Thriving in This Economy - Four Keys to Managing Your Workforce Now
Depending on whom you ask, what is widely known as the Great Recession is either still in full swing or somewhat past its peak. In either scenario, the recovery is expected to take considerable time. The issues at the root of this economic collapse are complex and systemic – issues that relate not only to the roles of the financial markets but also to consumer credit and mortgage lending practices that have affected broad sectors of the U.S. economy:
Other downturns have been more painful by some measures, but none since World War II has delivered so many severe blows to the economy at the same time. The unemployment rate is approaching the peak seen in the 1981-82 recession and the scope of job losses is the worst since the 1948-49 recession. The decline in gross domestic product is the deepest since the 1957-58 downturn, and Americans haven’t seen so much of their wealth evaporate since the Great Depression.1
However, there also are positive indicators on the horizon, as shown by these news items from late August 2009:
• The National Association of Realtors® reported that, for the first time since June 2004, “existing-home sales have increased for four months in a row.”2
• The Conference Board Leading Economic Index™ for the U.S. “rose again in July, its fourth consecutive increase.”3
• While acknowledging that “critical challenges remain,” Federal Reserve Chairman Ben Bernanke told a Federal Reserve gathering that “the prospects for a return to growth in the near term appear good.”4
As you seek to identify the strategies that will allow your organization not only to survive the current and ongoing economic challenges but also to thrive in whatever “new” economy follows, it is important not to discount the role strategic HR management can play in meeting your company’s most pressing needs.
In this economy, every midsized company can benefit from learning to:
• Do more with less,
• Improve its bottom line,
• Stay out of trouble, and
• Find, grow and keep great people.
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