precise process.
exciting results.

Hunkering Down or Preparing to Pounce?

    As we enter the second year of economic downturn, we have heard a number of clients tell us they are “hunkering down” during what looks to be an extended economic crisis. But is hunkering down or waiting it out all that can be done?  

Hunkering Man    The definition of hunker down includes crouching and settling-in for an extended period. In business, this involves the much publicized activities of laying-off portions of the workforce, eliminating underperforming divisions, reducing spending and putting new projects on hold. But when in that crouched and ready position, you don’t just have to wait it out. 

    History has shown that during times of recession, those who strategically prepare for the upswing fare better during the down cycle and are better positioned for greater success coming out of the recession. Extensive research reveals that companies who continue to advertise during recessions keep existing customers and gain market share from companies who reduce their marketing efforts. Some studies show that the return on investment in advertising during recessions provides greater yield than advertising during stronger economic times. The business that continues to be done during the recession goes to companies with high consumer confidence and advertising helps keep that confidence elevated.   The Judson Group

    Other experts recommend taking a look at your current staff to make sure you are retaining your top talent and consider top-grading to eliminate underperformers to strengthen your team. Proactively hiring can bolster business and helps ensure that your top performers aren’t stretched too thin covering the extra workload of vacant positions or underperforming team members. If adding to your headcount is an issue, consider bringing on temporary or contract staff to help cover the workload or handle special projects. Again, confidence is key. If your staff lacks confidence that your organization is prepared to weather this storm, they will consider moving to another organization.  

    Another way to strengthen your current workforce is training. Training helps sustain business during the recession and prepare your team to take advantage of opportunities that arise as the economy improves. Even a few hours each week dedicated to refreshing or improving key skills will give your workforce a competitive advantage. It also shows your top talent that you’re invested in their future with your company and may further alleviate some concerns about their job security.  

    While the current economy forces us all to rethink how we do business, a hunkered down approach isn’t the only option. A few agile moves made while everyone else is settled in can give you an advantage both during and coming out of the recession.

Return to the news page »