Applicant tracking systems and other types of recruiting software may be able to help companies who are trying to stay afloat during the current economic recession. Click here to learn more.
If your company is on the brink of going under, or just looking for some new ways to save money, it’s important to have an HR strategy. Making sure everyone is on the same page and following the same logic will help ensure long-term success.
Recessions such as the one we’re in now can result in companies having to decide who gets laid off and who gets hired in a pinch. These can be extremely daunting decisions.
If your company has to downsize, it’s important to analyze each job task and determine the functions that are most repeated. Most often, one of the positions completing those functions can be eliminated.
If you do choose to downsize, there are a few simple rules to follow. First, make sure the company isn’t too focused on managerial positions, as those jobs eat up a lot of money. When deciding who you should let go, consider whether or not the remaining employees are the ones you’re most able to retain, and remember that human capital is the most important and valuable asset.
If you’re one of the lucky companies that is able to continue to grow, you should focus on successful recruiting. A recession often presents you with the best candidates, as qualified candidates who might otherwise have jobs are often available.
In order to keep your company ahead of the game, your company also should focus on HR. Institute applicant tracking systems or other types of recruiting software to help with the increasing number of applications and to better organize current employee information.