As we near two months in lockdown, thousands of businesses have reached to help to survive. Business leaders have had to make difficult decisions to lay off, furlough or keep on staff. These decisions are not easy and should not be taken lightly, but there are some tips to help make those decisions. That is why Chris Biggs, Managing Director of Theta Financial Reporting, has given his advice to business leaders on how to streamline resource during times of crisis.
“During this period, there are lots of challenges for companies, large and small, who prior to this pandemic, were thriving. Human resource is, for many companies, one of the largest overheads, and when business leaders are at that sink or swim moment, reducing overheads is any way, shape or form is essential. However, when doing this, there are things you should consider.
When hiring, I specifically look for entrepreneurial spirit. This means they are highly adaptable, creative and willing to look at challenges as opportunities. During crisis times, these people can be invaluable, so look for the entrepreneurial talent you have in your team.
Keep the right talent for the right time
Our business model supplements our permanent employees with selected associates and sub-contractors. This means that we are able to deploy the right skills at the right time, and more importantly, not have excess when it isn’t required. This improves the breadth and quality of work while maintaining manageable overheads, so look for the right skillsets when you need them.
This crisis has meant millions are working from home, creating real trust issues amongst teams. Thousands of parents are trying to juggle their career with childcare, and many members of our team will get back to emails late at night. Ensure that you have the bandwidth to cater for this and manage your clients’ expectations accordingly. Keeping transparency in your team will help businesses see the other side of this crisis.
Buy off the peg
While this doesn’t affect your cash flow on a day-to-day basis, infrastructure costs that support your human resource can also be bloated. Proprietary software and hardware are expensive to maintain, can be difficult to repair remotely and can wipe out your businesses productivity for weeks if it fails, so think about off-the-peg options that can quickly be replaced and gets your team back on task and adding value to the business.”