Half Of Companies Don’t Plan To Make Compensation Changes Amidst COVID-19
The Coronavirus pandemic is unlike anything most people have experienced, or will experience, in their lifetime. Although many of us are (hopefully) staying inside and practicing social distancing with our health intact, we are all likely feeling the economic impact in some way, shape, or form. Furloughs and compensation cuts seem to be inevitable, if they aren’t already a reality. However, if you’re like me, you’d be surprised to find out that almost half of companies don’t plan to make adjustments to salaried or hourly staff, despite the economic fallout of COVID-19. This information begs the question, how are these companies able to maintain business as usual amidst a global pandemic?
THEY’VE ADAPTED TO THE NEW NORMAL, QUICKLY
Ok, so it’s not exactly “business as usual” — there’s nothing usual about it! However, some businesses have adapted more quickly to the changing work environment than others. In fact, many organizations had business continuity plans in place and were even prepared for this type of scenario.
A business continuity plan outlines procedures for an organization to follow in the face of business disruption, i.e. a global pandemic. It lays out the critical business functions, the resources needed to support them, as well as a response plan to both employees and customers. An effective business continuity plan not only allows a company to recover more quickly, but builds a company’s reputation and increases customer confidence. So, you’re definitely gonna want one of those in the future.
THEY’VE EMBRACED VIRTUAL REALITY
Businesses are leaning into digital now more than ever, and those that had already been utilizing digital tools to perform work tasks, host events, and well, do business, are finding this transition to be much easier. It’s no surprise that tech companies are winning quarantine and with Cisco, Zoom, Microsoft, and Google offering free access to their conference tools, embracing immediate digital transformation only makes sense.
Many companies rely on leads from attending large conferences and tradeshows. But as events are being cancelled and postponed, it’s important to shift your event strategy to a virtual one. Moving to an online experience means adding new benefits, and even more value. Are you doing something innovative in your industry or launching a new product? Host a webinar that showcases what you’re doing for clients and prospects. Is there a virtual summit or conference in your industry? Sponsor it! Establish your company as a thought leader and capitalize on engaged leads.
THEY’VE IDENTIFIED ESSENTIAL VS NONESSENTIAL BUSINESS NEEDS
Companies are using adaptive methods to meet the needs of their customers, such as on-demand workout classes, online paperwork, or drive-through/pick up only services. That being said, they’re realizing that not all of their business processes or physical assets are essential. Companies are seeking out ways to consolidate their business products and tools, save money, and work more efficiently.
They’ve also realized that marketing isn’t one of the areas they should be cutting back on. While this may seem counterintuitive, there is a lot of research to prove that now is a good time to invest in marketing. In the last downturn, companies who upped or maintained spend while others reduced experienced a slingshot effect when business began to stabilize. While your customers may not be seeking out your products or services as often as they have in the past, you still have the ability to put your business in front of them.
So while times may be tough and difficult to navigate, nearly half of companies are maintaining business in the new normal. By having a continuity plan, embracing the shift to digital, and continuing investment in marketing you can set your company up for success today and in the future. In short, take advantage of being exactly where your customers are: at home, in front of their computer.
This article was originally published on the Red Branch Media blog by Emily Watzke.