How Human Resources Teams Can Prepare for a Recession
Learn how you and your team of HR managers and professionals can better prepare for when a recession hits.
HR managers and leaders play an important role in overseeing business operations and managing employees. Unfortunately, business doesn’t always run smoothly and successfully—especially in the face of a recession. And when an economic downturn looms, it’s more important than ever for HR managers to be prepared. Below, we outline tips from HR Magazine on how you and your team of HR professionals can get ready for the next recession.1
- Recessions tend to cycle about every 7 to 8 years, and the U.S. economy is due for the next one. According to the article, HR departments should be preparing for the painful layoffs and job changes that can come with a downturn.
- The HR department should start now by reviewing operations. Metrics and records have added importance when it comes time to decide which operations and personnel are crucial to the operation. They can also point toward more painless cuts and ways to increase efficiency.
- HR also needs a plan for managing the staff. Flexibility with allocating employees is imperative and that takes planning. It helps to know where outsourcing might be a better option and how employees with multiple skill sets can best be utilized. Understanding staff needs to make the right cuts the first time also helps the company avoid repeated rounds of layoffs that can be even more demoralizing.
- It is important to show respect, too. Employees need to feel informed, appreciated, and understood. Develop those relationships before the problems strike, and then extra effort will be needed to maintain those relationships through the dark times.
Develop the Skills You Need to Make a Difference in Your HR Career at Walden University
Employment of HR managers is expected to grow 7% from 2018 to 2028.2 And as the field of human resource management evolves, so should your competencies. When you earn your master’s in human resource management, you position yourself for a variety of opportunities in HR as well as other areas of business. In Walden’s MS in Human Resource Management program, you’ll have access to the practical learning experiences and SHRM-aligned coursework that can help you enhance your résumé, prepare for SHRM certification, and excel as an HR manager.*
At Walden, an accredited university, you can earn your degree online while you continue to work full time. That means you don’t have to put your HR career on hold while you further your industry knowledge and skills. With online education, there’s no need to completely rearrange your schedule or commute to campus—you can take classes at whatever time of day works best for you as you work to earn your master’s degree and advance your HR career.
Walden University is an accredited institution offering an MS in Human Resource Management degree program online. Expand your career options and earn your degree using a convenient, flexible learning platform that fits your busy life.
*Walden’s MS in Human Resource Management program fully aligns with the Society for Human Resource Management’s HR Curriculum Guidebook and Templates, which helps define HR education standards and helps business schools develop degree programs that follow these standards.
Walden University is accredited by The Higher Learning Commission, www.hlcommission.org.