Surviving the recession storm: Secret ingredients to manage your business during economic downturn
With the effects of the economic downturn getting bigger day by day, businesses must consider recessionary possibilities and build strategies to withstand the impact. Currently, the economic slowdown is causing many companies to freeze hiring, retrench their employees, and cut costs.
With so much uncertainty in the job market, leaders are scratching their heads on how to survive the recession storm. To help you stay ahead, People Matters exclusively spoke to Mr Aditya Narayan Mishra, the Managing Director and CEO of CIEL HR Services. He shared pragmatic tips on to survive or even thrive during the recession.
Prepare for the worst
To prepare yourself for the recession, it is important to accept that you could possibly lose business and employees as the company’s accounts get bloated. “While this happens, don’t spend too much time overthinking about the situation, rather start analysing and re-evaluating your company’s strengths and weaknesses,” said Mr Mishra.
“Discuss with peers and seniors about the strategies that may have been working for them. On the other hand, also keep clear communications with your workforce about the recent developments happening in the firm. Staying prepared ahead of time would give you enough time and confidence that you are ready to stand any test that comes your way,” he added.
Re-invest in employees
After analysing your company and its employees, you will get an idea of where you stand in the market. Thereafter, “help your employees acquire new skills through training and certifications. Not only will this benefit the company, but will also make the staff feel more relevant and purposeful, reducing the chances of quits,” suggested the CEO of CIEL.
Grow your network
Networking is vital to future-proof your business during a recession. Attend relevant conferences and summits, be in touch with industry experts and build connections. “This is an ideal time to also update your LinkedIn profile and connect with business leaders and industry experts. This will increase your chances of becoming the solution not just for your company but also for the community,” concluded Mr Aditya Narayan Mishra.
2022 brought us chaos, but also the opportunity to review, renew, and advance. Read the end-2022 issue of People Matters Digital Magazine for a look back, and some key takeaways to bring forward.