Planning ahead for a Recession – Ireland – Zoho People

There are fears of a possible recession, what can you do today?

The current situation in Ukraine has sent energy prices skyrocketing. And we all have probably noticed a difference in our weekly and monthly spending. In a troubled economy, companies try to cope with diminished demand and declining profits. Many start to lay off workers in order to cut costs. What if you have other options that will give you some time to make strategic decisions rather than hasty ones?

Hybrid working

According to the Irish times, Covid-19 saw approximately 56 per cent of desk-based employees in Ireland adopt remote working. More and more, we are seeing a preference for hybrid working for several reasons. Not only does the hybrid work model benefit the business bottom line, but it has also been found to benefit the mental wellbeing of the workforce – your people. Covid has proven the effectiveness of remote technologies, and we see many offices still not back to full occupancy. In Dublin, we are witnessing an increased conversion of retail stores and offices to apartment blocks and logistics facilities. So what steps can you take?

“I’ve heard there’s going to be a recession. I’ve decided not to participate.” —Walt Disney

Plan ahead

Whether a recession is a year or two away, it is imperative for businesses to start planning now. Recessions are unavoidable but businesses that plan ahead not only survive, but they can thrive during a recession.

Steps to take today

Digital transformation

Without technology, you cannot achieve an effective hybrid model. Employees will need a good internet connection, secure systems and the right software to help them work wherever they are. We are seeing more companies undergoing digitalization since the start of the pandemic. This gives your business a chance to survive regardless of whatever the economy throws at you.

HR Management System

Although companies are adopting the hybrid work style, businesses still need systems to manage hours worked, training, annual leave, recruitment etc. Zoho People is a HR Management system designed to manage and access all your employee data from a centralized location. Key features include –

  • Employee self-service and onboarding
  • Leave management
  • Timesheets and attendance management
  • Performance appraisal management
  • HR Process automation
  • In-built HR forms
  • Data view and Reports integration
  • Mobile App

Prioritize your current customers

A happy customer will keep coming back. When there are early signs of a recession, businesses are less focused on attracting new customers but rather on solving the needs of your current ones. Referrals and word-of-mouth  can make a huge difference in your marketing strategy. Send out surveys and feedback forms, engage with your clients to know what you can do to further improve your services.

Make your employees feel valued

While many might rush to downsize, your current staff are well positioned to build your business empire during a recession. Learning and development are key factors that keep employees in an organization. Zoho People’s LMS allows you to create courses on self-paced and blended learning modes. Employees and trainers can collaborate, discuss topics, and have virtual training sessions.

  • Be open to ideas and suggestions from employees

  • Make yourself available to talk whenever possible

Create a collaborative and conducive work environment

A lot of extensive research has been carried out showing that happy employees tend to be more productive. Encourage collaboration and communication amongst colleagues whether they work from home or in an office. Zoho Cliq is an application created to boost your team’s communication with organized, real-time conversations and easy-to-find information. It is available on android and IOS making it accessible for everyone, everywhere.

 

The 3 P’s for business success during a recession – People, Processes, Product

Some important questions to ask are

  • Are you hiring the right people for your organization?
  • Are your staff well aware of their roles and responsibilities?
  • Have you created a work environment that promotes collaboration and cooperation?
  • Can you automate or outsource any functions or processes to drive efficiency?
  • How can you cut down on costs without compromising the quality of your product or service?
  • Do you have the right tools to report on, and analyze reports and trends within the organization?

To thrive in times as this, leaders need to make the necessary changes to propel the business. You then see that the question is not whether to have a recession business plan, but what can your organization do today to plan for a recession so you are not left behind when the next one hits.

Cloudtech HR -We work with companies of all shapes and sizes, and are happy to work with you to bottom out a plan to suit your business needs. For more information, visit www.cloudtech.ie or call Tim Pullen on +353 (86) 604 4820 

 

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