How to prepare your company for the economic turnaround

T+D, Oct, 2003

We know it must be coming. Here's how to get ready.

1. Re-recruit your employees.

2. Develop contingency plans for a slow recovery and for fast economic growth.

3. Reaffirm your relationships with valued customers.

4. Reaffirm your relationships with suppliers, making sure they can support fast growth.

5. Engage in serious strategic workforce planning, including where talent will come from and what your succession plans are.

6. Check your positioning in the employment market. How are you viewed?

7. Engage employees in an honest critical review of operating systems and procedures.

8. Check your corporate financing. Can you support lagging cash flow if you have a surge of orders?

9. Concentrate on leadership and management development.

10. Defend yourself against the vulnerability of an unstable workforce.

Check out

* www.workforce stability.org.

* Source/Roger Herman, workforce futurist.