Technology, talent and data strategies to weather uncertain economic times

Economic uncertainty has become commonplace since the start of the COVID-19 pandemic. It’s further exacerbated by international strife, war abroad, rising fuel costs and spiraling inflation. Organizations of all sizes are facing a pivotal moment in time – preparing for a forecasted recession. As the costs of inputs and wages continue to soar, organizations are searching for ways to reduce costs while keeping their most valuable asset in place – their people.

While it can be enticing to increase cash flow by reducing pay, benefits or even headcount, none of those tactics positions an organization for future growth in a competitive employee marketplace. Here are three strategies leaders should consider today to prepare for volatile economic conditions:

1. Invest in long-term results.

Success in all markets, bear or bull, stems from the ability to be agile, adaptive, and resilient. Technologies like AI and cloud have changed how we work while improving productivity and creating new paths to resilience. For executives looking for lessons in the wake of COVID-19, one has emerged clearly: every organization needs to become a tech organization.