Here is some common-sense advice for any firm owner, from the SuccessFactors folks.
After interviewing more than 2,000 businesses, this is what they call the “top-five strategies” in order to deliver superior results in adverse economic conditions:
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5 Ways to Hire Like It’s 2021
- Establish clear goals. When change is forced upon your business by the external environment, you cannot afford to lose focus or to delay the necessary course shift.
- Cut with precision, if you must, but not bluntly. If layoffs become necessary, view them as your chance to weed out the low performers and let your best talent grow.
- Focus on your core talent and invest where it counts. Identify the talent that will be essential for
your new strategic direction and invest heavily when others are cutting. Turmoil is when leaders emerge.
- Be transparent. Avoid the rumor mills. During uncertain times, transparency drives trust and employee engagement. Companies with high trust financially outperform those with low trust.
- Compensate more strategically and pay only for performance. Avoid the mistake of spreading limited bonus resources evenly across top- and low-performers.