Such is the case with price sensitivity, a mainstay of most curricula and the forefront of concern among today’s business leaders.  Harvard Business School professor John Quelch recently published an HBS Working Knowledge piece entitled, “Seven Tips for Managing Price Increases” in which he offers advice to marketers on how to cope with inflation and sticker stock.  I think these same principles should be applied to how HR manages today’s highly diverse and fragmented employee population:

1. Understand Your Customers – Take the time to recognize that a disproportionate focus on one segment of your population may cause a demand spike in another.  Reward individuality over conformity and complacency.
2. Invest in Market Research – Get out of the office, walk the halls and talk to employees directly about their challenges and concerns.  Capture high level survey data but recognize that many are reluctant to honestly share for fear of retribution.
3. Redefine Value – Reverse engineer programs that are widely successful to identify the core elements which may be replicated through other HR deliverables.
4. Use Promotions – In this case, literally.  Clearly communicate the values and performance metrics which result in opportunities for leadership development via a well organized and transparent talent management strategy.
5. Unbundle – Recognize that no two employees are the same, and therefore be prepared to dynamically assemble those benefits and programs which meet the unique needs of the individual.
6. Monitor Trade Terms – Watch your population “inventory” closely and be prepared for large spikes and dips in talent acquisition.  Remain constantly educated on those in direct industry and geographic proximity.
7. Increase Relevance – This goes without saying…

If you pay close attention, you’ll find that all around us are lessons that can help the HR professional bring systemic improvement to their organization.

Let’s keep the conversation going.