What do you think? Are we in for a double-dip recession? Seems to me that the economic pundits are waffling hard on this topic. In a Bnet article, Margaret Heffernan seems to think so, but she offers great advice for what to do in a double-dip – grow! Click over to read her case study of Timken and how they, “Invest when times are tough so we can capitalise on those investments in the good times.”
A Towers Watson survey found many US and Canadian companies are following this advice, at least in terms of their investment in “talent/performance systems,” citing these as the most critical HR Service delivery issues in 2010 (quoting):
• Talent/performance management systems (42% versus 35% in 2009)
• Streamlining processes/systems (35% — unchanged from 2009)
• Increased involvement in strategic business-driven issues (27% versus 23% in 2009)
• Defining human capital metrics and dashboards (22% versus 17% in 2009)
It’s great to see companies beginning to invest again, but it’s still important to remain frugal and wise in those investments. That’s why I advocate strategic recognition as the fastest, most cost effective means to talent management data. Within just months (not years), you can track and analyse trends in performance against your key objectives and values based on the wisdom of crowds through recognition, you can streamline processes by blending recognition and performance management metrics, you can create on-the-fly dashboards that report on the metrics your CEO and CFO care about, which increases your contribution to strategic business issues – and you can prove it.
Stop investing in talent management and invest in your talent instead. How are you beginning to invest?
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