During economic recession, most corporations may focus on devising cost-cutting strategies and even reducing headcount. Not many people realize that talent management is more important if corporations want to keep up productivity and prepare for economic recovery.
Some corporations make use of the recession to get rid of non-productive staff. They may have done something right. But how about those still working at the company and they are supposed to be productive staff? What is the psychological implication on them? Will they feel overloaded with extra work? Will they be afraid of the next downsizing? How can you keep these talents and motivate them?
David Leigh, CEO of SHL, a talent assessment solutions provider, shared in the "Motivating and Engaging Employees through the Recession" seminar organized by SHL that engaged employees have lower turnover, less absenteeism and more productivity. He quoted the results of researches conducted by SHL, with a total number of 3,991 respondents:
| Destruction Impacts of Low Motivation |
| 46% - stress 43% - procrastination 30% - look for a new job |
Motivation is the Key
Leigh believes that engagement & motivation is the key to talent management, and in motivating employees, corporations should notice the difference in preferred job features between gender and among different age groups. For example, "fairness" is of relatively high priority in the workplace among female staff, whereas "high standards" is ranked higher in males. In addition, "career progression" and "quality of social contact" get less important as employees get older.
Another speaker at the seminar, Joseph Poon, Managing Director & Deputy Chief Executive, Hang Seng Bank commented that talent management should be in line with corporate business strategies. He said that to motivate talents, day-to-day communication is essential. The top management should also help talents grow by exposing them to and aligning their strengths with the company's strategic business developments.
Tips in Recession
During recession, the top management has to be aware of an increasing disengagement, which Poon expected to be even worse next year. Another speaker, Neil Chowings, Managing Director of Work Group Ltd HK and Committee Member of Hong Kong Association of Graduate Recruiters advised corporations to communicate with staff to ensure they know what is going on such as manpower changes and restructuring during such difficult periods. Leigh pointed out the importance of resilience within individuals as this would attribute to a company's survival and success.
Source: JobsDB Hong Kong
Photo Source: SHL
Updated: August 2009
