What Does This Mean for SoCal Leaders?
Adjust or Make Contingency Hiring and Budgeting Plans At the start of the year, many companies made their annual operating plans with a pending recession in mind. At the mid-year point, a serious recession seems unlikely. Business leaders should reevaluate their plans considering the new economic outlook and either make midyear corrections or have contingency plans in place if the original plans no longer support success. These adjustments include hiring, wage levels, special initiatives, and alternative work arrangements such as remote or hybrid work if they factor into operating plans. Retention Needs to Be a Top Priority Regardless of what happens with inflation and the economy, the labor market is not going to cool off and the competition for top talent will remain hot. Retention is your best strategy for success. As always, clear and open communication is key to keeping your top players engaged. Keep the team apprised of changes in the organization. Let them know how the company is doing, what midyear adjustments are being made and how any changes will impact them. You should always be focused on keeping your best talent. Do not ease up on your retention strategies. It’s not the time to take away company lunches, annual parties, or any other perks you offer to elevate company morale and promote engagement.
9 ARG Quarterly Barometer Q3 2023
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