In a recent MOR Leaders workshop with participants from seven different institutions, the cohort pivoted from disruption in higher education to the implications for talent management in challenging times. As we continue to think about “meeting the moment,” it is incumbent upon leaders to ensure there are clear goals and strategies focusing on the workforce.
The current financial context and the accompanying ramifications can create both threats and opportunities when it comes to talent management.
In this “meeting the moment” series, MOR has consistently advocated for leaders to get out front, to be proactive rather than wait to be asked or told what is needed. In a recent Tuesday Reading, we offered five strategies that could be pursued to position your organization as part of the solution rather than be seen as a cost center that is part of the problem.
- Increase services and support for the core missions of teaching, learning, research, healthcare, or knowledge preservation.
- Optimize resources to contribute to the financial sustainability
- Leverage technology to increase effectiveness and efficiency
- Integrate units across the institution to better align resources and services
- Identify and retain the talent needed
Today we will focus on the workforce issues, concerns, and strategies leaders can consider when financial constraints make it urgent to update a talent management plan.
Many universities and other organizations have been hard hit by recent cutbacks and policy changes. One breakout group in the workshop emphasized that when the financial cuts happen, there needs to be a short-term response and a long-term plan.
In the near term, as the financial pressures mount, participants suggested it is wise to eliminate open positions, hold any future openings, look for ways to improve efficiency, and plan for scenarios such as a 5-10% reduction in force. One of the most difficult ramifications for some institutions has been that financial cutbacks have required laying off staff, many of whom were valued contributors. When the circumstances do necessitate this action, it is important to handle this in a respectful and dignified way for those who are leaving as well as for those who are staying. Next week we will delve into this further.
The Friday afternoon emails or Zoom sessions ending a person’s employment or 3pm meeting where a person shows up and Human Resources is there reading from a script followed by the request for the person to pack up their box are all quite harsh and inconsiderate. There are ways to share the disappointing decision to eliminate a person’s role that maintains their dignity and extends some consideration for the person. Whether it is giving them a 30 or 60 day notice or severance pay to reduce some of the economic worries.
The breakout group who wrestled with what do we do as leaders when there are these financial realities developed a goal and a few strategies to meet this moment. The goal is to retain the right talent with the right skills, ensuring their work is focused on the right initiatives and results. Their strategies started with prioritization. We can’t continue to do everything. Make tough decisions on where you can pause projects. Stop doing things previously vetoed. People don’t want to hear do “more with less” it is a time to figure out how to do ‘less with less.”
Consider shifting roles, making internal moves to fill gaps, and provide developmental opportunities. They also suggested this is a time to emphasize the non-monetary rewards. Many reaffirmed the mission does matter.
Another theme from recent Tuesday Readings has been to optimize the IT resources available by integrating the various IT units across the enterprise. The whole could be so much more than the sum of parts.
The working group said the goal is to create increased alignment while scaling services, providing career support to enable staff to learn needed skills, and ensuring the retention of key talent. Take an inventory to understand what skills and expertise exist while framing this as a learning opportunity with increased exposure to new technologies and roles that provide new career paths.
Another working group took up the ever-increasing acceleration of technology development and shorter lifecycles. New AI releases are coming out every 3-6 months. AI will be able to do more and more functions, making some current job responsibilities less valued in the future. Meanwhile, security and privacy measures are outpaced by the velocity of changes, posing increased risks. The group also recognized certain skills are in demand, while others are fading in value. There is a need to cultivate a learning culture.
This team developed a goal focused on leveraging opportunities with technology and AI to simplify, automate, or innovate so that it lessens the workload and enables people to learn about the new technologies. Strategies include leveraging technology to reduce the impact of fewer resources while shifting talent to new opportunities. It is helpful to recognize many IT staff learn quickly when given the opportunity to work alongside someone more experienced. Create professional development plans coupled with a mentoring program. Shift from tool development to the use and integration of commercial tools. Leverage more student employees, take advantage of their time, engage them in developing solutions as part of their growth. The group also emphasized promoting work/life balance.
The overarching goal developed by this working group was to create and sustain an engaged and resilient workforce so that we maintain a productive organization, avoid the negative framing, and cultivate talent by emphasizing opportunities and facilitating adaptability.
Throughout the discussion of the implications of the financial pressures on the workforce, it was acknowledged that leaders need a proactive strategy for ensuring a healthy environment supporting talent management in challenging times in order to meet the moment.
How do you want people to look back and remember how you were leading during this difficult time?
Last week, we asked if your institution is engaged in significant cost-reduction strategies.
- 50% said yes, primarily through internal efforts
- 20% said yes, an even mix of external and internal efforts
- 15% said yes, primarily through external consultants
- 15% said no, not at this time
The vast majority of us, 85%, are at institutions currently engaged in some form of cost-reduction strategy. It can be a lot. So much is unknown. So much uncertainty. Today’s survey results are a good reminder: you are not in this alone. Peers at institutions across the country are going through similar experiences. Reach out. There’s a lot we can learn from each other. MOR alums: we welcome you to join us for the timely topic of Building and Leveraging Leadership Communities. Mark your calendar for Thu, Oct 16, 3-4pm for an engaging session led by our own Brian McDonald and Susan Washburn. Sign-up here.
Brian McDonald is the Founder of MOR Associates. He can be reached at [email protected] or via LinkedIn.