Finding alternatives to layoffs

Seminar on January 12 to look at managing talent in troubled economy

Laying off workers amid tough economic times undermines the health of the firms, according to experts who will speak at a University of Chicago seminar for human relations executives and others involved in hiring and employee management issues. The seminar speakers will discuss alternatives to layoffs, such as leaves and changed work schedules.

As cost-cutting spreads through the economy, the Graham School of General Studies has put together a panel discussion titled, "Talent Management in Tough Times," from 6 to 7:30 p.m. Monday, Jan. 12 at the University of Chicago Gleacher Center, 450 N. Cityfront Plaza Drive. Panelists will include Dick Axelrod, principal in the Axelrod Group Inc., a change management consulting firm; Bruce Japsen, reporter on the medical/pharmaceutical industry for the Chicago Tribune; and Gordon Medlock, human capital management consultant with Success Factors Inc. The seminar is free and open to the public.

"Layoffs appear to be the knee-jerk reaction of executives concerned with the short-term bottom line and share price," said Stephanie Medlock, Associate Director for Professional Studies at the University's Graham School of General Studies. "This conflicts with the principles of modern human capital management strategy, which suggest that the employee is the organization's greatest strength, and mass layoffs play havoc with an organization's ability to serve its customers and maintain long-term market share. When a firm chooses layoffs, the firm isn't just shedding costs but also tossing away assets."

The discussion will cover two distinct but related topics: an analysis of companies' reactions to the current financial crisis, and an evaluation of layoffs as a strategy, alongside a primer on human capital management. That concept maintains that people are the main strength of an organization and should be treated as an asset rather than a cost.

The panel will touch on The Graham School's Human Capital Management Certificate program, which is designed to help companies consider their employment needs strategically and organize their workforce to promote internal health, creativity and a climate for success.

The program is vital to managers who need innovation to get through a difficult economy. It will examine how the concept of "talent management" came to be, discuss the role of diversity in the workplace, the need for analysis of employees' competencies and the provision of training, as well as the development of a complete talent management program.

Finally, the program teaches managers how to do return on investment analysis, which is essential in evaluating prospective investments in personnel and training. It also can be used to evaluate the long-term consequences of layoffs and cuts.

The Graham School of General Studies' Certificate in Human Capital Management offers a planning process to assist organizations with the strategic deployment of their employees. The certificates' seven courses aim to enhance a manager's ability to react to outside threats and strategically manage people. Among the topics that aim to help prevent the deterioration of company morale and the flight of the talent: Learning how to redeploy staff so that cuts can be stalled or avoided, communicating with employees to make layoffs understandable and helping employees find work elsewhere.