Business operations are expected to resume after 4th May 2020. What the businessman should do? Cheng & Co hereby list down the important things should handle immediately.
RETAIN TALENTED STAFF
Identify committed staffs during Movement Control Order (MCO)
Management should be able to identify committed staffs during this MCO period. Retain and reward these committed staff for the future of the company. Companies can build stronger teams around these committed staff.
Rewards/ KPI Incentive Scheme
The boss should conduct a meeting with all the employees transparently. The management should explain the current company situation and actions plan on it. Rewards/KPI Incentive Scheme must be explained clearly and implemented firmly.
If unable to pay the rewards promised on time, how?
Discuss with the staffs frankly! Management can consider to delay the payment and come out with a solution such as back pay the bonus after overcoming the crisis.
ESOS/ Share Offer
This is a great opportunity to offer Employee Share Option Scheme (ESOS)/ Share Offer to the talented staff. It can enhance the commitment of the talented staffs towards the Company and further drive the Company forward. Take note that the share offer scheme must design properly and the shares shouldn’t be offered in FREE! Proper share valuation must be conducted in order to fair to both sides.
Change to pay by performance (Agents or partners)
Companies due to cash flow may offer staff to become agents or service partners due to short term cash flow issues. Businesses can equipped their staff with tools to sell online or retrain staff to become agents selling in their own online platform. The businesses can always employ or the staff can become his or her own entrepreneur.