Given the current economic uncertainty resulting from the COVID-19 Crisis, some firms are concerned about a revenue dip leading to cash flow issues and the need to reduce expenses to maintain the long-term health and well-being of the firm. The current shift in the economy requires a pivot in your talent management strategies to protect the firm’s bottom line; additionally, it is paramount to ensure your efforts over the last few years to cultivate trust, engagement, motivation and retention aren’t undone by your actions or the tone of leadership during this challenging period. Attend this session to explore various methods for managing your firm in a down economy to protect your firm while locking your high-potential team members in for the long-term. Together we’ll discuss strategies to:
- Establish agreed-upon core talent commitment at the senior leadership level to guide our talent-related decisions
- Evaluate a variety of right-sizing options including reducing partner draws, eliminating bonuses, hour and pay reductions, furloughs and layoffs
- Identify the programs to keep investing in versus the programs you’ll need to pause or defer
- Create communications around your staffing changes that leave remaining team members confident about the firm’s future
- Retain your 9-box super stars despite the uncertainty and the changes you are undergoing
- Enroll your team in supporting the firm’s financial performance, highlighting specific things they can do to ensure a financial turnaround
Leave this session prepared to manage any upcoming expense reductions in a motivating and engaging manner!