HR Responds to the Global Financial Crisis?
Since there has been very little written on how HR should be responding to the recent global financial crisis, we have put together a few key talking points for HR professionals to consider as we all work together to weather this worrisome storm. Given that the global markets have been up and down like a busy elevator for the past few months and we know how valuable your time is, we’ve chosen the short, up and down scenario of an elevator ride to outline how HR should be responding to this crisis.
Let’s start with the ride down from the executive suites. You step on to the elevator and the CEO and CFO climb aboard. As you press the button for the ride down to the lobby, the CEO asks, “What is HR doing in response to this global financial situation?”
Now you know the ride down to the lobby is less than 20 seconds, so your response is short and to the point: “We are reviewing all of our HR activities to make sure they can be realistically achieved. And we are evaluating their true effect on our bottom line. Useful, measurable outcomes are key right now. I have instructed our HR team that everything we do must add value. But most importantly, we will complement any of the strategic objectives that you adopt to respond to the crisis. Ultimately, we’re focused on supporting the organization’s goals – just like we’ve always done.”
Ding! The elevator bell rings and you have arrived at the lobby and the CEO and CFO scurry off to their meeting with nervous shareholders. You pick-up your mid-morning latte and a copy of the Wall Street Journal and head back up for a briefing on your talent management initiative.
As the door to the elevator is about to close, a gray-haired gentleman from your firm’s sales team hastily jumps on board. As you look up from the disappointing headlines in your Wall Street Journal, you give him a big smile. After he realizes who you are, he clears his throat loudly and in an exasperated tone says, “You’re just the person I’ve been hoping to run into! Now that it looks like I’m going to have to work until I’m 80, I was wondering what you folks in HR are doing to make sure I can retire at all?”
You respond reassuringly, “Rest assured, we can’t control the financial markets but we are doing everything we can to make sure you have the right mix of stocks and other vehicles so you can prudently invest your retirement account. We’ll also continue to make sure your contributions are matched and your account is administered accurately. In other words, we’re doing what we’ve always done.”
Ding! The elevator slows to your floor and the doors open wide to reveal a smiling group from your HR Service Center Team waiting to catch you before your talent management briefing.
Just another day in the life of the HR professional.
Excellent! I agree with the premise that we all need to stay the course and not jump to any major strategy shifts due to the recession. We cannot walk away from the progress we have made in the last decade – talent management must remain a major emphasis for HR.