HRHeadStart #32: Recession & HR; Blockchain Fundamentals; Body Language
The Talent Agenda
I had written earlier about Scenario Planning and how it can be a great tool for dealing with uncertainties. A large share of economists are predicting that the USA will experience a recession in 2023. Given the interconnectedness of the world economy, the impact of a US recession will be felt widely. Confounding the situation further is the tight labour markets, where companies are struggling to find workers to fill roles. If we land in the situation of an economic slowdown and tight talent market, how might HR teams shift their focus?
To answer that question, we can plot a simple 2x2 to visualize different scenarios and proactively start laying the groundwork for addressing the most plausible scenario.
In the “Slow Wheels” scenario above, there are a few key options that HR teams might need to pursue:
This is probably a good time to push back on open requisitions and ask managers why are they hiring for the position and if their teams are organized and staffed in the right way.
It also becomes important to consider temp/contract/gig workers to handle the work while avoiding fixed employment costs in a tight business environment.
Just like how the best investors use a downturn to pick value stocks, the focus should be on picking internal talent and reallocating them to the most important business initiatives.
Companies might still want to attract high-value talent for critical roles. Hence, it is key to articulate and deliver a clear and differentiated employee value proposition. This goes well beyond logos, taglines and gimmicks to really zero down on the “total deal” that the company offers.
These are just some thought starters. What else could we do to deal with uncertain futures? Leave a comment or reply to this email with your ideas.
One of the most critical skills for HR professionals is to be able to speak the language of business and have a grasp on topics that are top-of-mind for business leaders. One such contemporary topic is the Blockchain, which is essentially a digitally distributed, decentralized and public database that exists across a peer-to-peer network to store records of transactions through cryptography. There’s quite a few jargons in that supposedly simple one-line definition. So, here’s an amazing article that breaks down WTF is the Blockchain and how it works. Thankfully, someone made the effort to explain it in plain English!
A Productive Workout
A workout is a great way to create mindspace for processing and learning new ideas. And it primes you for creative thinking. For your next walk, run or workout session, check out this video which talks about how to make body language your superpower. Plus, an interesting read on what to do with your hands while making presentations. I hope you can find some tips which you can start applying instantly in your next presentation/talk.
“Education isn’t something you can finish.” ~ Isaac Asimov