Main priority of employers was keeping everyone safe. That included transformation to remote work and applying other health protection measures. Employers were forced to implement multiple cost-cutting measures at once, which, in most of the cases, meant canceling team building projects and freezing hiring.
It was discovered that companies lacked the essential capabilities needed to emerge successfully from the crisis, and many missed the opportunity to build a talent advantage. Short-sighted cost cuts and the inability to recognize and implement vital actions put many businesses at risk. Alarmingly, the activities with the greatest significance were also the ones that employers admitted were the most difficult to implement within the company.
Marked activities with the greatest importance:
1) Leadership capabilities
2) Change management
3) Employee engagement
4) Internal and external communication
The time of crisis is an opportunity for implementing strategic workforce planning as well as attracting top talent; however, many employers in the Baltics missed the opportunity.
Only 9% of companies exploit the opportunity and hire high-performing employees of competitors during times of Covid-19 crisis.
This time can also be used to revise existing tools, efficiency, and even the necessity of different processes, to come out of crisis even stronger. Finding the delicate balance between cutting costs to survive today and investing to grow tomorrow is the key element.
To become a post-recession winner, there is a lot of work to be done. If you want to do all this wisely – find out more about the greatest threats to businesses, more on opportunities and far-sighted cost cuts by downloading the full research.