5 Things You Need to Know About the Current Business Climate
July 6, 2020
Over the past several months, we have experienced the effects of the economic shutdown caused by COVID-19. It has impacted businesses in many ways and introduced challenges that have required creativity, flexibility and innovation.
Here at BenefitElect, we understand the challenges you face and want to support your company every step of the way. Now that we are a few months into this pandemic, we want to highlight some key areas and answer a couple of important questions.
How is COVID still affecting businesses?
Although many businesses continue to suffer from the economic effects from the shutdown, many have been nimble and have adjusted to employees working from home. One area in which we’ve seen tremendous growth has been digital sales interactions. According to a McKinsey survey, 96% of B2B firms have changed their selling model in some form or fashion.
As many states have started to reopen, some businesses face initial social distancing regulations including:
- Maintaining at least six feet of distance away from others
- Wearing facemasks to try to prevent contamination
- Making sure employees wash or disinfect their hands frequently
How does COVID affect employee benefits?
As companies furlough employees, it is paramount to have the ability to send a one-off file to COBRA vendors to allow them to adapt more quickly. In addition, as companies begin to rehire employees during the reopening efforts, one-off census uploads for groups of employees are also important. For help with either of these tasks, BenefitElect clients can reach out to their system analyst team.
We are also here to help you complete your benefits administration and employee data management tasks. Through our premier platform, we can assist our clients in completing these complex processes during this difficult time.
How can I reassure my employees?
Currently, encouraging your team may seem like a challenge. Although many employees may be uncertain about the future, it is important to focus on the actions that can be taken in the present. Holding online webinars and virtual team-building events have been popular ways to liven up the atmosphere.
Other ways to boost your team’s spirits are:
- Keep them up to date on when the company is expected to reopen.
- Let them know what you have done to make the office environment safer.
- Schedule virtual meetings that let employees drop in and voice concerns.
- Communicate frequently with employees via email, social media, etc.
What’s the forecast?
The forecast is changing at a rapid pace. Consult with your local government officials as new information is released.
What can leaders do during this time?
As a leader, it’s important to be strong in the face of adversity and to set the right example for your team to follow. Be positive and optimistic with your team members about the situation. They will follow suit. Taking the time to connect with your employees is also critical to keep their morale high.
Other things that you can do are:
- Be creative in solving problems.
- Set priorities for your team so that they know what’s most important.
- Be upfront with your employees about what’s going on in the state and in the company.
At BenefitElect, we are rooting for you and your company to successfully weather this storm.