7 ways to prepare your business for market recovery

Employers are being urged to focus their attention on their staff and nurture their talent to prepare for market recovery.

A new report released by Robert Half on the ‘Hidden Business Opportunities in the Downturn’ makes clear recommendations for employers to maximise opportunities in the downturn and prepare for market recovery. It urges employers to identify their top performers and develop the leadership qualities of these staff.

The report outlines seven strategies for employers to maximise their opportunities in the downturn. These include:

  1. Creative new approaches – Actively try new approaches that address the shifting tastes and demands of your customer base.
  2. Nourishing grassroots ideas – Make it a part of your culture for staff to constantly provide fresh ideas for the business, based on what they see ‘in the trenches.’
  3. Strengthen your talent bench – Prudently hire talented individuals who can help you to maximise opportunities now and in the future.
  4. Build a more flexible staffing strategy – Turn fixed costs into variable ones with a smart talent mix.
  5. Invest in training to enhance productivity – Training is one of the first things to be cut in a downturn. In fact, a recent Robert Half survey revealed one in five CFOs don’t expect to offer employee training in the next two years. But these initiatives don’t just keep employees’ skills current; they also boost productivity and job satisfaction.
  6. Identify and groom future leaders – View the downturn as a testing ground for budding stars.
  7. Increase efficiencies – This is an ideal time to develop exit strategies for projects that don’t deliver optimal value.

For access to the full report, please visit www.uncertaineconomy.com/employeradvice

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