Best Practices While Operating a Business in COVID
Submitted by: Steve Kingan, CEO, Frontline Credit Union
We’ve been through global events in the past which has impacted business. From the financial crisis in 2008/2009 to SARS to Y2K. The challenge is to separate the pandemic into what it really is…a business disruptor. I’ve always been a big proponent of sharing Best Practices. Lessons learned from one can be game changers for others. As we move into the next chapter of COVID, my hope is that you may draw some ideas to manage your business and treat COVID as a business risk and nothing more.
Adapt how you do business — Enabling working remotely — Move your advisors away from desktops in favor of laptops or tablets, loaded with a VPN with a top-notch encrypted software package, two step authentication, a management software to monitor remotely, and digital signatures for member authorizations.
Embrace a Flexible Work Week — Four days per week allow your staff to better find that balance between work & life. The strategy is a proven one that increases productivity, embodies stronger loyalty, and improves administration.
Implement a Hybrid Schedule — Knowing we never trained our advisors to be completely independent and off sight, knowing that there will always be a certain degree of administration to our business, and knowing collaboration & teamwork is always best in person. Change up that traditional schedule: One portion at work, one portion remotely with a target “to do list” in advance, to make the most of the opportunity knowing interruptions are in a controlled environment.
Reward & Recognize — If ever there was a time, it would be now. And when you think you’ve done enough, do more. Staff need to know they’re appreciated and supported. The pandemic is negative by definition and it breeds stress and anxiety. Your team needs to know you appreciate them and what they do.
Recruit & Build –Value and Appreciation have been two primary drivers that have illustrated to employees how much their employer values them and how much their employer appreciates them. You will be surprised at just how the recruitment landscape has changed over the past year and it’s no longer just about dollars, it’s about how you treat your employees in a crisis situation and what support mechanisms you’ve got in place for them.
Expand Your Digital Footprint — We’ve all heard it a million times that COVID has changed the average consumer’s behavior. The next 3 years in our industry will change digitally more than we’ve ever seen over the past 30. Position yourself to embrace the changes and be ready in advance, don’t be reactive because it will be too late.
Support Your Community — This pandemic has impacted everyone’s community in so many ways. Look to the market you serve and serve it. They need your help more now than ever before, whether it’s sponsorship or volunteering.
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