It is no secret that the coronavirus (COVID-19) has hit the world economy at a very rapid, unpredictable and ‘never before witnessed’ rate in modern history. At present time, governments and international organizations are globally focusing on the health of Earth’s population. But when all is said and done, what does this mean for businesses and companies?
COVID-19 puts companies’ Business Continuity Plans (BCP) at a relatively static situation in comparison to the amount of change that the world is witnessing since December 2019. Keeping aside how individuals and organizations are responding to measures on a national or global scale in reaction to the virus, the economic and social bill continues to grow.
Asking Ahmed Sultan – Multiplier Consultancy CEO and HR expert who has over 17 years of experience in leadership positions within multinationals and strategic consultancies in Middle East and North America on how he reads the current situation, he recommended a recipe of what companies need to be doing in such times of ambiguous crisis.
1) What is the organization’s goal and priority?
It is important for everyone to be on the same page
For these challenging times to pass with minimal damage, it is important to review all business plans and make sure they reflect the new reality we are living. Businesses should tune their plans to fit the new world order and make sure employees understand these new targets and measures. Company objectives and employee work plans should be the new compass that will direct companies back to safe land.
On the other hand and with the sudden pause that the world has taken, it would be a good opportunity to enhance moving digital because let’s face it, that’s where we are all heading.
Another necessary part of going back to normal after the pandemic, is actually having clear ‘Plug and Play’ plans where people should be trained to execute once the world is back to normal.
2) Every Penny Counts
It’s all about money, money and money
Because no one is actually sure when the global pandemic will come to an end, saving money and investing in what matters the most is crucial. This is the time to cut all unnecessary costs so long as they do not impact core operations.
But it is also important to avoid making hasty decisions in the sense that one should ‘postpone’ rather than ‘cancel’ any plans. Instead, focus on investing in capacity building, fielding the best team and creating loyalty. Generally, emotions fly high in a time of crisis so perhaps, investing in corporate social responsibility (CSR) is a guaranteed investment.
With all that said, make sure to avoid falling into the trap of restructuring and decreasing head count out of panic. Right now would be the best time to focus on keeping your strongest talents on board and getting your low performers off board. Meanwhile, put your energy and resources where money actually exists.
3) Steer Clear of the Deadly Chain Reaction
Think OUTSIDE the box
Do not fall into the trap of repeating what other businesses are doing. Every business is different and not everyone is on the same boat; ‘we don’t all know it all’.
Now is the time to create a competitive advantage to your organization by jumping into potential opportunities. Usually, many businesses may be afraid to take sudden steps and will instead follow whatever the social norm is doing. However, rational actions based on facts are necessary even though, in these tough times, it is very important to pause ahead of any decision to differentiate between a fact and what looks like a fact.
4) Communication is Key
We have Skype, Zoom, phone calls and many social media platforms to connect on
While social distancing is key to ending the pandemic, it does not work with organizations. Despite the ‘work from home’ change, make sure there is constant communication (digitally) to stay in contact.
It’s important to maintain daily, regular communication even if there is nothing new to be said. Company culture and values are often tested during the tough times and this is why it is best to engage the organization in cause-oriented actions; employees should feel as though they are one family and CSR activities should skyrocket in such times.
5) The Decision-Making Table
Who is at your decision-making table?
Ask yourself this, who is at your decision-making table? Is it just you? Your leaders only? If the answer is yes, then you are on the wrong track. As the global pandemic requires the entire world to cooperate, so does the company. Make a point to involve more employees in the decision-making process because this situation is new to all of us and having multiple ideas on the table is necessary.
Take ideas from all organization layers on how to sustain, transform and evolve the business with the new reality. Since younger people are more tech savvy, ask them for digital advice and implement their ideas (so long as they are feasible).
In terms of the rulebook, it is time to be flexible and use principle-based decisions rather than policies that were never designed to serve in this ambiguous environment.
Overall, this is the time to work together. It’s an ‘all hands on deck’ situation to survive and evolve. On that note, Multiplier Consultancy decided to walk the talk and will be open to provide any needed consultancy to any corporation or entity with no strings attached. They are also calling on others to do the same as much as they can .
