The Great Recession 2023: How You Can Protect Your Greatest Asset
05/27/2021 CST • Workshop Room 1
A business owner's most valuable asset is its people. Why is it, then, one of the first responses many businesses make when a downturn occurs is laying off their talent? We know that a downturn, like a recession, can impact businesses with declines in sales and profits. Recessions are also unpredictable, and they can be short-term or long-term. Either way, your greatest asset should be protected, not threatened. When you focus on organizational culture, you earn the respect and loyalty of your employees – especially your best-performing ones. Keeping your employees engaged amidst uncertainty can help your business get back on track toward growing your bottom line. If you ignore the importance of your greatest asset and create too many cuts, this could cause issues with hiring later and delay growth.
The goal of our workshop is to help you feel confident to create a supported work environment to retain top talent and avoid turnover costs, keep your employees engaged through uncertainty, set your managers up for success through training resources, such as labor management, and having difficult conversations with hiring freezes or layoffs. Finally, evaluate expenses such as vendor partnerships to ensure the budget has a solid return on investment.
Lauren Doorlag is an SPHR-certified and people and client-focused HR leader at Tandem HR. With over ten years of HR experience working within a wide array of industries, Lauren understands the needs of a business, finds the root cause of a problem, and offers a solution that works best for the company and its people.