Maximizing talent value in a downturn

July 22, 2022 - Research W119

The events of the past three years have underscored the importance of investment in HCM tools that help organizations rapidly respond to changes in the talent market and overall economy. The job market has shifted several times, from pandemic-related closures and furloughs to labor shortages that led to candidate advantage and mass resignations. Now, as organizations report hiring freezes and mass layoffs, the ability to remain agile and maximize the value of existing software investments is critical to business survival. Nucleus expects that the most important elements of navigating an economic downturn are restructuring hiring practices to avoid involuntary turnover, focusing more on learning, performance, development, and automating menial tasks to allow HR staff to focus efforts on strategic initiatives such as employee engagement.