We’re all in this together.
At one point the unemployment rate in May might have been as high as 16%, as recorded by the U.S. government’s estimate. The worst peak since the Great Depression. Pandemic job insecurity is a real thing for many individuals in all cities across not only the United States but the world.
Right before our eyes, this pandemic has changed business as we’ve known it. From lack of sales to layoffs and an unpredictable future, both business owners and employees alike are starting to see the silver lining: an opportunity to change for the good. As we’ve seen hiring pick up some steam in the last few weeks, we wanted to share a quick guide to how YOU might be able to chase the silver lining in adjusting to all that COVID-19 has changed.
It begins with a pause.
The opportunity to pause is here. For the first time in a long time (maybe since forever) businesses have the time and space to evaluate everything from their operations, policies, staffing structure, and workplace expectations.
The very first priority of an organization during any pandemic or emergency setting should be the safety and well-being of its personnel. And that is something that never is to be placed on pause. Caring for your employees goes beyond the immediate physical health and wellbeing. Some examples of employee support and care may include providing access to internal and external resources (example: World Health Organization, Centers for Disease Control and Prevention, etc), optional services (example: therapy, wellness programs, etc.), and communicating in new ways to ensure your personnel is updated, checked-in on and evaluated for how they could better thrive during hard times.
The things that can pause? Now more than ever before is the time to evaluate. We’ve broken down a few questions to help you pause and…
E– Examine the policies your business follows and do they include information for a pandemic type situation?
V– Value the employees who deserve it and for the others, how can they transition to a new role to better meet your business goals?
A– After all of this is over, what is the single most important thing you would like your company to have achieved?
L– Look past the next 6 months, what are your business goals for the next year, five years, and ten years? From 2019 how do you need to change them to best be relevant to today?
U– Understand that your business model may need to shift in order to survive COVID-19… how can you do that?
A– Are your leaders and business managers equipped to lead through these challenging times? What kinds of leadership development can you implement and offer for their growth?
T– Today there are businesses preparing to shut down, what would be the driving force that would get your business to the point of shutdown?
E– Each line item in your business budget may need to be adjusted. What is the bottom line and how can you adjust it?
Then you pivot.
When you start to put thoughts and answers behind the evaluation of your business you can begin to pivot. Let’s take the restaurant industry for example, the pivot we’ve seen both hole-in-the-wall and chain dining establishments make over the last six months is nothing shy of remarkable! From takeout options like never before to family meal packs, restaurants have quickly turned a pandemic profit that is not be forgotten.
What’s a pivot look like for your business? Harvard Review shared earlier this year that pivots must offer a sustainable path to profitability, one that preserves and enhances brand value in the minds of consumers. The economic crisis triggered by the pandemic does not necessarily spell the end of entire industries or companies. It does weed out business models that fail to pivot toward the new reality characterized by shorter value chains, remote work, social distancing, consumer introspection, and enhanced technology use.
Pivoting is not a short term solution… it’s a long term profitability model.
Often times pivoting means hiring for your new goals and future. We saw the restaurant industry bring on marketing experts and logistical consultants to help them navigate the new ways in which their business succeeded. For many, hiring during a time of economic uncertainty can be extremely unsettling. Each week we’re working with clients who speak to us and are saying “we really need someone that can help us adjust and bounce back… but we’re just not sure who or what kind of role they would have…”
At Engage Partners, our team of forward-thinking recruiters combine the latest AI technology and decades of experience to bring you the talent you need. We’re not just after placing candidates, we work to place the right candidate the first time.
Is now the time to engage? Whether looking to place one candidate or an entire team, our talent pool consistently provides high interview to hire ratios and matchless retention rates. And if you’re one of those people saying “we need help… but we’re not sure what kind of help”… we can assist with that too.
And finally, you pave the way for growth.
When you pivot you can begin to pave the way for growth. Change always at first is uncomfortable and for many businesses, a bit frightening. With a thorough evaluation completed and updated business goals, put pen to paper on the steps to achieve them.
What’s the best next step for your business?