HR LEADERS IN DIFFERENT SECTORS; HOW THEY ARE COPING UP IN TODAY'S ECONOMIC CRUNCH
Updated: Sep 14
The COVID-19 pandemic landed at the time that businesses all over the world were not prepared. It is a daunting task for the businesses to maintain their financial wheels rolling during the lockdown period. Even strategic recruitment has been hindered. There are revenue churn and general uncertainty in the global financial environment.
Unfortunately, for start-ups and the small business firms, Coronavirus pandemic has been quite brutal to them since they have scarcer cash reserves and the smaller financial margins to control the sudden slumps.
Currently, the bigger question that HR leaders ask among themselves is "how will the businesses cope up with coronavirus pandemic?". Talent hiring process has been affected negatively and the recruiters are worried. Apart from seeking alternatives to engaging with the best staffing agency in Singapore (best recruitment agency in Singapore) and trying to conserve their resources by using freelance recruiters (Hiring Antz), what else is needed?
EY'S Global Risk survey 2020, shows that the majority of the businesses don't have the capabilities required to safely and effectively navigate the pandemic period. 79% of the board members are not prepared to deal with the crisis. Therefore: each of the unseen or visible coronavirus threats need instant and proactive action as early as possible to ensure continued business growth despite the uncertain times.
Each sector in the world faces different challenges in unique ways. A common strategy to address coronavirus economic crunch doesn't exist. However, some basic steps make reliable response mechanisms to coronavirus pandemic. These steps include:
#1. Building crisis management team to make key decisions on how to business can be empowered during the coronavirus period. The team shouldn't be limited to the company's leadership, representatives from operations, corporate affairs and HR communications should be involved. The agreed strategies should be implemented and be supported by every worker.
#2. As an employer/overall team overseer, address maximum protection of the employees through these tough times by aiding personal actions like, remote working, proper hygiene, travel freeze and avoiding social gathering. Employees are the important assets in each sector, and therefore their protection should be the top priority.
#3. Review, amend and update business continuity strategies to suit the established plans. It will transform the existing assumptions occurring at these unprecedented times, making the business continue asset.
#4. Establish a reliable information mechanism that will gather for accurate and updated information from all the trusted sources. It's important to minimize the risk of misinformation that will cascade business functions.
#5. Create business capacity that will be able to respond to emergencies rapidly. Response to any incident should be deliberate with a well-structured process free from knee-jerk reactions and the delays.
#6. Employ a third party to assess the company's exposure to risks and its preparation.
#7. Create a systematic, positive and transparent communication with clients, suppliers, employees and everyone who –directly or indirectly depend on your business for essential help—gear towards building the highest level of trust and confidence between the business and its partners.
#8. Ensure that your company understand the crisis response procedures that has been put in place by WHO (World Health Organization).
Generally, the HR leaders need to readjust their business plans and the company strategy used for management of coronavirus crisis accordingly. At these moments, misinformation and panic are the worst counsels. During this period of COVID-19 adversity, there are a lot of risks as well as business opportunities in different sectors. Companies should be able to detect potential threats posed by COVID-19 earlier to organize a response plan for a robust defence.
Organizations are trying to conserve their resources; hence, more and more of them opt to engage with freelance recruiters. Being a freelance recruiter has the best perks in the world, and the recent coronavirus has even given freelancers more opportunities to generate income in the comfort of their homes.
In conclusion, the rapid spread of novel coronavirus affects a big part of the business sector worldwide. The recruiter need to follow some basic steps to enable them to develop a reliable response mechanism to work against the crisis.