COVID-19 has had a huge impact on businesses all over the world, permanently reshaping the world, and the business landscape. Organisations have taken swift action to protect themselves as well as their staff and their clients, going through a complete overhaul of the way they work. However, leaders are already looking to the future, working to align themselves so that they are ready to hit the ground running once the world has successfully found a way to manage the pandemic.
How can organisations set themselves up to thrive in a post-COVID world? Here are some tips to help you leverage on the benefits of this business new era and ensure success for yourself and your organisation.
Make room for big changes
Draw up a plan for meeting the challenges of this new business landscape and be bold enough to take the leap and make changes that matter. Making small and gradual changes may be the route that’s easier to take, but if you want to thrive in this new business environment, you have to be willing to take risks. Successful agile transformations have been shown to bring approximately 30% increase in customer satisfaction, efficiency, operational performance and employee engagement. (1)
Embrace automation and technology
Embracing automation in this digital era is one of those big moves that many organisations are looking to make. Automating processes and tasks can increase efficiency and productivity immensely if implemented correctly. In Bullhorn’s 2019 Recruitment Trends, which surveyed over 900 staffing & recruitment professionals, 57% claimed that they would be spending more on technology to achieve growth. (2) For many, embracing automation and technology will be key to their success. Some may choose to even outsource these tasks to Employer of Record (EOR) or Agent of Record (AOR) companies, who have more resources and capabilities to introduce workforce management technology and solutions that can greatly benefit you.
Invest in your people
As an employer looking to adopt more technology and automation into your business, do you need to need to replace your teams with employees that have the technical know-how to run these systems and projects? While you may need to expand the team to include workers skilled in this area, it is important to remember that good workers are difficult to come by, and if you have dedicated employees who may lack some of the technical skills, training and upskilling your employees may be a good investment. Aside from improving productivity, building a culture that nurtures and grows its people will reduce your turnover rates while also attracting new top talent to work for your organisation as well. Replacing an unskilled employee can average out to be about 50% of the staff’s salary while a high-level employee can cost over 150% of the employee’s salary to replace, making it easy why many companies are working hard to retain their top talent. (3)
Diversify your teams
As a leader or a business owner, your people are your biggest asset, and putting together effective teams will determine the success of your organisation. Is your team diverse enough? Having a team that is of different races, genders, nationalities and more ensures that your employees bring different and fresh perspectives to the table, while also attracting top talent to your organisation. Furthermore, many potential hires list a company’s diversity as a point of consideration when looking for a new job. Nearly two-thirds of candidates evaluate companies based on diversity. (4)
The pandemic has also opened the doors for borderless employment, and there’s never been a better time for businesses to connect with talent from around the world. Without the need to work from a physical office, companies are both looking into expanding into new territories or hiring workers in different locations to deliver online projects.
Leverage on the contingent workforce
The hiring market is picking back up and many organisations will be looking to the contingent workforce (also known as contractors) to ensure that they have the resources required to deliver projects quickly and efficiently. Made up of consultants, independent contractors and freelancers, contingent workers are not on the organisation’s payroll and are not full-time employees of the organization. Businesses can engage the services of a contingent worker either directly or through a staffing agency. A recent report found that that 70% of C-suite leaders in Singapore believe that mid-level positions will see the most growth for contingent workers. (5)
Choosing to leverage on the growing contingent workforce of today can bring a ton of benefits to your organisation, including cost savings as well as attracting top talent that your company would otherwise be unable to secure.
Here are 5 reasons to engage contractors as you tackle the challenges of COVID-19 and the challenges it brings your business.
Stay the course
The future remains uncertain. With the emergence of Omicron, the new strain of COVID-19, countries around the world are waiting in anticipation to find out how it will affect our way forward. It is important, now more than ever, for businesses and leaders to continue to work towards affecting meaningful change in their organisations to ensure that they are in a strong position to thrive in a post-pandemic world. While the COVID-19 can bring a long list of challenges to your business, it is important to stay positive and committed to your long-term plans for growth. Taking this opportunity to align yourself for future success will be what gives companies a head start over their competitors.
Are you looking for personalised workforce solutions to prepare your organisation to take on challenges of COVID-19 and beyond?
People2.0 APAC, formerly Entity Solutions, can help to get your business on track with our wide range of services. From Contractor Management Outsourcing and Migration Services to Workforce Management Technology Solutions to Managed Vendor Services, you will be ready and well-prepared to face the demands of this new business landscape.
Get in touch with us today for a consultation.
(1) The impact of agility: How to shape your organisation to compete
(2) Using automation in recruitment to grow your agency
(3) 2021 Turnover Surge: Investing In Your Employees Pays Off
(4) Insightful Recruitment Statistics for Attracting Top Talent (2021)
(5) Has the Pandemic Changed the Way We Think About Contingent Work?