As the global economy reels from the impact of the ongoing Russo-Ukrainian War, energy crisis and rising inflation, many employers are looking for ways to protect their businesses from the economic fallout.
One way to do this is by building a recession-proof workforce that’s flexible, efficient, and can weather any economic storm. Here are six ways to create a recession-proof workforce.
1. Prioritise Training and Development
If your goal is to create an agile workforce that adapts to trends and sudden industry development, your employees will need the right combination of skills and knowledge. This is where training and development programs come in, providing employees with the tools to adapt to change and stay ahead of the curve.
This will make your workforce more resilient and will also future-proof them against disruptions such as automation and the rise of AI.
2. Focus on Soft Skills
While hard skills are important, soft skills will set your employees apart during tough times. Soft skills like communication, problem-solving, and critical thinking are essential for dealing with challenges and change. When recruiting new employees, be sure to assess their soft skills in addition to their hard skills.
3. Encourage Flexibility
Another important way to build a recession-proof workforce is by encouraging flexibility among your employees. This means creating a work environment conducive to remote and hybrid work, flexible hours, and other non-traditional work arrangements. Doing so will make your workforce more agile and better able to weather any economic downturn.
4. Promote from Within
When times are tough, it’s important to promote from within whenever possible. This helps boost morale among your existing employees and shows that you’re willing to invest in their development. What’s more, promoting from within is often cheaper and faster than hiring from outside the company. So, if you’re looking for ways to cut costs during tough times, this is a great option.
5. Invest in Employee Retention Programs
Investing in employee retention programs is another great way to build a recession-proof workforce. These programs may include tuition reimbursement, professional development opportunities, or even simple perks like free lunches or gym memberships. Investing in your employees’ happiness and well-being will create a loyal and committed workforce that will stick with you through thick and thin.
6. Optimise Your Office Footprint
While not a workforce tactic per se, optimising the use of your office space enables you to reduce your office footprint (as a cost-saving measure) while retaining the same number of employees.
The good news is that the pandemic created the perfect opportunity for employers to rethink how their workers use their working environments. The successful shift to remote and hybrid working proved that people can still be productive even if they aren’t in the same physical space. This means you can permanently shift to a hybrid working setup and have workers take turns visiting the office — allowing you to move to smaller premises if necessary.
Bringing It All Together
A recession can be a difficult time for businesses, but by building a resilient workforce, employers can weather the storm and come out stronger on the other side. Following the tips in this blog post can put your business on the path to success — no matter what the future holds.
|Author: Jane Holmes|
Jane Holmes is the Head of Marketing and Communications at Cloudbooking, a workplace management software provider helping companies build human-centric, hybrid workplaces that improve employee experience and workplace utilisation.