We’re approaching the fall season, the time of year when we prepare for the end of one year and the start of a new one. For companies large and small, planning and budgeting for performance management, headcount, workforce development and quality contingent help with their most key resource: people.
This is of utmost importance this fall and, with the uncertainties of 2020, this year looks slightly different than prior years.
Here are 10 questions that we recommend companies consider for the rest of 2020:
- What are your 2-3 business priorities this coming year?
Have your priorities changed since 1st Quarter? If so, what are the new priorities, and what are the goals and objectives for your staff for the remainder of the year? Have you communicated these priorities?
- Despite the uncertainties, how have you seen employees rise up and shine?
It’s easier to do well when the world is somewhat predictable – much harder when all assumptions are changed. Some employees will have handled this better than others so far. How do you want to reward this? Now’s the time to tell compelling stories as employees head towards year-end reviews.
- Are there key processes that can be streamlined upon during this period?
With the rapid slowdown of the economy we experienced in 2nd Quarter this year, flaws or issues with existing business processes may have emerged in your organization. Have you looked closely at these?
- How is your benefits portfolio supporting employees as they work from home during this extended period of time?
Consider the wide range of employee benefits you may already be providing, or which might be expanded upon. These might include mental and financial wellness programs, child care support within the home environment, and nutrition programs as more employees cook at home.
- What compliance risks exist now and can you get ahead of some of these?
With the extensive new restrictions and legislative mandates – both federal and local – consider how this has affected your ability to be in compliance at all times. What can you foresee to help guide you in the new year?
- How should you take advantage of availability of labor to prioritize key hires and get the best talent in the door?
For better or worse, the extensive layoffs due to COVID-19 have created a new labor pool. What do your needs look like, moving forward, and how can you find the right people?
- How should you budget for employee salaries, overtime pay, incentive pay, and payroll costs?
With all the recent changes and uncertainty, it can be challenging to think about your human resources financial model for the remainder of the year, and into 2021. Be sure to give careful consideration to what this new landscape will look like for you.
- This is a great time to spot, source, and consider purchasing some great businesses. How is your company taking advantage of this opportunity?
With the changes in the labor pool come changes for entire organizations. Alliances that didn’t make sense or wouldn’t have worked a year ago may now look promising. And now may be the ideal time to look at achieving growthy by acquiring other businesses – to expand either vertically in your industry or horizontally in the market.
- Have you planned for anticipated expenses for online training, including tools (e.g. video cameras, microphones, speakers) as employees work from home?
We will probably be in “work from home”(WFH) mode for a while so it’s important to review all the costs that are associated with this. Be sure to consider any ergonomic issues you’ve had in the past, also.
- What are you doing with employee recognition and appreciation as they work from home (e.g. extra time off, employee birthdays or life events)?
It’s important to remember that some employees may be more affected than others by the isolation that can occur working from home (for example, if they live alone). Thinking about and planning additional ways to help employees feel valued is key in this “new” world. What additional things can you do to help everyone feel supported and appreciated?
Contact us if you need any help brainstorming what works for your company and culture, and feel free to reach out to our HR experts to learn the best ways to move forward in uncertain times.