Seven steps to survive the credit crunch

27 May 2009

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With unemployment forecast to rise markedly by 2010-2011, Australian business leaders, including those in the construction industry, are advised to build a 'combat ready' workforce to survive the economic crisis.

The 'War for Talent of Battle for Survival?' White Paper recently released by Link Recruitment was created to help businesses survive the workforce dilemmas created by the global financial crisis and includes seven tips on how to create a 'combat ready' workforce.

Jon Barton, Practice Leader of Construction and Property at Link Recruitment, believes that project delivery staff and project managers are suffering the most as a result of the economic slump, but says that relief will come towards the end of this year when the $14.7 billion Building the Education Revolution investment will result in a "mini-boom" for the construction industry.

He believes that while times are tough for construction workers at the moment, it is vital that companies retain their staff and "core talent" so that they can reap the most from the economy's recovery.


LINK Recruitment’s top 7 tips for creating a combat ready workforce:

1. Refocus the Mission

Tough times are a great opportunity to review your talent strategy and refocus staff on your core mission. Think strategically about how to staff critical management and front line roles that impact innovation, revenue and customer satisfaction, even if job cuts are unavoidable in other areas.

2. Review Basic Training

After a decade of boom markets, update your tactics for recruiting talent in a downturn. Rapid changes in labour supply will make recruitment complex and challenging. Rigorous evaluation, selection and onboarding processes are crucial in this market.

3. Armour the Troops

Equip staff with the survival skills they need to do battle in difficult conditions over a sustained period. Empowering staff to develop personal and professional resilience will be critical to increase productivity and boost morale.

4. Lead from the Front

Get down in the trenches with your troops. Be honest and walk the talk. In these conditions there's no such thing as too much communication. Top performers will share the burden in good times and bad. Recruit their support and don't compromise the culture.

5. Discipline and Reward

While focussed on survival, don't forget about troop motivation and morale. You may not be able to do as much to incentivise teams, but don't do nothing. Ask for results and link rewards to future revenue and profitability goals. Negotiate creatively with new and existing employees.

6. Deploy Reinforcements

Managing new staff, candidate networks and advertising response in this market will be challenging, emotional and time consuming. Outsourcing to a trusted partner enables you to benefit from their experience, spread operational risk and scale costs.

7. Dig In

A team that is well selected, equipped, motivated and led will overcome most obstacles, but it will take tenacity to dig in against recessionary forces. Keep an eye on the macro trends that will affect you beyond the recession and take steps to capitalise on opportunities and mitigate risks.

Tags: Building the Education Revolution | economic crisis | link recruitment

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