The effects of the Covid-19 pandemic on businesses is going to continue to be widespread for a long time to come. The UK has now entered a recession, while unemployment figures are constantly rising.
It is very much a crisis and in times like this - more often than not - it is employees that feel the impact the hardest. Redundancies are made, hours are cut, hiring and pay reviews are frozen. It is undoubtedly a difficult period; but this is when the best companies shine.
Training remains key
When cutbacks are occurring, it’s often learning and development that is put on hold. Training initiatives are no longer viewed as essential. An unnecessary luxury, if you will.
Yet this is completely the wrong way to approach a crisis. In the short-term, it will cut costs. But the long-term effects on sustainable growth will ultimately stop an organisation emerging from a crisis stronger and healthier.
Even before the coronavirus pandemic, there was a real issue with skills gaps within businesses. A recent survey from management consultants, McKinsey Global, revealed 87 percent of executives said they had a current or imminent skills gap in their workforce. Yet less than half of those had a clear idea of how to address it.
The key is identifying and reskilling existing staff members. Invest in the upskilling of your team in order to advance their adaptability, resilience, and efficiency. Strengthen the company culture and cement the commitment you have to your employees, as it will work both ways.
Be a good leader
It is during the difficult times that good leaders really step up. Most of your leaders have probably never had to manage a crisis on this level. It is all well and good recognising the problems within an organisation, but the real skill is coming up with solutions to solve them.
Leaders will inevitably have their own doubts and worries, but they cannot project that onto those under their management. They need to find ways to maintain motivation and identify and address potential problems before they become a real issue.
However, it is not just about putting out fires, but also how they can help the business not only recover, but progress. That involves identifying and nurturing the top talent. Often, they are hidden and need to be uncovered and invested in so both they, and the company, can grow together.
The loss of the best talent should always be avoided, but it is particularly costly during a crisis.
Always be open
The top organisations are the ones willing to evolve and adapt. Being flexible is vital in problem-solving and making your staff a part of that will inspire growth. Create an environment where ideas can be shared without judgement, where mistakes can be made without fear, and where innovation and progression will thrive as a result.
By Tom Seymour, an online content writer for alterniq inspired growth.
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