There is a great challenge for a company who is facing the disaster of economic downturn to conduct talent management. On one hand, they must face the loss of sales while on the other hand, they are obliged to conduct talent management.
There are a few tips you must read carefully if you are facing the same difficult situation.
• Since economic downturn is predictable, you should carefully plan for its coming. Plan how will your business respond with such occurrence, for instance if there is a reduction of about 10 percent—what will you do?
• Another method to conduct talent management is by carrying effective communication with the employees. Communicate with your workers that the company is now facing such difficult situation that requires bigger contribution from all parties. You may have to encourage them to work harder and smarter.
• Talent management also requires everyone to invest their talents. Use the situation to encourage the appearance of high performing talents. It is said that the best talent management strategies come from a company that survive economic downturns.
• While making decisions, you must use the data, such as sales growth and productivity gains. Instead of based on instinct decisions, these types of data should be put forward in maintaining talent management.
• Do your best to keep employees with essential talents. Losing these people will surely bring a bad impact to your company performance. This will become more serious in case of economic downturn happens. Talented individuals could be picked up by other companies during the difficult times.
• Talent management has to do with rewarding employees with compensation, training, or other things that matter. This will keep their spirit and mood while doing their best in maintaining their performances.
• Segmentation can be performed by replacing low performance employees with better candidates and retaining the high performers. Talent management strategy should consider the cost during the downturn when it is better to pay for people who are willing to work smarter and harder.
• Talent management plan can also be done managing executive talent. Hiring people with outstanding talents during the downturn has been proven as effective. This strategy has been conducted by many strong firms where the development program is given a greater emphasis.
During economic downturn, you must hone your skills in strategic thinking and crisis management since. Both skills are important in talent management. Another thing you must consider is how to communicate with employees who are indicated as high performers during the downturn.
Good communication will not only prevent them from leaving the company but also enhance their performance.