What’s In Store for HR?
Economists predict that recovery is unlikely until 2011. As the economy continues struggle, what should HR professionals expect to see through 2011?
Because of the number of recent layoffs, workers are anxious about job security. Companies will have to find ways to maintain morale and build employee involvement and commitment to the organization amid the uncertainty. And, HR will need to find and keep leaders with a vision, who can tie employees to the company by keeping them aligned to a common goal. It also requires HR to hold on to top performers, who may jump ship for stable companies that have a track record of weathering tough economic times.
Although training budgets may be compromised, eliminating employee development might lead to an ill-prepared workforce when the economy picks up. Also inexperienced new workers will replace retiring baby boomers, requiring more investment in on-boarding and talent management.
Top performers will be invaluable as organizations try to manage through the economic downturn so HR will need to keep up with succession planning. In addition, businesses will attempt to get a grasp on and drive employee skills and competencies through performance management and development … for instance, to fast-track high performers and weed out low performers.
Many mediocre performers might be inclined to jump ship before they have to walk the plank … causing turnover.
Although recruitment will generally decrease, the number of applicants for each job opening will increase, allowing HR to choose the best. However, the amount of time to fill an opening will expand as hiring managers go through numerous resumes and interviews.
Experience counts when times are tough so companies will invest in pre-retirement planning to strengthen ties with key senior people.
If you don’t build a long-term, diverse workforce, you could be left in the lurch when the growth returns. Social technologies will be critical to reaching and connecting with the younger workforce, infusing knowledge, and turbo-charging programs like mentoring and alumni relations.
After years of searching the globe for talent, foreign workers may be forced to leave their jobs. However, global outsourcing will continue.
The definition of the workforce and work schedules will continue to evolve. Contractors, consultants, temporary workers, volunteers, etc. will be managed within the human resource management system to allow for headcount and productivity analysis, project staffing, security, training and other HR-related processes. And, flexible work schedules will be the new reality of doing business.
Bonuses that were expected will be lower or disappear. Most companies will re-evaluate their compensation and benefits plans.
