Four ways to avoid downsizing your company during Covid-19
Covid-19 has treated 2020 with misfortune. With hundreds of thousands of lives lost, it has depleted not only the population but global commerce. This pandemic has halted economic growth, leading economists to estimate a drop in global GDP from 3% to 2.4%. Safety measures taken with social distancing protocols and working from home have become the new normal but nearly 7.5 million small businesses are at risk of shutting down permanently.
Many business owners and leaders are relying on downsizing to avoid going under but at what cost? Employees fear their job security as much as businesses fear not breaking even.
To provide job security to your stakeholders, here are four ways to avoid downsizing during the pandemic:
Redefine business strategies (goals)
Evaluate your business goals and priorities. Analyse what to continue while putting the rest on hold. Take this opportunity to revise your long-term and short-term goals. Ask yourself whether goals can be met under these macroeconomic conditions. Examine and strategically plan them to reach the most efficient outcomes.
Clear communication with employees and clients
Once your goals are set, deliver them to your stakeholders clearly. Proper communication is the grease that keeps your business running smoothly and it’s more important now than ever. Keep your employees updated on current events, especially those that directly concern them. Beyond general news, keep them informed on the status of your company. Stay ahead and inform them before they get a chance to worry.
To assure your clients, keep a clear communication channel. Provide them with various communication platforms other than traditional phone calls, giving them options to reach you.
Provide alternative work options
As risky as commuting to work is in these dire times, providing alternative work options to your employees such as work from home, flexible work schedules, and job sharing of one position are some ways to help your workers stay safe. The funds usually allotted for office utilities can be relocated to other departments such as employee relief.
While your employees are taking precautions, give them the opportunity to learn a new skill that can be an asset to your business. The internet is full of online courses for various skills. This will let your business offer more than before to your clients.
These will maintain your rapport with your stakeholders while your business adjusts to crisis mode. Before you make a decision as drastic as downsizing, remember there are many more ways to avoid it.
Pasona Thailand can custom tailor solutions and guide you through this crisis. Get in touch today to learn more about how we can help you.