WorldatWork’s Post

IT leaders! Are you facing difficult budget decisions? Here’s five workforce strategies to consider that will enable you to trim costs without cutting quality

Are you facing difficult budget decisions? Here’s five workforce strategies to consider that will enable you to trim costs without cutting quality

Are you facing difficult budget decisions? Here’s five workforce strategies to consider that will enable you to trim costs without cutting quality

When it comes to predicting the future, there is nothing like a worldwide pandemic, economic turbulence, and geopolitical turmoil to remind us that forecasting can be an activity with more pitfalls than curtain calls. Yet business leaders understand that they must keep looking ahead because sailing their companies into uncharted waters blindly, without preparation or a sense of direction, is the surest way to end up wrecked on the rocks. https://hubs.ly/Q01w3p4l0 #HR #BusinessGrowth #BusinessPlanning #PEO #Employers

Are you facing difficult budget decisions? Here’s five workforce strategies to consider that will enable you to trim costs without cutting quality

Are you facing difficult budget decisions? Here’s five workforce strategies to consider that will enable you to trim costs without cutting quality

Are you facing difficult budget decisions? Here’s five workforce strategies to consider that will enable you to trim costs without cutting quality

I do recognize these trends and cannot stop thinking about it during the last years: ⏩ A post-Covid return of HR to a more basic and conservative approach - minimizing costs, effectiveness for businesses and its P&L. ⏩ Merger and acquisitions trend, which affects HR and required it to put the companies’ needs forefront 100%. ⏩ Less focus on benefits, culture, DEI. ⏩ Though potentially more customized and better delivery of the policies, including benefits and total rewards, using opportunities with AI. ⏩ Because AI becomes not only the game of innovation for value creation, but also a tool of optimization and cost-cutting, at least this is a ‘management dream’, especially considering the needs mentioned above. ⏩ Skills in HR - are the core right now. Companies looking for expertise like never before, especially in total rewards, people admin. Due to everything that needs to be managed - downsizing, optimizing the cost, preparing for M&A. I remember myself in HR in 2007/2008 during the global financial crisis. And here is what I learned then: ✨ Yes, crisis brings pressure on business to survive and self-preservation instincts usually cry for cost-cutting and bringing ourselves backwards (to more primitive and simple processes). Almost like crawling back to the mothers womb, or hiding in a shell, to sit safely while the hurricane is over 🌀 ✨ When you want to survive and this is the core purpose - this is what a lot of companies did back then and it worked, in a way… survival was achieved. ✨In HR I remember all the L&D budgets were cut, job openings frozen, no budget for growth.more to it, some budget had to be “created” by cutting the number of FTEs. Sounds familiar? ✨ But there were other companies at the same time, the Disruptors. Those who were not afraid to risk and swim upstream. Those who kicked the survival mechanism in the balls and won their competition by not following the trends. I am just hoping that there are more businesses and business leaders who fight the trends and SEE opportunities in the crisis! Every crisis is followed by growth. Will you be a part of this curve or you’ll just preserve your strengths to survive, but not win? This is the choice that is very very relevant today. #hr #leadership #business #businesscoaching #hrtrends #disruption

For leaders who are driving change in the role of HR, setting the context for how we got to the current state can be illuminating and create curiosity for what to do next and what new outcomes are possible. "Driven by the stagflation of the 1970s, the recession of the early 1980s, and more recently the Great Recession, HR’s focus increasingly shifted to relentless cost cutting. Decades of slack labor markets made slashing HR expenses easy because it was hard for people to quit. Pay and every kind of benefit, including training and development, got squeezed. Work demands went up, and job security fell." More Talk Than Action "In a slew of C-suite surveys, including those conducted by the Conference Board, CEOs ranking the importance of stakeholders place employees even higher than shareholders. They also say that talent, especially acquiring it, is the most critical factor affecting their business. Yet so far little has changed in the way that companies manage their workforces. ...It’s understandable why breaking old habits is hard. Telling leaders that the approach they’ve been following for 40 years—and the one thing investors seem to understand about human capital (“cut it!”)—is all wrong does not seem like a career-building move. Nonetheless, HR executives can—and must—make the case to their CEOs and operating executives that the old way is no longer working and that their companies need to change direction."

As The Predictive Index Certified Partners our experience is that Talent Optimization is the DNA of business performance and employee engagement & fulfilment!