The stark reality is that right now the Covid-19 has affected all our lives in more ways than we could have imagined. Although it may seem like the world around us has stopped turning, our businesses haven’t. Companies and agencies are still expected to turn profit, or at the very least prevent financial loss during this time of economic uncertainty. If we learned anything in the financial crisis of 2008 it’s that the best way to weather an uncertain market is to build a team that can be resourceful and proactive while withstanding any challenge the market may bring.
Ninety percent of business challenges stem from not having the right talent on your team. While we are still at the early stages of this pandemic, make preparations in the structures of your team to make sure you are ready to weather whatever conditions the market may bring.
1) Identify Current Gaps By Taking Inventory of Skills
You know your business better than anyone else. Use your expertise of the business to create a list of all the projects, challenges, and assignments your team has worked on over the last 5 years and the actions you had to take to create a solution. Next, expand that list to include all the skills needed to fulfill those actions. This will give you a shopping list of skills that you can anticipate will be needed over the next few years.
Cross reference this list of needed skills with a list of skills your employees currently possess and assign who on your team can fulfill each skill. Any skill that remains un-assigned is a skill gap on your team, and that can create financial stress during a recession if that skill remains vacant. Congregate this list of un-met skills into one or two specially designed roles that will allow your team to fulfill any need regardless of market conditions.
2) Expand Verified Vendors List to Include Potential Contractors, Freelancers, and Agencies
Even during times of economic growth, gaining approval to add new agencies, business partners, and contractors to existing “verified vendors” lists can be like pulling teeth. This process is even harder, if not impossible, during times of economic uncertainty. If you know there is even the remote possibility of wanting to work with an outside agency, freelancer, or contractor that is not on your approved vendor list, start the process of adding them now before your company puts restrictions on vendors.
3) Clearly Establish Everyone’s Roles and Responsibilities
There is nothing worse than being on a project that is stalled because one essential step is missing, but no one did it because no one knows whose role the responsibility falls under. Take steps early on to establish each team-member’s roles and responsibilities to make tasks flow much more efficiently. Do this by taking a day and running various scenarios of common projects your team works on and list each and every step that was involved in that project. Then define whose role that task lies under. If you took an inventory of your team’s skills, this will also help in this exercise to avoid any confusion.
4) Secure Talent Earlier Rather than Later
When budgets get tighter during financial uncertainty the first thing to be enacted is typically a hiring freeze. Once a hiring freeze happens your team is pretty much set. There are no more chances to fill any skill gaps that you identified too late. Reach out to a DCAProSearch recruiter now to secure your talent and fill any skill gaps you may have on your team, whether for full time or contractors/freelancers.
Wondering which skills are essential to a team during a recession? We have identified the essential skills and people that you should have on your team to handle the vast majority of projects or challenges you may face. From all of us at DCAProSearch we wish you the best health during this pandemic and remind you to help flatten the curve by washing your hands, social distancing, and staying home from work if you are feeling sick