Getting the most out of every asset can be put on the back-burner during times of growth, but it becomes especially important when the good times are over and there’s an economic downturn on the horizon.
Leaders need a robust plan to insulate their organisation against impacts relevant to their industry. That said, there is one strategy that all businesses will need to prioritize:
So, where do you start? GrowPerform recommends organising your thoughts by answering these key questions:
Payroll is your greatest overhead, it can be tempting to slash and burn, but there are other ways to manage and decrease costs without impacting productivity, creativity, innovation, and morale.
What are your payroll costs and are they creating value?
What steps can you take to you adjust your talent and hiring strategy to reduce costs?
Have you created a culture where every employee is accountable for keeping expense over-heads down?
You spent time and money hiring a brilliant team, they share your vision, know your industry, and are the bridge to new and existing clients. Now is the time to increase your return on that investment by unlocking even greater operational efficiency.
How confident are you that the full capacity of your workforce is being utilized?
Have you reviewed productivity & performance recently?
Have you proactively upskilled and trained employees so that they can add value across different areas of the business?
In periods of slow growth, leaders who embrace concepts such as employee motivation, trust, leadership, fairness, commitment, and empowerment create a strategic advantage.
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Have you empowered and leveraged your managers to drive greater ROI for the business?
Have you included your employees in the decision-making process?
How have you ensured communication at ALL levels is open and transparent?
These three questions are designed to help you see the big picture, now you need to turn those insights into action...
We do this by:
Delivering value-creating work in rapid sprints
Setting impactful OKRs
Measuring success and iterating
Our clients use GrowPerform to augment their existing people operations team, enabling them to move faster and more decisively at a time when efficiency and effectiveness are critical to a business’s ability to survive. Get in touch today for a free consultation.
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