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Preparing for a possible slowdown –
a MUST DO for HR teams
We at Kerry Consulting are neither oracles nor economists. Having said that we interview perhaps 100 people per week and speak to many times that number of professionals employed in banks, MNCs and GLCs. Our takeaways from these activities are that there is some unease in many quarters about the possibility of the US sub prime related woes undermining APAC’s robust economic health.
Our own view is that while APAC economies in general may well slow somewhat (often from what are in any event unsustainably high rates of growth), this is unlikely to be particularly dramatic given the momentum in the large regional economies and the range of economic options which governments retain due to years of fiscally prudent policies. In summary we will probably be fine!
Having said that it is quite natural for the constant stream of unsettling news emanating from the US (and to a degree Europe and Japan) to begin to worry people and the central theme of this piece is that companies themselves can help to reassure their staff that all will be well and in turn maintain the high morale, esprit de corps and general hopefulness that is essential for a high performance team culture.
Fortunately, this is easily done. Some basic steps would include: |
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1. Human Resources specifically highlighting to management of the risks to morale of not reassuring staff in an unsettled economic situation. |
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2. Management (encouraged and coached by Human Resources) to agree a unified message and clearly communicate this to employees as soon as possible. |
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3. Management should probably: |
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Give a balanced assessment of the companies likely upside and downside for the year. Candor will be vital here as 'politically correct' statements are likely to be seen as just that. |
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The companies’ plans for the region in both best case and worst case scenarios should be outlined. |
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This should then be translated into 'What this means for you…' terms. |
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A feedback mechanism should be put in place encouraging any staff with specific concerns to chat one on one to their managers/mentors. |
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The object of this entire exercise is to remind people of Roosevelt’s maxim 'There is nothing to fear but fear itself'. Timely reassurance costs nothing and properly communicated with sincerity can allow people to focus on maintaining winning performance levels rather than worrying about shadows.
This is yet another time and arena in which Human Resources can make a major contribution to the success of their business. |
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