During the ongoing Corona Virus pandemic, many companies are trying to figure out how to manage the situation effectively. A lot of companies are talking about long term strategies including prolonged WFH, however it is also important to look at below actions, which might help the companies-
1. Boost Motivation: It is very important to ensure that the employees are in the right state of mind. Due to prolonged WFH, employees lose the confidence of interacting with colleagues. The outlook of the economic situation does not look very promising either. Hence it is important that companies boost the morale of the employees. To do so, the companies should continue to do selective promotions/increments as per the appraisal cycle. Companies should also hold webinars with Spiritual Leaders, Fitness Consultants and Insurance Consultants in order to educate and ease the nerves of employees.
2. Effective Cost Management: A lot of companies have resorted to downsizing of employees in order to keep their boat in the water. There are other effective ways too that can assist in staying afloat. The companies can re-structure the salaries of the employees so that WFH allowance can be replaced with other allowances. Companies having large rental expenses can re-negotiate with their landlords for certain concessional terms for COVID 19. Look at outsourcing all the non-core activities within the company. If you have funds available, seek better cash discount and payment terms with vendors and give cost benefit to clients who are ready to pay lesser money upfront. Seek suggestions through survey from the front-line employees within the company, as they understand cost & efficiency better than any other employee within the organisation.
3. Market Penetration: Sell the existing services to other clients within the same industry at same or lower rates. This is no time to talk about higher margins. You just need to ensure that you close business as on yesterday. With more uncertain days to come, there is no time to wait for a golden handshake with the client. Just bite the bullet, and close.. close .. close the deal.
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