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Going back to the period between 2007-09, when the financial crisis hit the business world, the boardrooms of corporates fell back on finance chiefs. While some CFOs could save their companies; many were unable to. The outbreak of the novel coronavirus displays a similar challenge – but puts the spotlight on a different corporate function, often wrongly shrugged off as ‘soft’. More than ever, firms are now in need of strong HR leaders.
As COVID-19 continues to impact the world, businesses, with no choice, are bracing for a highly-volatile and dynamic situation in the months to follow. The developments in recent times have posed challenges for large as well as small employers alike: how to generate business, pay employees and vendors, and retain staff despite a major drop in business. And the social impact space is no different. In fact, a recent survey conducted by Arthan on the ‘Impact of COVID-19 on Human Resources in the Social Impact Sector’ highlighted that about 23.1% organizations have already considered reducing salaries of existing employees, while the rest are shifting their focus on raising funds or giving employees leave without pay.
The current uncertainty has raised a genuine concern for social sector organisations around adopting survival strategies that can help them ride out this wave
It has rightly been said, how an organization manages its employees during a crisis determines to what extent the company can retain its staff and survive.
The below-mentioned strategies outline some practical options that employers and employees can take, preferably together, to overcome such challenges with the end-goal of safeguarding jobs and sustaining a capable and fit workforce.
Employee Retention Strategies that organisations can implement right now
How can you improve retention rates?
How can you hold on to some of your best employees?
Here’s a list of options available!
1. Promote partnership and find solutions ‘together’
Several studies conducted in the past have indicated that organisations that promote a partnership culture constantly outshine others during both doom and gloom. In times like these, an employer must consider the requirements of an employee’s contract before making a decision on what course of action to take in situations where both work and pay are restricted or unavailable. If discussed mutually, parties can agree to alter working arrangements, such as number of days or hours, in a way to reach a middle ground, thereby enabling an employer to retain its employees and the employee to continue receiving some pay.
2. Consider redeployment
Assess what can be managed with existing teams and see if it is possible to redeploy a few employees into another role, based on the organisation’s strategy. In the same survey carried out by Arthan, it has been observed that almost 45% of the organizations have put their hiring completely on hold and are instead focusing on upskilling the existing employees. Arthan’s report on ‘recruitment, retention, and skills required during a crisis’ also found that 30% of the organizations have already considered capacity building and training their staff as an area of utmost priority. This can provide a new opportunity for the employee to focus on or to deliver a previously neglected assignment. For this, the essential training and risk assessments should be put in place.
3. Identify candidates and employees who’ll stay the course
As tough as it may be, it is extremely critical to hire candidates and retain employees who are likely to sail the challenging times with your organization. In terms of new candidates, there are a few indicators on their resume itself. An employee’s stint with their previous organization speaks of their engagement, loyalty, and perseverance. On the other hand, when struggling to narrow down on which employees to retain and let go, prefer those who have been with the organisation through ups and downs, committed to volunteer for activities outside of work, and invested in the team, cause, and the whole of the organisation.
4. Work from home facility
While most employees have been asked to work from home, the employers can continue enabling the same facility even after the world resumes back to its routine to save on additional costs. However, this can only be done if there’s an agreement between the employer and employee where the latter is entitled normal pay. If and when employees are asked to work from home, the responsibility is on the employers to provide suitable working equipment, especially for those with disabilities or health requirements.
Conclusion
The truth cannot be ignored that retaining a committed and productive workforce is key to organisations’ business continuity and ensures they are able continue creating impact. Without well-planned employee retention strategies, the endless talent churn amid the current global crisis will make it hard for organizations to sustain and meet their performance targets.
After all, the well-being of the workforce and the employer lie in effective flexibility, communication, and adaptability. An approach of this nature may ease some of the urgent financial and practical challenges facing employers and their employees.
Satyam Vyas is the Founder of Arthan, a social enterprise that provides strategic human capital consulting support to mission-driven organizations in India. Satyam has spent a decade in education, skill development, and social entrepreneurship. In the past, he has worked with leading non-profits in India-Pratham. Satyam is a THNK fellow, holds a degree in Mathematics from Delhi University and executive degrees in social entrepreneurship and leading successful social programs from Stanford Business Schools and Harvard Kennedy School.