As we start our journey along Varadkar’s step-by-step ease of lockdown, the true economic impact of the Covid-19 is beginning to make its mark. With catastrophic job losses, a possible 25% unemployment rate, a €30 billion deficit and a severe economic downturn are forecast, you can be forgiven to worry about your business, its future and the impact on your colleagues.
As Satayana once famously quipped, “Those who cannot remember the past are condemned to repeat it”. Ireland has had its fair share of financial heartache amidst the crash of 2008. And while this left chaos in its wake, it is not too late to get your business prepared for the eventual short and long-term impact that this global pandemic will ultimately have on your business.
It’s time to focus on the top HR tips that you can follow in the fight against another recession:
Get On Top Of Your Employee Contracts
Your legal responsibilities to your employees during a recession are paramount. While it does not do well to dwell on the possible negative consequences of a recession to your business, it is inevitable that many employers will have to face the challenge of laying off workers or providing redundancy packages.
In order to get this right, for the benefit of both your employees and business, it is crucial that all your employee contracts are up to date to fit within the current context.
It is safe to say that most contracts may not mention specifically anything to do with a global pandemic. However, you must spend the time ensuring that your employee contracts can fit in within this context. This will help provide clarification to your employees on their rights during this period, what they will or will not be entitled to, and how any lay-off or redundancy process may take place.
HR As PR
Depending on the size of your business, this statement ring true for your management team rather than a separate HR department. Your HR team is often the face of your company to your employees during a recession, especially when lay-offs or redundancies are inevitable.
Having great communication between the company and its employees is the best internal PR. Utilise your HR team to communicate all actions that your company may be making during a recession with your workforce.
By keeping all employees well inside the loop, they will be more likely to maintain loyalty towards your company, growing a greater understanding of any sacrifices you may have to make to ensure your business survives a recession. Instilling great communication between these parties will also reassure employees, reduce anxiety of the unknown, and provide clarity to the situation.
Identify & Ask
You’ve built a business up, often from scratch. With no doubt countless years of hard work, you are proud of what you have created and grown. In the wake of coronavirus, many Irish businesses will fear the challenge of yet another recession, anxious to see if it can survive.
During this uncertain time, it is crucial that you identify any external assistance opportunities that will aid your business as Ireland prepares to rebuild post-Lockdown. Whether this is from the government, your bank for business, or industry bodies relevant for your sector – help is there.
Take the time now to identify what you are eligible for and utilise these opportunities; the Irish Government has provided a list of priorities for your business and where you can find eligible aid. They will help you to fight a recession post-Lockdown, ensure your business can remain successful for the future and provide some job security for your workforce as we move through 2020 and beyond.
If you have a specific HR enquiry or require HR support, please get in touch.
As Satayana once famously quipped, “Those who cannot remember the past are condemned to repeat it”. Ireland has had its fair share of financial heartache amidst the crash of 2008. And while this left chaos in its wake, it is not too late to get your business prepared for the eventual short and long-term impact that this global pandemic will ultimately have on your business.
It’s time to focus on the top HR tips that you can follow in the fight against another recession:
Get On Top Of Your Employee Contracts
Your legal responsibilities to your employees during a recession are paramount. While it does not do well to dwell on the possible negative consequences of a recession to your business, it is inevitable that many employers will have to face the challenge of laying off workers or providing redundancy packages.
In order to get this right, for the benefit of both your employees and business, it is crucial that all your employee contracts are up to date to fit within the current context.
It is safe to say that most contracts may not mention specifically anything to do with a global pandemic. However, you must spend the time ensuring that your employee contracts can fit in within this context. This will help provide clarification to your employees on their rights during this period, what they will or will not be entitled to, and how any lay-off or redundancy process may take place.
HR As PR
Depending on the size of your business, this statement ring true for your management team rather than a separate HR department. Your HR team is often the face of your company to your employees during a recession, especially when lay-offs or redundancies are inevitable.
Having great communication between the company and its employees is the best internal PR. Utilise your HR team to communicate all actions that your company may be making during a recession with your workforce.
By keeping all employees well inside the loop, they will be more likely to maintain loyalty towards your company, growing a greater understanding of any sacrifices you may have to make to ensure your business survives a recession. Instilling great communication between these parties will also reassure employees, reduce anxiety of the unknown, and provide clarity to the situation.
Identify & Ask
You’ve built a business up, often from scratch. With no doubt countless years of hard work, you are proud of what you have created and grown. In the wake of coronavirus, many Irish businesses will fear the challenge of yet another recession, anxious to see if it can survive.
During this uncertain time, it is crucial that you identify any external assistance opportunities that will aid your business as Ireland prepares to rebuild post-Lockdown. Whether this is from the government, your bank for business, or industry bodies relevant for your sector – help is there.
Take the time now to identify what you are eligible for and utilise these opportunities; the Irish Government has provided a list of priorities for your business and where you can find eligible aid. They will help you to fight a recession post-Lockdown, ensure your business can remain successful for the future and provide some job security for your workforce as we move through 2020 and beyond.
If you have a specific HR enquiry or require HR support, please get in touch.
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