HR leaders ill-prepared for economic downturn
HR is the function best placed to help organisations survive an economic downturn, but only if leaders ensure their teams are ready to respond, according to a global leadership specialist.
Research by executive search and advisory specialist Russell Reynolds Associates suggests very few CHROs are prepared for a downturn or recession, despite economists predicting a 20–25 per cent chance of a recession within the next 12 months.
"They realise that it's on the way but very few have actually prepared their teams to respond," says global diversity and inclusion lead Tina Shah Paikeday.
"It's actually critical for the head of HR to think about how to identify key talent gaps for the senior executive team and CEO, to be able to make sure that the level of agility is there around the skill sets that are going to be needed in the downturn."
This excerpt is reproduced with permission from hrdaily.com.au. The full article appears here.