The COVID-19 pandemic will go down in history as one of the most influential events that shaped the coming century. However, it is not the first time the world has faced a financial crisis or a pandemic, and it will not be the last.
In the past, the world has had seven major financial crises; the Financial Crisis of (2007–08) is the most recent. Among pandemics, the Spanish Flu and H1N1 Swine Flu pandemic left huge footprints. Therefore, if a company targets uninterrupted operations, there is an impending need to prepare for such events and vaccinate the organization.
Protecting an Organization from crisis
Here are 5 steps you can follow to make your company resilient to crises and unprecedented situations:
1. Speed-Up Digital Transformations
Recent events have shown that the most potent vaccine against a crisis for an organization is digital transformation. It allowed many companies to keep functioning remotely during various degrees of lockdown/quarantine, and for some, it saved their business from collapsing. Therefore, integrating Digital Transformation into the business process should be the first priority for any organization.
It will require clear planning, internal feedback about roll-outs, and a bit of time to get processes in place, but will give tremendous returns in the future. Avoid becoming complacent with short term growth.
2. Adopt Flexible Workflows
In recent years, companies have begun to cut down costs and move to leaner models of business. While this scoops up profits in short bursts, it is not sustainable in the long run. In a crisis, a lean and rigid model leaves little room for error. Therefore, a flexible approach to planning workflows is ideal to handle unpredictable situations.
Setting up platforms and interfaces to track the various activities is the and most efficient way to approach flows. This also ensures that any new change in structures is adopted quickly.
3. Streamline Payroll Processes
Processing payslips according to compliance norms and labor laws are huge tasks for every organization, especially if they are present in multiple locations. Moreover, this activity is the one most prone to flaws. When the work-from-home scene began in March 2020, the process became all the more complicated.
Companies who had already shifted to remote platforms for payroll processing were safe, however, for those that hadn’t, it was an unpleasant time. Returning to the offices will also have its own set of challenges: logistic concerns, commuting to work, managing shifts, etc.
Streamlining payroll processing using Employee Self Service platforms and other digital solutions is also essential to avoid this situation again.
4. Invest in new technologies
Companies will need to adapt swiftly to the emerging trends of operations. Not only are technologies changing, but customer behavior is also evolving. Moreover, remote working will linger on for a while.
Setting up secure communications and operations platforms like chatbots, voice bots, virtual meeting software, and remote customer support is therefore the need of the hour.
5. Establish Emergency Protocols
While no one can predict what will happen in any crisis, it is always best to prepare for the worst. Ensure clear procedures are set in place for communication, logistic operations, and continuing service or production.
The employees, clients, and even customers must also be informed of these protocols. This will save the organization from any break in the supply and demand chain, thereby allowing operational continuity.
The road ahead
Every organization is entering uncharted territory. This new world has not been predicted by analysts, nor does anyone know how things will unfold. Companies need to be vigilant and adopt new processes that will make their business resilient to any future crises. On this journey, technology will be our guiding light and safety net. The faster an organization weaves it into its fabric, the better it will be protected in the future.
Allsec ensures business continuity and growth (even in crises) with its innovative technology and digital transformation strategies. Reach out to us for more information.