Developing the Recession-Proof Workforce
The latest labor statistics help tell the story of the continuous churn in the workforce. Unemployment was 5 percent for April; the annual average for 2007 was 4.6 percent. The rest of the story is that the most talented employees are coming and going as usual, because hiring does not stop even in a down economy. They will do what they believe is best for them. And among the departures may be some of your top talent. When you agree that the only way to compete is with the best people, try some of these ideas to manage and keep the best:
Build a recruiting strategy that operates all the time – not only when people leave. If you shop for talented people only when you see turnover, you will be presiding over a system where jobs either stay open too long or you hire in haste (and repent not too much later). Remember this equation: Open positions = poor productivity. Poor productivity = both customer and employee dissatisfaction. Jobs left open too long = a financial drain, not a savings. Jobs left open for extended periods also may create more openings.
Be a matchmaker. Make sure of the person-to-job match from the very start; do not hire someone who "sort of" works and hope for the best. Do not rely on your instincts. Do not hire someone because he or she is charming or just like you. Smart business leaders use assessments to guide them.
Know your employees. Find out what their dreams are, and help them realize those dreams by developing their skills. Knowing what they want starts at recruitment and continues throughout an employee's career.
Cross-train. When superb workers know how to do many things, you can place your employees strategically. Challenging your best people in this way lets both people and organizations grow.
Find creative ways to reward excellence. If the bonus pool is limited, you can make the award more meaningful by giving it to those whose performance is stellar. Spreading it out equally among all employees, even those that did not perform so well, diminishes the meaning. Your best people expect to be recognized. Also, be innovative beyond financial rewards. If you know what your employees value, figure out ways to see they get it. Some ideas: Extra time off, challenging training for new jobs, flexible hours.
Get out of the way and let your excellent workers perform their magic. Keep your door open but do not micromanage. You might learn something new as well.
Build a recruiting strategy that operates all the time – not only when people leave. If you shop for talented people only when you see turnover, you will be presiding over a system where jobs either stay open too long or you hire in haste (and repent not too much later). Remember this equation: Open positions = poor productivity. Poor productivity = both customer and employee dissatisfaction. Jobs left open too long = a financial drain, not a savings. Jobs left open for extended periods also may create more openings.
Be a matchmaker. Make sure of the person-to-job match from the very start; do not hire someone who "sort of" works and hope for the best. Do not rely on your instincts. Do not hire someone because he or she is charming or just like you. Smart business leaders use assessments to guide them.
Know your employees. Find out what their dreams are, and help them realize those dreams by developing their skills. Knowing what they want starts at recruitment and continues throughout an employee's career.
Cross-train. When superb workers know how to do many things, you can place your employees strategically. Challenging your best people in this way lets both people and organizations grow.
Find creative ways to reward excellence. If the bonus pool is limited, you can make the award more meaningful by giving it to those whose performance is stellar. Spreading it out equally among all employees, even those that did not perform so well, diminishes the meaning. Your best people expect to be recognized. Also, be innovative beyond financial rewards. If you know what your employees value, figure out ways to see they get it. Some ideas: Extra time off, challenging training for new jobs, flexible hours.
Get out of the way and let your excellent workers perform their magic. Keep your door open but do not micromanage. You might learn something new as well.
posted by Randy Hill at
9:29 AM
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