As the global pandemic unfolds, and an economic crisis descends before us, uncertainty has become a new reality for everyone. Business leaders are being faced with complex challenges and unprecedented disruptions and they must respond quickly in order to stay afloat and keep themselves and their employees safe.
According to research by Gartner, 91% of HR Leaders in Asia/Pacific indicated that they have implemented ‘work from home’ arrangements since the outbreak. Now that the government has made it mandatory for most employees to work from home, an unanticipated situation has meant that many organisations must quickly adopt new technologies, review and modify existing policies, and completely overhaul operating models and teams. Interestingly, the current pandemic seems to have brought forward workforce trends that have been rising for decades. Gartner research states that by 2030, the demand for remote work will increase by 30%. Alongside this, a Future Workforce Report released in 2019 reveals that Temporary Staffing is on the rise. In fact, the study predicts that by 2028, workers in non-traditional arrangements (eg- Temporary, Contingent and Remote workers) will comprise 24% more departmental headcount than compared to today.
‘Business Continuity’ is the ongoing, successful running of an organisation’s essential operations. Critical to the survival of any company, it is based on the balance between Preparedness and Mitigation measures - clear and careful plans in place that will ensure a quick response and minimise recovery time during market changes, unexpected events or crises.
Unexpected events occur in the environment around us and nobody can change that, but having proactive measures in place for Business Continuity will enable companies of all sizes, to deal with disruptions before, during and after they have occured, and maybe even help to protect small and medium companies from folding. As the situation is changing daily, companies must create their Business Continuity plans and they must do so now. The benefits will include:
Impact of Business Continuity
Minimising the impact upon existing staff
Minimising the impact on service delivery
Minimising the impact upon IT infrastructures
Protecting corporate reputation
Reducing financial impact
Returning to a new normality sooner
So where to start? According to the Gartner Pandemic Preparedness Program Process, leaders must prioritise 10 pillars to start putting their Business Continuity Plans in place:
Establish a pandemic preparedness framework
Monitor the situation to determine changes in severity
Review finance and treasury implications
Extend your clean workplace/personal hygiene protocols
Review Workforce Planning
Gartner research estimates that Absenteeism rates go up to 40% during a pandemic, so businesses must prepare for almost 1 in every 2 staff members to be unfit for work. This means alternative arrangements must be put in place to ensure the organisation can continue to function in their absence. Third party providers will help manage increased workloads as well as relieve core staff from the backlog they will inevitably be faced with when operations are back to normal. A digital hiring platform such as Weploy is a safe bet, especially at the moment, when traditional, face to face hiring methods are not possible. Now, more than ever, is the time to leverage the power of speedy technology solutions to help us succeed in this new business environment.
Establish a pandemic communications program
Review impact on business operations
The current situation has hit the supply chain and travel industries the hardest, but the reality is that every single sector is going to be impacted. Those particular impacts will be specific to each individual business, but the pandemic preparedness team formed in Step 1 should break down these impacts into activities or business areas. Understanding the reality on the ground in countries of operations is critical, including considering third parties for their exposure. Key questions include: Is transport functioning? Have holidays been extended? Where can operations continue and where must they stop?
Review IT actions and considerations
Review HR Policies and Procedures
After-action review
Best practise for any business will be a detailed debrief session to identify three key lessons or observations as a result of BCP. Each area or stakeholder should highlight areas for improvement too, which can be listed and prioritised for short and long-term follow up actions.
Good business practice is being aware that contingency plans are needed. Better business practice is ensuring successful business continuity with a well thought out and comprehensive plan that meets unexpected changes and rapid market fluctuations, especially during times of social and environmental pressure like the current COVID-19 pandemic.