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Rethinking HR
Sep 29Happy bailout, my HR friends. Something like $700 billion is coming Wall Street’s way. But the odds are, not your way.
Human resources is going to be a different beast when this economic crisis is over. This isn’t going to be your father’s HR. Heck, this isn’t even going to be your HR when this is all over. This is one of those deals like freshman chemistry for pre-med: Take a look left and take a look right. Those people sitting next to you won’t be there by the time this class is over.
I’m not trying to be an alarmist. In fact, I think for the talented people in HR, this can be your shining moment. For people who are junior functionaries or are walking demonstrations of “The Peter Principle,” buh-bye. Have a nice day. Thanks for flying with us.
Here’s what is gonna happen: If you’re working in an affected industry, you”ll be asked to exit people. Those who aren’t in HR know this as “being fired.” Lots of people are going to lose their jobs. People you know. Friends. Family members. If you’re lucky, you won’t be asked to turn out the lights as the last person out the door. It’s gonna be a real headache. That’s the really bad stuff.
Here’s what else is gonna happen: Your best talent is going to get jumpy. Their stock options are underwater and have no chance of recovery. Pay raises — hah! Benefits? I’m gonna guess that even Google is going to cut back on their Skittles budget. And when times are tough, you need your best people. What you did during the halcyon days are going to come back in karma now. I hope you treated them well.
So now’s the time to rethink HR. It’s your time. It’s time to dig in, move fast, and make money. The time for thinking big thoughts is over. It’s time for action.
About the Author
Frank Roche
Frank started IFRACTAL over 7 years ago with Sarah Chambers. Together, they've created HR communications and HR software for some of the world's leading companies. Frank is also studying Flamenco guitar and origami.
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Frank,
Perfect! I could not have said it better. Sorry to say that I have been a doomsday prophet for over a year. I saw this coming. You always pay the piper.
I wish that the HR pros would seize the opportunity to lead their companies out of this mess. It is going to take strong leadership to keep this ship afloat.
You are right. If you haven't treated your stars well in the good times, it is too late now.
One correction. That would be 700 *billion*!
You're absolutely right though. The question lingering for me is whether or not ANY industry is going to remain unscathed through this. I have a lingering feeling that the impact of this is going to be beyond far reaching.
Like a field when you lift a cow pie from it. It leaves a depression.
Well written Frank.
Nice job Frank!
The best talent have to have somewhere to go. Many employers in this type of cut-throat environment would rather steal one superstar than pay two or three middle of the road types to keep the place running. HR needs to be reinvented in some ways, but also reinforced in others. Solid HR principles will still have a place.
Key programs going forward will probably be:
– selection and talent management
– retention
– compensation (I think it will still matter )
– labor relations (to deal with the eventual passage of EFCA)
– conflict resolution (arbitration/greivances/workplace meidation)
Michael VanDervort
http://bestpracticeexchange.blogspot.com
http://humanracehorses.blogspot.com
Thanks, Michael. You're right about reinvention and reinforcing. Great points.
Thank you, sir. Passion is making the writing a little more to the point.
Hey Lance, you're right…I was off by an order of magnitude. I agree that the ripples of this is going to go on for a long while.
Thanks much, Ron. It's time for action…and woe to those who didn't pay attention to employees when times were great.