Instead, in these times, we find it important that firms re-think their HR management strategies. Turbulent times require active performance management initiatives, creative methods, innovation and out of the box solutions.

For example, instead of totally stopping all non-core training sessions (ie. leadership programmes), firms can switch the method of training to a webinar style training course where the value of the course is hardly compromised while costs can be kept to a minimum.

The basic principles of performance and competency management remains the same:

1. What we have - in terms of employee competencies and skills
2. Where we want to be in the future - overall organisation goals and targets
3. How do we bridge this gap and get to the future point successfully - training, development, recruitment etc.

This core methodology can still be adhered to in these times with limited budgets and resources. We believe that a measured approach is needed here.

First, a review of the organisation's goal and target setting process is required. New targets have to be set which take into account the current business climate.

Second, a tool is required to understand the firm's current standing and the gaps it is facing to reach the revised target.

Upon which, a strategy to align all resources, current and future, towards this revised goal via creative and innovative methods is needed.

Try this out at a department or unit level and you may be surprised at the results!