Over the past few years, all of us have experienced what seems to be an economic roller coaster. This economic roller coaster has had us on ups, downs, loops, and spirals. While this is not what we would call a fun roller coaster, we can look back at the not so great times and study and learn from it. An economic downturn can cause the demand curve to collapse. Preparing for any scenario, including economic slowdowns, is part of being a good leader in a business.
As we have mentioned before, we’re not waving our hands around and saying the sky is falling, but rather looking to economic indicators. Hopefully, we are doing the wise thing and applying what we have learned in the past to our current and future business decisions.
We at Corban OneSource regularly study economic indicators and take the temperature of the economy. If an economic downturn can cause the demand curve to plummet then Corban OneSource is about helping our clients succeed. Part of that is applying best practices to help avoid the chaos that can happen in human resources in a downturn economy.
Common issues found in businesses during a downturn economy include lack of employee communication, changing of buying and selling patterns, or only having strategies for the short term. Business.com writer Micah Pratt advocates for leaders to do the following during an economic slowdown:
- Stay busy with cost-effective projects
- Plan future investments
- Build strategic partnerships
- Promote culture and engagement
- Lead by example
Don’t let an economic slowdown slow you down. Create long term business and HR strategies that will help you on the economic roller coaster. Corban OneSource has almost a Quarter of a century of experience in creating HR strategies for our clients and helping them through the economic turns. Our variable cost model worked flawlessly in the 2007-2009 recession and in the Covid downturn. Helping our clients control costs without sacrificing service to their employees was our paramount focus.
We know that businesses will continue to plan future strategies and remain positive that the market will continue to grow. Our clients continue to grow and we are helping them with their global expansion into other countries like the UK, Mexico, Canada and others as well as bringing assets back to the USA when it makes sense to do so. We just prefer to be prudent and excited about the future at the same time.
Corban OneSource is a Mid-Market Human Resources Outsourcer or HRO for companies of 75 to 6,000 employees. Are you looking to outsource the core HR functions of Payroll, Benefits Administration and HR Support? Find out more here.