Although recruitment may not currently be top of your agenda, the decisions you take now to retain existing talent or attract new talent will determine how flexibly you can adapt and how attractive your business will look to potential investors. Kim Wedral-Rooke, Partner in Mishcon de Reya's Employment team outline some key actions to consider.
Keep key people incentivised
Pay rises, bonuses and promotions may be deferred, so devise other plans to make employees feel valued in uncertain times. Consider bespoke packages to retain key individuals.
Stay true to your culture
Your organisation’s supportive environment and sense of purpose will be tested. Being consistent with your culture will be remembered long after current difficulties have passed.
Take lessons from adversity
New operating methods may have long-term value. Could allowing more home working improve productivity and retention? Use this experience to improve your contingency planning.
Avoid knee-jerk redundancies
Letting go of valuable employees too early can be a bigger financial risk than holding onto staff and biding your time.
Prepare for a flexible workforce
More employees may want to work flexibly; they have the right to formally request this. Ensure your response is in line with the law and allows you to best manage individual and business interests.
Ensure compliance
Keep your recruitment strategy compliant. Any new contracts must meet the new statutory requirements which came into force on 6 April 2020.
Focus on mental well-being
Hold regular team phone or video calls when not in the office, address worries, and identify stressed employees. Be proactive about managing these issues.
For more information on Mishcon de Reya's related legal services and for tailored advice, contact Kim Wedral-Rooke.