Dealing with Reality in an Economic Downturn
|
| Tweet |
|
Free PDF Download Succession Planning - By Lola Kakes |
In my company newsletter this month, the Employer’s Advantage, I highlighted stress and how to deal with it in the workplace. There can’t be anything more stressful in today’s marketplace than coping with an economic downturn. Gas prices are sky high, which impacts the cost of goods and services in all industries; large corporations are laying off workers; the housing market is struggling to rebound; and employees are wondering what will happen next.
Human Resource or Personnel departments are dealing with management teams planning on how to be more cost effective and looking at budgets to determine where they can trim costs. Employees are looking at how to balance their home budgets against rising costs in all commodities, while dealing with organizations who are not in a position to give increases to accommodate the cost of living increases.
All of this creates STRESS. What is the answer? There is no quick fix but there are ways companies can assist employees looking at monetary crisis.
• Talk to your insurance broker and ask if they have any programs you can present in-house to your employees to discuss:
o Wellness and health cost saving techniques
o Financial planning
o Budget preparation
o Access to financial assistance
• Communicate with your employees to make sure they are comfortable and aware of what is going on. It stops rumors and makes the employee feel a part of the process.
• Survey your clients to let them know you care and you are looking to be a resource to them during the rough times.
• Look at your budget and see where you can effectively save time and money, without compromising quality and service.
One area that might be beneficial is looking at your HR programs. The last thing you need or want is stress over a possible lawsuit. Make sure you are in compliance where needed and if you don’t know for sure, get someone with experience to do an audit to make sure you are doing all you should be doing. If you have an Employee Manual, make sure you are following your own policies. If you don’t have a Manual, look into putting one in place.
Finally, don’t be afraid to ask for help or guidance. Stress will continue to be there – you just need to learn to manage it.
Related Articles
|
Free PDF Download Succession Planning - By Lola Kakes |
|
About the Author: Lola Kakes RSS for Lola's articles - Visit Lola's website Lola Kakes is the CEO and chief visionary of EffortlessHR.com, an Internet based human resource management system for small to mid-sized companies. Lola developed EffortlessHR.com as an affordable, comprehensive program to give entrepreneurs time to focus on their business while developing their employees. Click here to visit Lola's website. Engagement Performance Retention Where Do Your Employees Fit Dealing with Reality in an Economic Downturn Business Conduct and Ethics Succession Planning Employee Handbook Essentials |
Related Forum Posts
Share this article. Fund someone's dream.
Share this post and you'll help support entrepreneurs in Africa through our partnership with Kiva.
Over $50,000 raised and counting - Please keep sharing! Learn more.
Featured Article
Trending Articles
|
|
Like this page? PLEASE +1 it! |
Newsletter
Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!
Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!
Popular Articles
** The Passion of the Resume**
Why Use a Franchise Consultant?
Moving Past Rejection: Speaking of Motivation
** The Passion of the Resume**
Why Use a Franchise Consultant?
Moving Past Rejection: Speaking of Motivation
Suggestions
Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.
Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.







