Covid came to Enterprises with its own set of hurdles and costly setbacks. From operations to revenue, everything faced a hit. The unplanned interruptions disrupt normal business operations. However, for evolving enterprise to be progressive in an erratic and non-confirmative world, it is important to have intact Business Continuity Programs (BCP).
A contingency plan for BCP helps identify risks and resolve them. CXOs should create contingency plans to quickly resolve risks without having to wait for approvals.
The plan should largely proceed as follows:
1. List the risks
What can’t be measured can’t be managed. It’s important to identify the risks before resolving them. This can be brought into effect by involving various stakeholders and discussing potential risks.
2. Weigh risks based on severity and likelihood
Creating a plan for every risk might aggravate and complicate the problem more than resolve it. All risks should be identified based on two parameters:
-the severity of the risk, if it were to happen
-the likelihood of the risk occurring
The risks can the be assigned a score: high, middle and low.
3. Identify important risks
Once the severity and likelihood score is assigned, it depends upon the stakeholders to decide upon the risks to be addressed. This can play out in various combinations of severity and likelihood such as low severity, high likelihood etc.
4. Create contingency plans for the biggest risks
A contingency plan should be created for each risk that was identified as important. Each plan should elaborate upon the steps to be followed to restore business as usual after an incident. It should comprise of:
– the triggers that would set the plan into motion
– immediate response
– who should be involved and informed
– key responsibilities
– timeline of response
5. Get approval for the plans and distribute them
The relevant company owners should know about the plan and agree with the laid down course of action. Once approved, it should be shared with the right people. The plan should be kept as central source that can be accessed by everyone and allow them to respond quickly and seamlessly.
6. Monitoring the contingency plan
Frequent reviewing of the plan should be done to ensure it serves the organization as it’s intended to do. If it lags and fails to deliver par expectations, a new contingency plan should be drafted to accommodate the changes.
In 2022, the pandemic will be a fact of life for Enterprise businesses, although we have learned to adapt to the changed behavioral pattern and expectation with BCP. In addition to the buzzword “Hybrid working”, HR tech trends will open doors to technologies that are likely to have a greater and continued impact that redefines company and employee relationships.
HR teams work as a bridge between company goals and employees. And ZingHR collates the various future of work possibilities along with the way forward to sustain and outshine business in this unpredicted time. The document is designed to equip businesses for optimum performance. Remember CX is directly proportional to EX.
Stable Employee-Centric Preparation for Enterprise across industry
Future of work
The space is driven by AI and global recruitment with an option to work from anywhere. Irrespective of the industry type, these two factors are taking a lead. Workplace trends are undergoing temporary, permanent, and altogether new changes.
Temporary
•Repurposing work to survive
•Deploy safety-related measures
•Regular health checks
Permanent
•Digital transformation
•Automation with AI/ML
•Integrated and unified solution
•Omnichannel engagement
New
•E-Conversations
•Telemedicine
•Online schooling
Sourcing talent digitally
With companies and employees operating from anywhere, a smart human resource management system is what enables a company to source talent digitally. HR management software created a win-win deal for all by streamlining the online recruitment process and offering massive employment opportunities for employees across the globe. Market-driven HR strategies help hire 22% more employees/year.
A resilience into HRIS systems on talent management is the need of the hour.
- Recruit from anywhere
- Salary in country-specific currency
- Work anytime from anywhere
- Skill-focused recruitment not role-focused
- Digital skill enhancement and transformation
Improved employee management and retention
An advanced HRMS software is equipped with functional modules such as payroll management system, online leave management, skill enhancement system, performance management, and more to retain employees and take care of their delight. Managing employees is eased with the expectation shift from considering employees as humans, rather than the headcount of a company.
- Accommodate employee preference
- Skill enhancement system
- Keep wellness above performance
- Online events
- Connected team and manager
Addressing skill gaps
Focus has shifted from roles to skills. Align an organization’s competitive advantage with the refurbishing of employee skills. It works as a nitro booster, fuelling the rapid drive of the vehicle called organization. The development process has multiple key factors including skill identification, reward
and recognition, performance reviews, and competitive learning solutions. Switch from continuous learning to connected learning for a motivated and engaged workforce.
- Preparing dexterity of all kinds
- AI and analytics for skill identification
- Dynamic L&D module
