.
Once you have mapped your talent across the business, you should identify where possible succession risks will emerge after the downturn, develop strategies to hold on to employees who may be targets for headhunters, and act now rather than waiting until the economic climate changes. Think about using your talent differently rather than adding to your headcount, and take a chance by offering internal promotions earlier than planned. Alternatively, offer your employees new challenges in a different part of the organisation. Most importantly, continue demonstrating you value your employees, offer development opportunities and discuss their future with the organisation.
To support this, have a transparent and robust performance management process in place which clearly links to reward to ensure your employees feel recognised for their contribution and that you are remunerating and encouraging the right behaviours necessary to deliver your targets. Now is not the time to rely on the same reward structures you used when times were good. Taking the time to put in place the right incentives will drive the behaviours necessary for your survival and motivate your key talent to commit to your business.
However you are responding to the changes in the market, communicating your business strategy and your employees’ role to endure the turmoil will make a significant difference to the amount of discretionary effort they will use to help your business succeed. Most of all, regularly communicating with your employees will reinforce their commitment to your business and increase your chances of retaining them now and when the upturn begins.
What questions should I ask myself?
- How is the current economic environment affecting my people needs?
- How am I using my workforce differently to reflect my changing revenue streams?
- How am I motivating and rewarding my workforce?
- What reward strategies are my employees telling me they value?
- Do my high-fliers know how much I value them and why?
- How am I using performance ratings to recognise employees' contribution?
- When did I last communicate with my employees?
Our People & Change practice consists of HR consultants and specialists who work together to offer a broad spectrum of multi-disciplinary solutions to support clients through this change process. From strategic workforce restructuring to organisational redesign, employee benefits to benchmarking, communication and stakeholder management to restructuring management, we provide tailored, pragmatic advice.
The breadth of our expertise, combined with our experience of working closely with our business recovery experts to deliver solutions in tune with business cycles, make us a key differentiator in our clients' success.
Our specialists will explore all the cost saving opportunities available for your business and give you the assurance that you are not exposed to people risks. If restructuring or redundancies are the only option for your business, we will guide you through the process to reduce people risks, maximise positive communication, and ensure that you retain and continue to motivate your key talent for sustainable business success.
Our services include:
- Strategic workforce review
- Organisational redesign
- HR transformation
- Employee engagement and productivity
- Employee reward and incentives
- Performance management design and implementation
- Employee communication
- Employee benchmarking
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