This was a article last year in HRM Singapore on the question: What strategies can HR departments begin implementing now, in order to best position their organizations for better economic times?
My main points are:
- HR organizations with a strategic focus on attracting, developing and retaining talent will fair better then those focused on cost cutting.
- Regardless of economic uptick or downturn, top talent will always be in short supply.
- It is important to set realistic goals, measure achievements and leverage talent across the organization (notice that many organizations will stop internal transfers when HC freezes are enacted).
- Continue recognize and reward top performers.
- Investment in training is important to develop skills.
Thus, the HR organization that is most effective in partnering their business groups will have the greater chance of coming out of the down cycle stronger.