Strategic HR Trend After Covid-19: The Way To Keep Sustainability For Businesses?
June 8, 2020
From the reality and the reports of undertaken surveys, it can be seen that the COVID-19 pandemic has not just been a huge challenge, but also a proof to the companies' capability in HR response, corporate core values and resilience to thrive through.
From the reality and the reports of undertaken surveys, it can be seen that the COVID-19 pandemic has not just been a huge challenge, but also a proof to the companies’ capability in HR response, corporate core values and resilience to thrive through
Businesses need to have a well-balanced HR strategy to deal with sudden situations at any time while maintaining a balance in budget use, especially as recent survey reports show business cost-cutting trends:
According to the HR Guideline Survey of the COVID-19 effect on 172 businesses from the end of March to April 15, 2020 conducted by Talentnet, 75% of businesses said that they would consider the HR cost-cutting and the reduction can be up to 20%. In particular, there are three types of budget considered the highest reduction including Recruitment (55%), Training (41%) and Salary (30%).
Budget optimization but giving priority to HR strategy
Although cost-cutting is necessary at the moment, HR strategy is the key for businesses to get back to the “race” without a negative effect on the corporate core values when the pandemic is over.
Talentnet, therefore, has prepared to offer flexible service packages for every business recent needs. At the same time, Talentnet attempts to analyze and evaluate the actual problem with the client. Every cloud has a silver lining, this harsh situation is such a test for businesses in response to the workforce. This is an opportunity to make staff capacity assessment, identify the existing capacity group, the one needs to recruit or “outsourcing” to accomplish new goals.
The way to effectively optimize HR budge
Effective HR budget optimization is a difficult problem for many long-term businesses. How to develop an effective HR strategy to recover and thrive without budget increase is a difficult problem to take into consideration.
In this case, businesses should consult an expertise firm like Talentnet for advice on their HR strategy. In conclusion, in order to survive and struggle against obstacles, businesses should not only use cost-cutting, but also define what needs reducing, what is a prioritizing investment, and what needs to be done more effectively at a lower or the same cost. Otherwise, businesses will easily fall into the situation of wrong savings that leads to negative affect on their sustainability.
With the market mastery and talented consulting team, Talentnet can provide prompt solutions working best at this challenging period.