It’s hard to predict the exact timing and impact of a recession, although the media gives us a hint. Nevertheless, preparation can minimize the impact and help organizations survive and thrive during trying times. As a function that’s begun to play a strategic role in organizations of all sizes, HR can certainly make a notable contribution here.
Ketan Krishna, People and Governance Head, RentoMojo & Venture Partner, YourNest Venture Capital, spoke at our Parichay webinar session and shared his views on what leaders and HR need to do to survive a recession. Delving deeper, he underscored the criticality of crisis management. What’s more, he offered valuable tips as takeaways 👇.
Learn from successful role models and organizations that have walked a similar path.
Adopt a balanced approach to everything; don’t rush ahead without solid basics and processes in place. Take enough time to reflect and recalibrate.
Make decisions based on genuine organizational needs rather than jumping on bandwagons.
Manage the ambitions of the young workforce by understanding and helping them leverage their strengths.
Surround yourself with positive influences and role models to align your efforts with your goals.
Encourage all HR practitioners to understand technology, customers, and business so they can help create valuable solutions for the organization.
Personalize the communication to engage employees better, build trust, and enhance their experience.
Don’t just address the symptoms of burnout and poor engagement. Adopt a personalized, data-driven approach and address the root causes.
Learning & development (L&D) should not be a free-time activity. It must evolve and become more relevant to employees, so they too will be willing to take ownership.
Leaders must engage in candid conversations with team members and empower them to make informed decisions.
Embrace the right technology and data to position HR as an investment center rather than just a cost center.
Choose technology based on your organizational needs, stage of growth, and long-term reliability of the tools.
Want to dive deeper and learn how organizations can prepare for a recession and ensure that they are least impacted?