I Don’t Need a Weatherman to Tell Me If It’s Raining at My House
Isn’t it interesting that the same people who laugh at science fiction listen to weather forecasts and economists?
–Kelvin Throop III
This ends Economic Downturn Week at KnowHR. I don’t have to tell you about how the economy is doing, you can walk around and observe it yourself.
There is a certain contingent of economists who would like to deny that we’re in a recession, as if the definition of “recession” is written in stone. When those know-it-alls start talking, I look at these quotes and chuckle.
No matter your take on the economy, doing the right thing in HR is always the right thing to do. Even an economist couldn’t argue with that.
How to Relocate Employees During an Economic Downturn
We’ll get back to happy-happy, joy-joy next week at KnowHR. Meanwhile, this is economic reality weak, and by that I mean “economic bummer week.” Times are getting tough, especially in the housing market.
I met yesterday with a senior exec who worked in housing derivatives at one of the big houses . That business has dried up. Companies are calling their equity loans. And she says that we won’t see the bottom for another 18 months. So what’s a company to do when they want to relocate employees during an economic downturn?
Fortunately, Bill Strahan at HumanMarkets offers a solution. In a post titled Loss on Sale, he writes about the housing downturn and the need to move employees:
One issue of concern for everyone involved is what to do for an employee who is asked to move for a new job and has to sell their home in a down market. If someone bought a house for $300,000 and can only sell it for say $225,000 before they have to pick up and move, should the new job/employer pay the difference?
His solution after considering input from many professionals around the country? A multi-tiered approach. Click here to read Bill’s proposed solution (and some pretty dang funny side observations).
7 Things HR Needs to Say to Managers in an Economic Downturn
In an economic downturn, it’s the managers who will make or break a company. Yet, too often we do manager workarounds because “Our managers aren’t up to it,” or “Our managers are not that sophisticated.” STOP. Full stop.
One of our key jobs in HR is to help managers do what they need to do to keep the organizational machine running. Here are 7 things HR needs to say to managers in an economic downturn:
- This whole things rests on your shoulders. Step up or step out.
- It’s easy to be a manager when times are great. But these are the times they try mens’ souls. You should know the difference.
- We’re all in this together. If you’re saying anything different to your employees, that’s treason.
- Our pay plans were designed to recognize there are good times and bad times. Don’t think that just because we’re in a downturn that we’re going to change them on a whim.
- You need to pay more attention to your high performers. And that means knowing who they are, what motivates them, and how much they contribute to the company’s success.
- Don’t clam up. Sure, we’re all a bit edgy, but this is no time for the silent treatment. Talk. Tell people what you know, what you don’t know, and when you’ll know more.
- The mangers who do this best while times are tough are the managers who will have significant careers as senior leadership. We value results and the Peter Principle doesn’t work here.
Grab a Fistful of Talent
Kris Dunn’s Fistful of Talent is playing Rock ‘Em Sock ‘Em Robots with HR talent issues. Kris assembled a talented team of writers and thoughtful articles are being posted faster than Muhammad Ali can punch a speedbag. Stop by. It’s a knockout. (How’d I do on the fist theme?)
Advice for Employees in an Economic Downturn
This is “How to Deal with the Economic Downturn Week” at KnowHR. Most of the time I talk to HR people, but today here’s a piece of advice for employees:
If you’re not part of the solution, you’re part of the precipitate.
–Henry J. Tillman
This is no time for fooling around or thinking “this too shall pass.” It won’t. There will be fallout.
Companies need employees to be on their “A Game,” both in terms of results and how they’re achieved. Because, employees, it’s either that or learn to ask that all-important question: You want fries with that?
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