How to Be a Successful Manager in Times of Recession
Recession is one of the biggest challenges employers are facing today. Layoffs and budget cuts create an uncertain environment for employees and business owners. You may be wondering how to navigate the current financial climate. We’re here with crucial information to help you strategize and manage budget-related issues before they arise.
Be prepared
One of the best ways to get ahead of a recession is to plan. Look at your budget and find ways to save now. This could mean trimming costs in one department or finding creative solutions to minimize spending. You may want to bring on temporary workers for a busy season instead of full-time or find ways to restructure the current workload to avoid unnecessary hiring. Source One offers labor cost reports to give you an overview of your budget and time.
evaluate what you offer
Look at each process and department within your organization. Is there something you could update to attract more customers? Pivoting to serve clients, increase sales, and cut inefficiencies will help you make the best use of your current resources. If you are in manufacturing and you offer multiple products, is there one that is not selling well? Are your processes for the customer updated and easy? Staying competitive may mean adjusting. Find ways to maximize what is working well and trim the fat on what is not.
take care of current employees
Just as you may be feeling the stress of the recession, your employees may be as well. They may need additional support. Implementing a program like an Employee Assistance Program allows your employees to call a therapist and discuss their concerns. Communicate regularly with them and think about how high-level decision affects their day-to-day responsibilities. Use effective change management strategies to help employees feel empowered and knowledgeable if shifts occur. As changes happen, consider what benefits you can offer employees that aren’t financially related. Consider flexible scheduling or offering other non-financial incentives that increase retention.
train leaders
Identify the current leaders within your company. If there is an established employee within your organization that has a great rapport with other employees, consider asking them to be part of the process of evaluation. They may be the right person to help you keep morale high and can give you insight into what employees need. Ask your employees for feedback and offer training to current leaders on risk and change management. Empower them to think creatively with you and bring solutions to the table.
Looking for more information?
Source One releases a blog every week on topics like industry trends, effective leadership, and recruiting to help you stay ahead of the game. We strive to offer you resources to help you not just survive the recession, but to thrive. Source One is here to answer your question, provide you with fresh insight, and offer guidance on your toughest HR challenges. Don’t hesitate. Start planning now. Give us call a or send us an email today!