Business lessons thus far from Covid 19 - A talent strategy perspective

Despite having taken the time to develop a rigorous and thought out content calendar at the beginning of the year, all digital marketers must be forever willing to deviate from their plan in order to tackle unforeseen world events.  As such, it would be both remiss and immoral of me to not take on the tricky task of tackling the current global epidemic, Covid 19, and the business lessons that can be learned by company leaders, people managers and indeed talent management professionals during this unprecedented/challenging time. 

• Clear & Concise Leadership 

The case for clear and aligned leadership has never been stronger. In the age of fake news, constant access to information with varying levels of credibility and the subsequent propensity for panic and fear, concise and decisive business leadership has never been a more precious business commodity.  In recent days, Angela Merkel and Emmanuel Macron have both delivered speeches that are sombre and reassuring in equal measure and cover the key points in detail in a factual manner. POTUS….not so much. Which leader would you rather work for? The world of work is undoubtedly changing and millennials have a very different expectation of workplace best practice. This crisis will definitely be the biggest challenge the millennial generation, as a whole, will have faced and will undoubtedly bring anxiety and uncertainty - effective, clear and concise leadership that is relevant for the millennial audience is of paramount importance.

• Talent Management & Deployment 

Many are arguing that one (very small) silver lining to this situation is that ‘old school’ business leaders will become more open to the notion of a remote working team. Millennials are beginning to demand working from home policies thus rendering companies who can offer this in a much better position when it comes to talent attraction. Furthermore, with the rise of the flexible workforce, an increased focus on sustainability and huge strides in technology innovation - is now the time for companies to develop a remote working strategy ? What is beyond question, is that the companies that have taken the opportunity to install such a culture historically, will certainly have mitigated the impact of reduced productivity during this and indeed future crises. 

• Opportunities arise from difficult times 

Undoubtedly, the primary thought will be with all the individuals whose lives and loved ones have been affected by this difficult and unpleasant situation.  This being said, difficult times pose opportunities for individuals who are in a position to capitalise from them. Of course, huge investments are being made into the life sciences and pharmaceutical space as companies out there race to develop a vaccine/something that could mitigate symptoms. Business/Products who offer services that enable working from home such as Zoom, Slack, Microsoft Teams and others will be in an excellent position to capitalise and anyone sat on insights and research as it relates to remote working practices will be in high demand.  

• People are tough 

Despite hitherto unseen carnage on the financial markets, widespread healthcare concerns above all a broader unprecedented set of events, people remain in good humour and adapt to their new surroundings quickly.  People want to work, want to get back to normal and ensure the disruption that comes to their lives and families to be as minimal as possible. 

• Rainy day 

Who could’ve seen this coming ? This time 4 months ago, America was enjoying a boom economy that was arguably benefiting the business landscape across major commercial centres. Wall St has suspended trading for the second day running and to use the technical term - sh*t is hitting the fan.  Business leaders must have a rainy day fund for unforeseen circumstances and accordingly  develop their annual budgets / perceive their revenues. Probably a good lesson for general life! Thanks Mum.

Wishing everyone the best at this strange time!