12 Tips to Survive and Thrive During a Recession

By greytHR
1 minute read ● October 04, 2023
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12 Tips to Survive and Thrive During a Recession

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?

Watch the recording of the entire webinar

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