Tough economic times present a variety of HR challenges and prompt companies to make corporate cutbacks, put cost-effective measures in place and streamline operations. Now more than ever, organizations need to think of ways to improve productivity, add more value to the company and make better-informed workforce decisions.
A good way to execute strategic corporate cutbacks is to enact rightsizing. This involves downsizing your company’s workforce to the point where the number of employees remaining is deemed to be the “right size” for the company’s current condition. Rightsizing will enable your talent planners to:
- Enact adaptable workforce planning
Reassess your business strategy and adapt your talent to your current needs to improve your competitiveness, sustainability and bottom line. Implement smart rightsizing to find the right balance between cutting jobs and retaining critical talent to ensure your company has the talent required for future business needs.
- Take inventory of your workforce
Objectively determine which employees are or are not meeting your expectations and make the appropriate cuts. Having too many low performers can make your organization less productive.
- Analyze and forecast your talent needs
Be as specific as possible about the kinds of skills and number of people that will be needed to achieve your business goals. Ensure your talent needs are aligned with your business objectives. Put plans in place to ensure high potentials and key talent are retained.
- Determine the best course of action for your organization’s future
Through talent planning and org charting solutions, you will gain deeper visibility and insight into your global company structure as well as the ability to drill down into critical employee talent information. Visualize your high performers and ensure you don’t cut key talent. Modeling software can help you to create different workforce scenarios, cuts and re-orgs so you can immediately visualize the impact of your decisions on the organization.
Rightsizing will make your company leaner and more competitive in a difficult economy so you can reap stronger rewards and be in an advantageous position after the recession ends. By creating a results-focused talent plan, you will sharpen your employee skills for greater strategic impact. Putting the right people in the right roles at the right time will enable you to improve the quality and effectiveness of your workforce – a major competitive differentiator. After all, a revitalized organization with a strategic workforce is better able to execute on business strategy.