Proactive advance planning can help businesses weather the storm; pare expenses before headcount
As the Coronavirus (COVID-19) crisis continues to evolve and a recession looms, the damage to employers and their employees could result in a loss of 47 million jobs, the Federal Reserve estimates. HR professionals scrambling to manage their workforces during the pandemic need to create a plan for the future, says a new XpertHR report, “How to Prepare for a Recession and Mitigate Its Impact During the Coronavirus (COVID-19) Pandemic”.
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“It’s difficult to predict what the full workforce implications will be from the pandemic, but it’s not too early to proactively determine ways to weather the storm,” says Amanda Czepiel, JD, Head of Content, XpertHR. “When hard choices need to be made that affect the lives of many people, a head-in-the-sand approach serves neither the business nor its employees.”
It may be challenging to do big-picture thinking and planning in the middle of a crisis, but it is vital. Employers need to project, as accurately as possible, where the business is heading and determine the best ways to mitigate the impact of a recession.
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XpertHR’s new guidance outlines the practical steps employers should take now to prepare for an economic downturn. This report outlines how to conduct a SWOT, the importance of analyzing cost-effective benefits strategies, alternatives to reducing headcount, and ways to reward employees without raising pay.
“Going through a downturn and making tough decisions to keep your company afloat is hard but necessary,” says Czepiel. “Although we don’t know the full implications of the coronavirus (COVID-19) pandemic, HR should prepare by reducing costs, maximizing opportunities and ensuring resources are used optimally to prepare for a possible recession.”
XpertHR offers a multitude of practical compliance resources for organizations grappling with new employment complexities during the pandemic, including webinars with XpertHR’s award winning editorial team and employment law attorneys, a Coronavirus (COVID-19) Workplace Resource Center, podcasts and an editorial blog.
To download a copy of “How to Prepare for a Recession and Mitigate Its Impact During the Coronavirus (COVID-19) Pandemic” report, visit XpertHR.
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