No one would argue the impact of the Covid-19 pandemic has been dramatic. Our world has been reshaped in ways we can’t have imagined. However, as difficult at these current times are, there are opportunities for forward-thinking companies. Businesses should be preparing now for post-crisis recovery and growth.
Time to Scoop Up Great Talent
One important opportunity is that the pool of available talent has expanded. Far-sighted business leaders should stay calm and understand that many talented people are suddenly available. If you’re a strong business, well-capitalized with a solid growth plan, now is the time to scoop up top talent. It’s just like the stock market. When the market is down and you have cash – that’s the time to buy.
YOU NEED A PLAN. 30 Day. 60 Day. 90 Day
Pay can be important, but research shows what truly motivates workers is a high level of belonging and purpose. You want a candidate to say, “This is where I want to work.” Candidates will join an organization because they can see a company has a plan in place. That requires the right plan for the current situation. Your five-year plan may not work right now. You need to have a 30-day plan – with your workforce being a major component. You also need to have a 60-day and a 90-day plan – all based on where your revenues are today and where they might look in two or three months. Do you need to hire more people? Do you need to reorganize your current staff? These times demand flexibility.
RETENTION IS KEY
Once you get the right people in the door, you have to keep them. The cost of turnover is enormous. People today want to grow. They want professional development. They want to be valued – to know their opinions are being heard. They want to be an important part of an effective team.
LEAD WITH YOUR HEART
Perhaps in your organization, there isn’t a defined career ladder for a particular job. But you can still develop those employees professionally and help them become better at what they do. If you look at successful businesses, they’ve worked on this piece. They have an effective and engaging employee culture. They have learned to lead with their heart. They are invested in their people and as a result, have employees who are loyal. Businesses that haven’t learned will be the companies that struggle.