Russell Reynolds Associates: Are Asia-Pacific Chief HR Officers and Their Teams Ready?
Preparing for an Economic Downturn
Russell Reynolds Associates surveyed 534 C-suite executives in their Downturn Survey globally, including 43 CHROs in APAC – and they do not feel ready for a downturn.
Executives' greatest fears are:
- The risk of having to let key people go
- Team's inexperience in handling tough situations
- Disengaged team slow in responding
This is in line with the conversations with CHROs in the region where companies have experienced strong growth for the last few decades, making talent unprepared for a downturn. The disruption from a downturn will require talent to be comfortable with moving away from legacy structures and processes that have worked in the past toward new contingencies. The present-day volatility and uncertainty demands that organizations be nimble, empowered to act and quick in their responses.