4 Steps to
Successful Recovery Planning
The current economic downturn has taken a toll on many businesses, hitting some industries harder than others. It’s important to be realistic in understanding things are not going to simply bounce back to the way they were without some effort and planning. The key to navigating your path to success is to create and execute a successful recovery plan.Get the Free Toolkit
Successful recovery planning involves having strategies in place to address key aspects of your business. With our 4 Steps to Successful Recovery Planning, you will gain insight into your current situation and understand the tools and strategies needed to prepare for what the future might hold.
Step 1 Scenario Planning
Chances are you aren’t entirely sure what is going to happen when your organization is back to a new kind of “normal”. Alleviate the anxiety of the unknown by taking time to lay out your what-if scenarios and feel confident knowing you have a plan for each situation.
By creating what-if scenarios for your organization you can visualize different outcomes and have contingency plans in place. If you will be operating under a reduced staff you will need to analyze your organization to see if all critical functions can still be managed. If your business is one of the industries who may see growth during this time, you will need to take a look at increased staffing, how that might change your current structure, and budget accordingly to accommodate that growth.
Step 2 Talent Inventory
Whether you are facing downsizing or preparing for growth, you should have a full understanding of the talent you currently have and what talent you may need to acquire. There are tools available that can help you organize and assess your talent pool, allowing you to track skills, performance, and flight risk. Streamlining this process will help you have this information right at your fingertips at any given time. It’s all about knowing what you have and what you need when it comes to talent inventory.
Step 3 Succession Planning
Succession planning is the process of identifying and developing those with potential to take over key roles should vacancies occur. In order to carry out successful workforce and succession planning you need to assess your talent inventory and align that with critical roles in your organization. Does Sally have the experience and drive to take over the CFO position? Or does David’s skill set and education better match the job requirements as CFO? These are the what-if scenarios you need to consider and analyze in your succession planning. Using an interactive tool that displays each scenario and shows you potential succession paths can be paramount in your Recovery Planning process.
Step 4 Hiring Strategy
Now that you have assessed your talent pool and laid out your potential succession plans, you may realize that hiring now or in the future could be a necessity of recovery. But don’t kid yourself into thinking that’s something you should be waiting to do. If you forecast a need, you should post the position now and begin looking at candidates. Did you know that recent survey data states over 35% of currently employed workers are looking to make a job change? Your perfect candidate could be looking right now, so don’t miss the opportunity to start the conversation with them even if you’re not yet ready to extend any job offers.
Now that you understand the 4 Steps to Successful Recovery Planning, it’s time to put your plan into action. But where to start?
To help you begin, we’ve created a free recovery planning toolkit. Within this kit you’ll find documents and spreadsheets that you can use as you walk through the four steps we’ve outlined above.
- Planning and strategy worksheets
- Spreadsheets with formulas
- Tips and tricks from our experts
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If you’re looking for a more robust method for creating, analyzing, and collaborating on your plans, schedule a demo with us to see how our cloud-based software can help automate and streamline your workforce planning processes. We can even import the data you enter into the spreadsheets included within our free toolkit.