COVID-19 | Embrace Positive Change & Maintain a Long-term View

Our recent poll of CEO’s & CFO’s suggests that a lot more companies will utilise flexible working practices beyond COVID-19, and a high percentage will be prioritising their time by taking control of cash flow measures

Why has it taken something like COVID-19 for some firms to start thinking of practices that new age tech firms have been adopting for the last few years?

A recent survey that we carried out, found that businesses may see flexible working as the biggest positive change due to COVID-19. Video technology and group engagement platforms like Slack, have allowed businesses to keep moving forward, by still creating a team culture and a drive on activity.

With over 15 years-experience working with businesses of all sizes, there has been resistance from some SME and Blue Chips in adopting this working style over the years, so the mindset is not exclusive to one group.

So why is that, is it because businesses like control of their employees? Is it too expensive or not secure enough for businesses to give access to employees to work remotely? Is it because they are fearful that team spirit or work ethic will be lost?

With elaborate CRM systems, you can ensure your employees are still performing and collaborative technology has allowed firms to keep ideas flowing in maintaining the entrepreneurial edge, in addition to, creating a culture of fun through fancy dress parties or happy hours! There is also an overall cost reduction with the possibility that businesses may need less physical office space and also don’t forget about the reduction in carbon emissions with limited travel.

So will COVID-19 see employers that were once resistant to this practice adopt and embrace this change. I don’t think it should totally replace a working from the office culture, which has a massive mental well-being upside, but I do think the benefits should encourage businesses to consider it as an option for part of a week/month, which is also a massive selling point to potential future hires.

Protect your cashflow, but at what cost? Should you still invest in revenue generating ideas and keep faith with your employees?

There is no surprise that Cash will be king for businesses small and big to keep afloat and maintain a competitive edge. So if you were about to invest in a system, a key hire or new product, should you stop or carry on, because investing may see you maximise on profitability over this period, which in itself will help cashflow.

Having worked through the 2008 recession, I witnessed that businesses who made cutback’s on areas which were not “business critical” freed up funds and were able to still carry on evolving and developing. I appreciate some businesses need to make drastic cutbacks, however if you can, try and keep hold of those things that are going to allow you to come out of this stronger.

People and Culture, is what makes a business, and this is what will see you bounce back, if you get rid of a lot of people to protect cashflow, this will impact everything, from brand, service level to your existing clients and overall moral.

Albeit, I should not be saying this being a Headhunter! However, when things pick up, which maybe in 6 months-time, you will spend a lot of time and money replacing the talent that you lost, so if you can keep faith for that little bit longer, you could come out of this quicker with employees also feeling loyalty to the brand that served them well over a tough time.

Written by Dav Masaon| Zanda Co-Founder

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