UPDATE: NUJ top brass is looking to meet media chief execs to look at impacts of cange.
These tips have been distilled from a white paper entitled Recessionary Management [you need to provide personal info to get the download]
- Identify the work that is core to retaining business (Not just the work that is being done well). 56% of companies look at core and critical positions first to prioritise where headcount can be cut, if necessary.
- Identify competencies needed to meet business goals. Use scenario-based workforce planning and performance management to make better decisions.
- Protect your bottom line and your brand. When making downsizing decisions, consider that poor execution and planning has long-term brand effects and instant Internet scrutiny.
- Communicate constantly. Let staff know what you know, when you know it and provide them the dignity they deserve.
- Pay attention to survivors. Let them know why they were kept, or bear the consequences ranging from low engagement and productivity to leaving of their own volition. Voluntary turnover of key performers has gone from 10% to 25% in the past 12 months, according to Herman Trends.
- Don’t cut with a hatchet, use a scalpel. Or, you may be understaffed for the recovery.
- Don’t commit “death by a thousand cuts.” Plan for it well and do it all at once.
- Don’t plan a layoff on a Friday or right before a holiday. Primarily for the survivors: they need reaffirmation and connection.
- Don’t shoot from the hip. Have solid justifications, and consider legal ramifications in your plans.
- Don’t keep employees guessing. Be forthright, honest and as detailed as possible.