So, at this point your cash flow looks like it just might weather the storm or maybe your willing to dip into your reserves to avoid a layoff, but your prudent and you're still feeling the pinch, which is why you have announced a company wide hiring freeze. But, other than giving notice to your staff that your company is concerned about the impact of the economic climate, have you thought about best practices here?
You can't exactly leave critical positions empty and you may not have successfully groomed adequate replacements for management. Those positions can't be frozen. For non-management positions, you can restructure groups or departments to successfully shift the duties lodged in vacant positions.
If your company has an online segment as well as brick and mortar segments, consider freezing brick and mortar related positions while replacing vacated online segment positions. One obvious trend in this economic downturn is that online sales haven't been hit as hard as brick and mortar sales.
If you have a department or group productivity measurement tool in place, or if your gut is a reliable resource here,freeze positions in groups that are not as productive or move employees from unproductive groups to fill vacant positions in groups that are productive.
With many options on the table in a hiring freeze, this could be a gift, forcing you to streamline productivity in HR and prioritizing resources based on bottom line productivity.
Get a Gilman consultation.