Economic fluctuations can challenge even the most stable organizations, putting immense pressure on them. Therefore, HR teams have to adapt quickly and effectively to function successfully in this scenario.
During a Parichay webinar by greytHR, Ravi Singh, President ‒ HR, Salarpuria Group, shared his perspectives on how an organization can build a resilient HR function amid economic uncertainty.
Featured below are a few helpful snippets from this insightful conversation. Stay till the end and expect more good news! Keep reading.👇
Adapting Workforce Strategies
greytHR: When market conditions become unpredictable, what should leaders look for to adjust their workforce strategies?
Ravi Singh: Early indicators can be found everywhere. So, leaders have to keep scanning the relevant data points regularly. Business numbers and market intelligence can reveal a lot, and the leaders can use them in their workforce strategies.
Thinking Beyond Cost-cutting
greytHR: What are some of the creative ways to keep employees motivated without cost-cutting measures?
Ravi Singh: If a cost-cutting measure has to be initiated, it’s important to let the employees know in advance. Organizations must also explore the possibility of process and material optimization to optimize spending. Most importantly, leaders must update the employees about their plans related to hiring and training, among others. Wherever possible, they must collaborate on key projects and process changes.
Empowering Middle-level Managers
greytHR: How can HR empower middle managers to foster team resilience during difficult times?
Ravi Singh: Leaders cannot always communicate individually with each team. Hence, the concerned team managers have to be empowered to make decisions.
“This middle line has to be treated as an equivalent to the existing leader”.
Why? Because they are the ones who chip in when the leader is away. These managers must also be trained, groomed, and empowered to become successors of current leaders.
Starting an HR Tech Journey
greytHR: What are a few of the parameters HR should keep in mind before starting their HR tech journey?
Ravi Singh: A good HRMS can speed up tasks and approvals. The proposed platform should have the option to hire and onboard candidates quickly and remotely with minimal paperwork. Employees should be able to manage their attendance, leave, and other HR-related work on their own. The tool must help HR analyze helpful metrics and draw the insights to make well-informed decisions.
Watch the full webinar recording to hear Ravi cover the below key topics in detail.
- Early indicators
- Preparation for disruption
- Cost-cutting measures
- Essential leadership skills
- Middle-level manager empowerment
- Employee well-being
- Starting an HR tech journey
Watch the Webinar Recording 👇
