As Hong Kong prepares to emerge from COVID-19 and return to a new normal, the pressure is on for individuals and organisations alike to adjust. Along with an unprecedented public health emergency, the pandemic has also triggered an economic crisis and the consequences on both businesses and people are severe.
How should organisations prepare their workplaces? How do you make it a safe place for employees to work, and continue working even in the case of reinfections?
Dr Andrew Wong Tin Yau an honorary consultant in infectious disease at Gleneagles Hospital has some suggestions. In a recent webinar, Dr Wong covered how to get our workplace ready, the key items in crisis management and communication plans and discussed management checklists.
Protecting the workforce by optimising employee benefits
In Hong Kong, we are entering the return and reinvent phase – a stage where companies are learning from the crisis, assessing the potential impact and taking action. As workplace readiness and benefits optimisation experts, Richard Roper, health business leader of Mercer Hong Kong says, “What they do between now and the reinvent phase will set the foundation for post-crisis life.”
How do you actually reinvent your business to survive the current circumstances and thrive in the future?
The answer may lie in incentive management. Short-term incentive (STI) schemes are highly impactful and can both increase revenue and lower cost at the same time, if done well.
Brian Sy explains that it is important to focus on the business battles that you must win and keep a laser-sharp focus, to construct a portfolio that balances short-term fixes with longer-term transformation. STIs can be very useful here. While, they need to be redesigned to meet the challenges of our uncertain times, opportunities may be found in the most unexpected areas.
“Considering employee perspectives is actually one of the most critical actions of STI design. Things like conducting win/loss analysis, anticipating reactions and having the right techniques to handle them, finding solutions that work for both sides (the company and employees), being transparent, communicating a lot and conveying the sense of fairness will be quite critical,” says Sy.
How to return and reinvent your business: Next steps
To find out more about how to return from COVID-19 and reinvent your business, take a look at the full article on Mercer’s website and download the Return and Reinvent Toolkits where you’ll find the Back-to-work Checklist, Employee Benefits Optimisation Checklist and Employee Cost Management Playbook.