Main priority
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.
Main risks
It was discovered that companies lack the very capabilities needed to come out of the crisis or, for example, building a talent advantage. Short-sighted cost cuts, combined with a significant gap between the importance of & capability for actions that help to build crisis-resistant company culture, are putting many businesses at risk. Activities with the greatest significance for a future-proof company were also the ones employers alarmingly admitted being the most difficult to be implemented within the company.
Marked activities with the greatest importance:
1) Leadership capabilities
2) Change management
3) Employee engagement
4) Internal and external communication
Main opportunities
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.
