The economy is in the tank, and while predictions are that things will get better in 2009, many HR leaders are doing budgets right now.\u00a0 The problem with recessions and HR is that HR budgets often take longer to come back than other budgets.\u00a0 Take 2001 as an example.\u00a0 The \u201cbubble\u201d burst with such ferocity that when the economy did get better, budgets went to core business critical functions first \u2013 they had to catch up.\u00a0 It was possibly 2-3 years later before HR budgets started looking up again, and by 2004, HR spending on technology was on the rise again.\u00a0 But this is after 3-4 years of deferred maintenance.<\/p>\n
If budgets are happening right now, there may not be a whole lot we can do about getting increases.\u00a0 However, talent management is still a critical strategic focus for the executive team.\u00a0 Regardless of the state of the economy, the idea that there is a shortage of senior talent and a glut of retirements on the horizon has not changed.<\/p>\n
Last time around, HR had to defer a few upgrades on ERP systems.\u00a0 Perhaps some redesign of benefits went undone for a couple of years.\u00a0 But this time, if we defer our spending on talent management for 2, 3 or even 4 years?\u00a0 That\u2019s disastrous.\u00a0 After all, when we talk about those retirees, we are talking about them retiring in the 5-15 year time frame (or even right now).<\/p>\n
Last time around, we had Gen X in the workforce, they had it tough in the 90\u2019s not finding great jobs.\u00a0 They were the latch-key kids, having to find ways to do everything themselves.\u00a0 This time around,\u00a0 we have Gen Y.\u00a0 The ones we need to find new ways to work for.\u00a0 These are the guys who can help us innovate our organizations.\u00a0 But these are also the guys who are a bit high maintenance.\u00a0 They want the learning opportunities.\u00a0 They want to have new challenges and increased responsibility.<\/p>\n
There is more on the line with this turn of recession budgets than a few upgrades.\u00a0 If we defer talent management initiatives and spending because we just don\u2019t have the money, we\u2019re going to find ourselves not a couple years behind, but perhaps irrecoverably behind.<\/p>\n","protected":false},"excerpt":{"rendered":"
The economy is in the tank, and while predictions are that things will get better in 2009, many HR leaders are doing budgets right now.\u00a0 The problem with recessions and HR is that HR budgets often take longer to come…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","footnotes":""},"categories":[33,8,2,20],"tags":[],"class_list":["post-919","post","type-post","status-publish","format-standard","hentry","category-finance","category-strategies","category-hr-technology","category-talent-management"],"_links":{"self":[{"href":"https:\/\/systematichr.com\/index.php?rest_route=\/wp\/v2\/posts\/919","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/systematichr.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/systematichr.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/systematichr.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/systematichr.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=919"}],"version-history":[{"count":0,"href":"https:\/\/systematichr.com\/index.php?rest_route=\/wp\/v2\/posts\/919\/revisions"}],"wp:attachment":[{"href":"https:\/\/systematichr.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=919"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/systematichr.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=919"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/systematichr.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=919"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}