Despite the near-constant state of market volatility, many businesses are not making the right adjustments to their management strategies – and some leaders are saying it’s time to accept there is no ‘normal’ state of play.
According to the results of the latest Market Pulse survey by talent management firm Talent2, 91% of business executives across the Asia-Pacific region are concerned about a possible recession.
However, despite these concerns, the survey revealed that most businesses are divided on strategies about how to navigate through the current uncertainty, and not all businesses are adjusting their workforce management strategies to adapt to the current unpredictable environment.
John Rawlinson, CEO Talent2, told HC that volatility should be accepted as the new ‘norm’, and the best strategy that businesses can implement is ‘organisational readiness’; that is to say, be ready to grow, cut costs where necessary, and most importantly - embrace flexibility.
“HR isn’t just crisis management, and the best HR teams will look to get ahead of the curve, and make sure their organisation is robust and ready to respond to changes, both expected and unexpected,” Rawlinson said.
A central tenant of preparedness is maintaining a high focus on productivity-based training, where organisations are asking ‘what can we learn to ensure we’re maximising our productivity?’, Rawlinson said.
The Market Pulse survey noted that while Australia is not in a recession, the market remains volatile and HR must ensure they’re well placed to respond.
“At the end of the day, training people means they’re more likely to stay, and organisations are still seeing this as one of the best ways to position their company,” Rawlinson commented.
Headded that with the rise of flexible work options, there is no ‘traditional’ workforce – most people do not work 9-5 and have four weeks of annual leave. This flexible workforce is an opportunity for HR, according to Rawlinson, because it allows for business-wide flexibility.
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