2019-2020’s COVID crisis has devastated a lot in every country. It is not about a single sector, but it has down the whole economy of the countries. Due to this, many companies are firing employees or cutting down salaries. According to the survey, near about 75 percent of companies are planning to decrease salary, few have decided to temporary layoff, and few are planning to do permanent layoff at least for 2years.
Is it the right way to balance countries economy?
It can understand that due to the financial crisis during this COVID-19, many companies like you are firing employees, but you also need to quickly scale up to meet customer’s demands. In fact, companies should now plan for rehire strategies. And, this is the actual time to maintain and scale up countries’ economy. Directly or indirectly, every sector is linked with each other so that we are now in a stage to fight as one.
In fact, sources say that it is a temporary situation once companies will come out of these crises, again the recruitment process will start. But, think about it: Whether by permanent staff or with outsourcing, every company needs workers or sources to scale up their running projects. So, why invest a lot in the recruitment process? If you are thinking to outsource, with at least saving, use the right recruitment software.
Let’s find out a strategy or solution that should not push you down and improve your business.
Determine how you are doing-
For the very first, every small business entrepreneur should determine what and how they are doing. Instead of cutting employee’s salaries or firing them, cut down the unnecessary investment you are doing. For example, the education field – without breaking the rules, they are continuing to teach students online.
Similarly, restaurants or food service businesses and few e-commerce companies are also delivering their packages at door fronts with limited delivery boys. Many trainers are also guiding or giving their fitness freaks online. Likewise, find a way that will make your business stable.
Do in a Legal Way-
Many SMEs are not registered legally. So, start doing your paperwork in a timely and accurate way. It will not only help your countries to enhance the economy, but the government may count you on the list and may help you accordingly.
Without losing your hope and firing employees, follow work from the home procedure, and enhance your brand name while others are stopped.
Evaluate the ability of your Manpower-
If you have a squad of employees with the right ATS acknowledgment, then it will work for sure. Especially in these days, you should have evaluated your employee’s ability and then think about your future hiring. Instead of hiring new employees to handle and re-boost your company, find out the one in your organization who can do 80 percent of the work. It’s the time for perfect appraisal, audit, and manage accordingly.