Insight: Don’t forget about what you should value most when it comes to recession proofing your business

There are many ways to recession proof your business but sometimes what is most valued to you is overlooked….your people.

See below a number of different strategies you can look at when it comes to your staff:

1. Building a strong and dedicated workforce: Investing in the development and training of your current employees can help ensure that they are more productive and engaged. This can help to reduce turnover and improve customer service, which can be critical during a recession.
2. Cross-training employees: Train your employees to be able to do more than one job within the company. This will provide a more flexible workforce that can adapt to changes in demand or other economic conditions.
3. Being strategic with hiring: During a recession, it may be necessary to be more selective with hiring, focusing on bringing in employees with the skills and experience that are most essential for your business.
4. Implementing flexible work arrangements: Consider offering flexible work arrangements, such as telecommuting or part-time work, to help reduce costs and attract and retain employees.
5. Developing a strong recruitment and retention plan: By having a proactive recruitment and retention plan, you can help to ensure that your business has the employees it needs to keep running smoothly, even during a recession.
6. Outsourcing: Consider outsourcing work that is not core to your business. This can save money and reduce the number of people on payroll.  Check out out our outsourcing option here.
7. Managing your employee benefits: Make sure that you are providing your employees with the benefits they need to stay with your company. This may include health insurance, retirement plans, and other benefits that can help to attract and retain employees.
8. Reviewing your staffing levels : Evaluate your staffing levels regularly and make adjustments as needed to keep your costs under control. During a recession, you may need to reduce your staff, but be mindful of the long term implications and try to avoid layoffs if possible.

If you to have a chat about this further just head here and we’ll have a chat.

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