The world of business can be a wild ride. You get your company up and running and have years of success when all of a sudden, the unexpected happens, and your business is suddenly at risk. The coronavirus has changed the way we do business, seemingly overnight, and has created a ripple effect that has put many companies in a tough position to either cut employees or close down altogether.
Although this can be a frightening time, you can mitigate the effects by having a plan of action that protects your business and keeps your employees at ease. Here are a few recommendations.
Health is the Main Priority
Let’s begin with the news of the day. The coronavirus is spreading across the globe, and businesses now have more to worry about than just their bottom line; they also want to keep their employees safe. COVID-19 will eventually fade away, but sickness is a way of life, and you don’t want to take the health of your employees for granted.
Management and Human Resources need to assure all employees that it is okay to take sick time if they feel ill, and it should be encouraged so they don’t cause further illness among their coworkers. These employees should not return until they are better. In addition, you need to have signage around the office that reminds employees of proper safety protocols including washing their hands after using the restroom and to avoid touching their faces. Ensure that soap and working water faucets are available.
The workplace should also be cleaned and disinfected on a regular basis. That means keyboards, phones, doorknobs, and desk spaces. The coronavirus will likely change many aspects of the corporate world including shaking hands. Instead, consider non-physical greetings. Even without a global pandemic, you want to keep your employees healthy so sickness does not sweep through the office.
Have a Contingency Plan
You never know when an unexpected scenario could occur that will turn your business upside down, so it is better to be preemptive with a plan of action. Sit down with a team and create a risk analysis. Identify all potential disaster scenarios, whether they be sickness, cyberattacks, or weather catastrophes, and then create a plan of action for each. Assign team members certain functions that will preserve your workforce, get systems back online, and protect your revenue.
Once these contingency plans are created, they should be communicated to all teams. Be open with the employees and train your supervisors on what should be said to their groups without putting everyone in a panic. You don’t want to leave employees in the dark, or they may build up worst-case scenarios in their minds, and their work could suffer. Keep an open-door policy, and allow even your lower-level employees to present ideas.
Many companies may not have considered having remote employees in the past, but this is the time to think about those possibilities. What positions can be placed offsite? Make remote work a staple of your company now, or create a plan on how to keep your business running if you suddenly have to close your doors and shut down.
Plan for Potential Cuts
At some point during the current crisis or a future disaster, there may come a time when you have to start making cuts. As hard as it is, it may be the only way that you can keep your company afloat. However, you don’t want to be too fast to cut employee benefits, salaries or resort to layoffs if you don’t absolutely have to. You could consider alternative scenarios, like cutting the workweek to four 10-hour days to lower operating costs.
If you must cut wages, show goodwill to your dedicated employees by reducing upper management’s pay in addition to theirs. Then share that information with the company as a way of “sharing the pain.” If you can keep layoffs to a minimum, you will be doing a great service to these workers. The cycle of poverty is an issue in this country, and many people may have a hard time finding a new job, especially if other businesses also close.
When it comes to layoffs, effectively communicate with your employees if their jobs will be there when the uncertain times end. During the exit interview, present them with paperwork and phone numbers of services that can help unemployed individuals including social work organizations and welfare services. Send off these individuals with a full understanding of the situation at hand, and give them steps to regain their positions if the opportunity arises.
It is impossible to know what the future will hold, but for the sake of your business, it is important to plan for the unknown. Doing so could separate your company from the rest in a time of uncertainty.
