If the last thirty-odd days have been about getting used to new remote work environments, temporarily banning business travel, and formulating new policies and contingencies, the next thirty days should ideally focus on how to sustain business continuity.
To maintain this stability, we surveyed firms on the approach they’re taking. Here’s what we learned:
As you can see, not all organizations have shut down operations entirely. Firms involved directly with manufacturing, logistics, delivery and prescriptions, essential goods and services, technology and cybersecurity services, even those in the media are still requesting some colleagues to come in to work. A little over 50 percent of the workforce is doing this.
One such company within the essential goods space has 90% of its corporate staff working from home for the next three months. Their offices are open, and employees have the option to go in only if it’s absolutely urgent. Business has been booming for them despite the supply chain and merchandizing disruption with a decent scale up in volume due to the consumers hoarding goods like toilet paper and hand sanitizer. The demand is at an all-time high, so much so that the firm currently has a vast number of openings in North America itself. These include daily wage workers for stocking shelves, trucking, and logistical staff. Such moves have been complemented with a raise in the wage rate of $2 per hour to help families tide over this period. They’ve also implemented a weekly $125 bonus for the merchandising team as an added incentive.
Another example is a leading global technology and supply chain services organization that still has its centers operational across the world. With e-commerce ramping up dramatically, consumerized technology - like laptops and headsets - is finding its way across offices and homes. This company split up their warehouse workforce into two groups who are coming to work on rotation to sustain the distribution demand. This decision is being supported by a special ‘warehouse bonus program’ which will reflect in the workers getting their salaries sooner than anticipated.
Such initiatives are being replicated by public medical device companies who are focusing on over-communicating and reaching out to both internal and external customers to bring about a sense of normalcy. This step has resulted in renegotiated terms of payment, renewed financial terms, and guaranteed commissions to their sales teams, ultimately building trust within the employees and their clients.
The idea is to take advantage of the situation. To use COVID 19 as an enabler for new opportunities and take your business to the next level. A leading technology services company is offering their cybersecurity practice team up for remote training to fix identified gaps in the cyberspace and restart the supply chain consulting. They’re currently gathering intel on how China will make a comeback and learning how to get ahead of the game while working remotely. Another sales engagement artificial intelligence platform is using this time to innovate by focusing on how to make things easier going forward. They’re investing in data sciences to help the sales teams connect with the right buying community and creating the right contacts. A senior advisor from a private equity standpoint also mentioned that this crisis might just pave the way for new companies and business models to emerge – particularly in the life sciences and technology sectors.
Another way to overtake the economic crisis is by going ahead of the curve and bringing the best talent on board to help you combat this pandemic. Contrary to popular belief, this may just be the right time to focus your energies on hiring the most sought-after talent who might be more readily available.
While firms are prioritizing spending on wellness and retention, followed by HR technology right now, 18.39% of firms are also investing in training and development. Another 16.09% of firms are focusing on recruitment. That’s it. Think of the talent pool being left at your disposal right now. You have access to a highly diverse group of individuals who are well-equipped, strategic, adaptable, and looking to make a move. Focusing on attracting top leadership talent now places you ahead of your competition when we reach the other side of this pandemic.
To maintain this stability, we surveyed firms on the approach they’re taking. Here’s what we learned:
As you can see, not all organizations have shut down operations entirely. Firms involved directly with manufacturing, logistics, delivery and prescriptions, essential goods and services, technology and cybersecurity services, even those in the media are still requesting some colleagues to come in to work. A little over 50 percent of the workforce is doing this.
One such company within the essential goods space has 90% of its corporate staff working from home for the next three months. Their offices are open, and employees have the option to go in only if it’s absolutely urgent. Business has been booming for them despite the supply chain and merchandizing disruption with a decent scale up in volume due to the consumers hoarding goods like toilet paper and hand sanitizer. The demand is at an all-time high, so much so that the firm currently has a vast number of openings in North America itself. These include daily wage workers for stocking shelves, trucking, and logistical staff. Such moves have been complemented with a raise in the wage rate of $2 per hour to help families tide over this period. They’ve also implemented a weekly $125 bonus for the merchandising team as an added incentive.
Another example is a leading global technology and supply chain services organization that still has its centers operational across the world. With e-commerce ramping up dramatically, consumerized technology - like laptops and headsets - is finding its way across offices and homes. This company split up their warehouse workforce into two groups who are coming to work on rotation to sustain the distribution demand. This decision is being supported by a special ‘warehouse bonus program’ which will reflect in the workers getting their salaries sooner than anticipated.
Such initiatives are being replicated by public medical device companies who are focusing on over-communicating and reaching out to both internal and external customers to bring about a sense of normalcy. This step has resulted in renegotiated terms of payment, renewed financial terms, and guaranteed commissions to their sales teams, ultimately building trust within the employees and their clients.
The idea is to take advantage of the situation. To use COVID 19 as an enabler for new opportunities and take your business to the next level. A leading technology services company is offering their cybersecurity practice team up for remote training to fix identified gaps in the cyberspace and restart the supply chain consulting. They’re currently gathering intel on how China will make a comeback and learning how to get ahead of the game while working remotely. Another sales engagement artificial intelligence platform is using this time to innovate by focusing on how to make things easier going forward. They’re investing in data sciences to help the sales teams connect with the right buying community and creating the right contacts. A senior advisor from a private equity standpoint also mentioned that this crisis might just pave the way for new companies and business models to emerge – particularly in the life sciences and technology sectors.
Another way to overtake the economic crisis is by going ahead of the curve and bringing the best talent on board to help you combat this pandemic. Contrary to popular belief, this may just be the right time to focus your energies on hiring the most sought-after talent who might be more readily available.
While firms are prioritizing spending on wellness and retention, followed by HR technology right now, 18.39% of firms are also investing in training and development. Another 16.09% of firms are focusing on recruitment. That’s it. Think of the talent pool being left at your disposal right now. You have access to a highly diverse group of individuals who are well-equipped, strategic, adaptable, and looking to make a move. Focusing on attracting top leadership talent now places you ahead of your competition when we reach the other side of this pandemic.