Why you need a bottom drawer plan to overcome market uncertainty
The Reejig Reckons series
The market right now is full of uncertainties, which is exactly when you need to reach for your bottom drawer plan.
But traditionally, workplaces haven't had the technology and workforce planning in place to give them the agility needed to steer through unchartered waters with agility and speed.
Understand the four key actions a bottom drawer plan will allow you to take in any scenario.
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Read the transcript:
I was having lunch with one of our investors and we were talking about the pressures that are happening in the market between inflation, an incredible market stock crash, a potential recession, recovery from the pandemic, and the social injustice we're seeing across the world.
There are so many different things that are happening right now that are causing this feeling of being paralyzed around what we're going to do as leaders, and what does this mean for our businesses?
You're seeing the technology companies that would have been the best places to work now starting to either let folks go or talk about hiring freezes. And it's really interesting because if you look at the market as a whole, job ads are still up and you're seeing that organizations are now getting a third strike between the lockdowns and all of the dramas that we've had in the past. This is strike three.
It's another example of why we need to do things differently.
We shouldn't have such a kind of navy ship style movement in our companies that it takes so much to change when we need to create more agility on how we respond to whatever's happening with this market.
Yes, it's uncertain. Do I think we are going into an all-out recession? Not by what we're seeing with our customers and the markets. Do I think that we should have plans in place to respond if we do? Absolutely.
You should always have your bottom dollar plan.
Do I think that this is your moment to put pressure into doing something different? Absolutely. Putting a business case together that details the ROI on having a bottom drawer plan is great because you can actually create a compelling business case that shows the cost of making someone redundant versus not reskilling them.
Moving folks around not only unlocks a whole pile of potential and innovation for your people, but it saves you a whole pile of money. It saves your brand reputation and builds talent resilience, which for me is critical right now.
We need to be thinking of plans that will build resilience in our teams and in our people so that if things do happen, they feel less stressed and can perform because they're not super anxious and wondering what's going to happen.
That talent resilience will become a really important muscle that you'll have to build into team.
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