THREAD: A lot has been written about business continuity issues (remote working, etc) associated with coronavirus disruptions, but less about the humane side of how companies should be taking care of their people. What should Best Practice on the human side look like? 1/17
There’s no playbook for this, but here are some ideas that particularly pertain to big companies with healthy bottom lines. 2/17
Prioritize support for your lowest-paid hourly workers, e.g. janitorial staff, cafeteria staff, etc. These folks don’t have a safety net, so pay them at their regular rates even if their hours are cut. The ripple effects of a wage reduction can be devastating for this group. 3/17
Waive limits on sick days and paid time off associated with this disruption. The last thing you want is people coming to work when they shouldn't because they are worried about their personal finances. 4/17
Pressure your companies’ health insurance providers to shoulder all co-pays and other costs of diagnostic testing and telemedicine visits for employees. If they refuse, assure your employees you will cover the expense. 5/17
Get your Board fully aligned with your philosophy of taking care of your people. Make sure they are 100% supportive of your commitment to bridge the financial gap for your employees, esp those most vulnerable. Rally them around the true idea of corporate responsibility. 6/17
Think about your independent contractors. They don’t have the same protections, but they are a critical part of your value chain. Consider setting up a fund to support them and make it a priority to think hard about what that support structure should look like. 7/17
Create a mechanism for employees to flag hardships they are experiencing that you may not have thought of. Use the same mechanism to solicit ideas for how to address. There is no playbook for what we're experiencing, so listening & soliciting creative solutions are critical. 8/17
Communicate constantly with your people. Consider a daily company-wide email that provides updates and outlines everything the company is doing. The goal here is not only to inform, but also to reassure and even inspire. 9/17
Remember - the tone with which you communicate with your employees can make them so very proud if done right. Also remember that you may need their help/cooperation/sacrifice in the coming days, so establishing the proper mindset (compassion, calm, unselfishness) is vital. 10/17
On the external side, be public about your commitment to take care of your people and be explicit about the specific things you are doing. Not only will this set an example for other companies, it will pressure them to follow suit. 11/17
It will also signal the market about the one-time costs you are taking on in order to weather this storm. Taking the high road in a public way can provide air cover from small-minded investors. 12/17
Identify nonprofits and organizations in your community that may need your help. Your corporate generosity (and responsibility) should extend beyond your workforce to the wider community. 13/17
Finally, keep reminding yourself this is a moment when your true colors as a company, and as an individual leader, are revealed. It’s easy to spout values, but now is the time to prove it. 14/17
BTW, I realize that some of these ideas are not feasible for small companies, financially-stressed companies, etc; that’s why I started with a checklist for big companies with healthy bottom lines. 15/17
But even if you can’t afford to do all of these things, I encourage every business leader to use this moment to reflect on your values (both personal and corporate) and try to align those values with your behavior as much as possible. 16/17
This list is almost certainly incomplete. So I invite all of you to add your own ideas/thoughts. Thanks. /END
