We know 98% of CEOs are forecasting a shallow recession in the next 12 to 18 months. As more and more CHROs and People Officers are included in overall business decisions, these roles will be important in determining how well the business does. While CEOs and CFOs promote caution in expenses, how can CHROs help lead, consciously?
Provide support + guidance in talent management
CHROs can help by ensuring employees are motivated and committed to the organization’s success during a downturn through programs that promote employee well-being and foster a positive workplace culture.
Talent management can not only survive but evolve during an economic downturn. Adaptation is the fourth step in our Conscious Leadership framework, because now that we’ve become aware; acknowledged where we’re at (in this case, on the verge of a recession); and taken action toward our preferred outcomes, now we can adapt. Guiding what recruiting will help the organization be most productive at this time will be an adaptive process CHROs can impact greatly.
Help identify + retain key employees
CHROs can help the CEO to identify and retain key employees who are critical to the organization’s success in higher-growth business lines.
With the highest tech layoffs since the dot-com crash 20 years ago, retaining key employees will be crucial to keep business going. Encouraging feedback and input from employees; fostering an atmosphere of flexibility; and placing an emphasis on clear work objectives are all routes to greater retention and employee engagement, but one thing we see as an even bigger barrier for CHROs to help through is stress management.
Keep an eye on stress management
A shallow recession is a time of uncertainty, which can lead to a high level of stress for CHROs and other leaders.
According to recent data, more than one-third of working Americans reported experiencing chronic work stress, and just 36 percent said their organizations provide sufficient resources to help them manage that stress. During a recession? That number is sure to be higher.
It’s really important to take care of yourself first, prioritizing effective self-care. You can’t fill others’ cups without first filling yours.
Being open and empathetic goes a long way. Everyone will react differently to change and a recession and everyone is impacted differently. Taking strides to reduce stress across the organization will be more important during this time.
Raising the consciousness and competencies of your organization starts with your leadership. Leaders are multipliers and when we bring our whole, conscious, intentional selves to the table, people thrive and flourish (and therefore our businesses thrive and flourish).
Be proactive with stress management for recession-proof HR
CHROs need to be ready to come to the executive table with an actionable plan to lead during the upcoming recession. If you’re a CHRO and need help developing your organizational leadership objectives and execution, reach out to our experts at firstname.lastname@example.org.
Or take a complementary stress assessment and 30 minute consultation to see how you can use it within your organization. Email email@example.com to request yours.