Nov 1, 2009
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Pinnacle HR White Paper
April 2009
Human Resource Challenges For 2009
Economic turmoil and increased regulations present unprecedented human resource challenges for American businesses. Small and mid-sized businesses must overcome these challenges in order to secure the talent necessary to succeed.
HR in an Economic Recession
Treasury Secretary Timothy Geithner noted that the International Monetary Fund now sees the world economy declining this year for the first time in more than six decades. Only 17 of the 182 economies followed by the IMF are expected to grow faster this year than they did last year, and 71 are expected to shrink.1
Since labor is one of the largest cost factors, it is understandable that cost cutting is a favorite method of economic survival. However, just cutting jobs can be counter-productive to long-term success. That success comes from having a talented workforce.
This subject was the focus of a recent study by one of Pinnacle's partners, TriNet.2 The study explored how 555 small and mid-sized technology and professional service companies plan to manage their human resource challenges and hiring issues during 2009.
Employee Recruitment & Retention
Despite the recession, respondents stated that finding and keeping talented employees is still a top priority. More than 80% of companies tried to hire at least one employee in 2008 and 20% tried to hire 20 or more employees. The results of the survey are presented in the following chart, Plans to Hire in 2009.
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1“Geithner Takes Upbeat Tone on Global Economy” Wall Street Journal, April 22, 2009, www.wsj.com
22009 HR Trends Report, TriNet, January 2009, www.trinet.com. Reproduced with Permission
