Thousands of UK businesses have closed and many industries have suffered following Covid-19. Aviation providers such as Airbus, Boeing, Bombardier, British Airways and easyJet were amongst hundreds of organisations that cut over 170,000 jobs in recent months.
However, as unemployment rates continue to rise and businesses cope with lockdowns and trading restrictions around the world, many companies are already demonstrating that business can bounce back from the pandemic in a myriad of innovative ways.
Here are five routes that thriving businesses have been taking to succeed in 2020.
Make use of financial support offered by the Government in your country. The following business support packages were made available by political leaders around the world:
Countries such as France and Germany have committed to extending their schemes until several months into 2021, and the UK recently followed suit. Many countries around the world are extending existing support packages or creating new funds to weather the economic storm of the past year. The British Government offers over 150 grants to SMEs, including incentives to employ apprentices and funds for disadvantaged entrepreneurs, and alongside the Brexit Business Readiness Fund to help firms expand outside of Europe.
Taking advantage of loans and grants can prove the first step in turning around the financial fortunes of a small business.
Whilst employers have initially been reluctant to embrace home working, the enforced lockdowns and social distancing requirements have acted as a sudden, large-scale experiment on the power of a remote workforce.
The myth that an invisible employee will expend less effort and work less effectively has been well and truly quashed. Since March 2020, 74% of those currently working report being more productive than when they were working from their office or worksite. In contrast, 15% felt that they produced the same workload as normal, and only 11% found they were less productive.
Employers have also seen the benefits of a virtual or long-distance workforce. In addition to increased employee productivity, remote or home working delivers:
With recruitment no longer limited to geography, companies can grow as much as required through the support of contractors. Flexible talent pools can be accessed much more easily, meaning contractors, interim managers and freelancers are able to devote more time and energy to business projects, and juggle the requirements of different clients to ensure optimum project delivery.
The coronavirus pandemic has provided the perfect opportunity to take a step back and reassess business success: is your company operating as well as it could, what changes could increase efficiencies and reduce costs, and how best could the organisation and its products/services continue to benefit customers?
A variety of firms have used the reset as a chance to transform business difficulties into new areas of potential success: cosmetics manufacturer Coty CEOs switched its focus to produce hand sanitiser and face masks, and several well-known aircraft manufacturers, Automotive firms and Motorsport teams united to manufacture ventilators after Governments globally issued a call for help with patient care.
Directors considering diversification can brainstorm and assess the following points:
Diversification could empower your employees to build on their existing skills, expand their creativity and connect with and support customers as never before.
Whilst the inability to transport workers across borders during Covid-19 travel bans caused project delays and disruption across markets during the first phase of national lockdowns, many businesses across the globe are getting their international hiring back on track. Alongside effective testing and social distancing strategies, global companies are filling the gaps in sickness and quarantine requirements with migrant and expat workers who can work in isolation or in Covid-secure settings to deliver urgent projects to tight deadlines.
Incorporated in the UAE as an On-Demand Labour Supply company, VHR can provide unlimited residence visa sponsorship for permanent and contract workers. Operating in over 60 countries and with 17 years’ experience in international staffing solutions, VHR has been awarded staffing licenses for a variety of countries around the world. Wherever your business and whatever your need, VHR can quickly recruit skilled talent from anywhere in the world.
Find out more about VHR’s international contract recruitment services.
Managed Services in business growth terms translates to outsourcing long-term workforce planning to industry experts. Specialists can not only recruit, onboard and manage new hires, but maintain staffing levels, improve HR and employee engagement processes, and anticipate and address the need for urgent change or new projects months and years in advance.
The benefits of Managed Services include:
VHR Workforce Solutions provides Managed Services to suit every business.
Looking to recruit skilled staff? Find out more about VHR’s award-winning recruitment services.