3 Undeniably Tough Lessons From COVID-19 That Every Business Leader Will Remember

In just a matter of weeks, COVID-19 has had a larger impact on the economy than the entire 2008 financial crisis. It’s safe to say that business leaders will remember this moment for decades to come.

But while the economic situation has proved immensely challenging, tough moments become great teachers for those that are willing to watch, listen and learn.

As the currents of social change continue to play out in our daily lives, one thing is for certain: nothing will ever be the same. Change can be a good thing, but only if you know how to apply the right lessons to your business.

It’s become abundantly clear that the organizations that didn’t take their employer brand seriously are struggling. As the saying goes, “When the tide goes out, you discover who’s been swimming naked.”

Fair weather organizations may have had a fairly good reputation when everyone was buoyant and happy, but it’s in the difficult circumstances that your true character is revealed.

Here are three undeniably tough lessons from the COVID-19 crisis that every business leader should remember.

1.     Don’t make financial decisions to the detriment of peoples’ safety and wellbeing

When commercial activities are under pressure and sales begin to tumble, it’s only natural for finance teams to look at ways to cut resources and shore up cash reserves.

But remember, we now live in a radically transparent society with immediate and visceral consequences. Consumers, candidates and employees are quick to call out companies that put corporate self-interest ahead of employee well-being.

Making financial decisions to the detriment of peoples’ safety and wellbeing is a huge mistake, especially when there are plenty of opportunities to find where these two priorities overlap.

Companies must look openly at the situation and find ways to align employee well-being with profitability. Finding a balanced approach and being honest with employees will stand you in good stead, not only with your existing staff but also with candidates and customers.

2.     People don’t forget – the world is watching and judging your employee experience

Today, employer brand extends beyond talent attraction and is vital for employee engagement and managing the employee experience.

Let’s be clear: anything that touches or changes the reality or perception of your employee experience is defining your employer brand, whether you like it or not.

At a time of heightened uncertainty, every single action an organization makes is under intense scrutiny. Treating employees poorly during a crisis will only magnify the egregiousness of the act, which could place an organization’s reputation at stake.

The consequences of your employee experience go beyond what your team thinks. In fact, employee experience now has a direct impact on future talent attraction and retention capabilities. Candidates are watching how you treat your staff during this crisis, so any negative actions could have a serious knock-on effect on your ability to attract talent for years to come.

In addition, employer brand now influences the consumer brand more than most people think. Shoppers are more discerning with their money than ever before and look at the entire spectrum of a company’s behaviour. This means that how you treat your employees is just as important as how you treat your customers. Some may even argue it’s now more important. Being late to this realization-party could prove disastrous and defining for many organizations.

To combat these issues, you need to start looking internally and seek to understand how a business decision will affect the perception or reality of your employee experience. Make the smart decision and invest in your employer brand today – listen and learn what matters to people, find out what adversity they must overcome and look for universal values that apply across the business.

This will help you navigate times of uncertainty and lead with a clear, coherent and compelling message.

3.     Don’t lose out on the race for top talent

In the current climate, it’s clear that some organizations don’t have a choice about whether or not to let talent go.

But the key is not if you let talent go – it’s how you let them go. If these are people you want to keep or re-hire, then you need to think empathetically and find ways to engage them, even after they’ve left the company.

Any organization that thinks it can hire the same top talent back quickly and easily is in for a rude awakening. To account for this, employers need to ensure that brand loyalty and the employee experience has been kept high, positive and strong.

In addition, some organizations may need to consider moving quicker to hire top talent. The most sought-after individuals won’t be in a hurry to move once COVID-19 is over, especially if they have found another company where they feel like they belong.

In this sense, some employers need to face the facts. If your competition has invested in a strong employer brand strategy, then they may start to pull away from you.

When social distancing measures ease up and employees begin to return to the workplace, a massive race for talent will ensue.

Companies with a strong employer brand are likely to get stronger. Those without an organized and well-defined employer brand may be destined for a slow, painful decline of productivity, innovation and success.

Naturally, a gulf will begin to emerge between these two camps, and we should expect to see casualties.

But there’s good news. You can mitigate against falling on the wrong side of the fence by conveying the value behind your brand.

Being able to articulate the current reality of your employee experience is a good first step, but without a plan to capture it and amplify it authentically it’s not very useful to you. The quickest way to do that is to reveal the truth about what it really takes to thrive.

Right now, there are powerful stories of selflessness and camaraderie that you can leverage to empower teams and inspire candidates. Don’t be afraid of what you might perceive as “weaknesses” or “vulnerabilities”.

These moments – the ones that force people to go above and beyond – are actually how you build employee propositions that contain deep resonance, that elicit powerful emotional responses and speak to people on a level that no advertising slogan can achieve. In this sense, your people act as ambassadors and social proof at scale.

Whilst the COVID-19 crisis has taught many businesses a number of tough lessons, we can learn from the consequences and do our best to ensure we don’t become fall victim to them in the future.

Without an organized employer brand, weaknesses in your talent function will be exposed and it may take years for your business to recover. But if you make a commitment to invest in your employer brand today, then you can double down on the one true competitive advantage left in business: your people.

To find out more about how you can build and design an effective employer brand, my new book, ‘Give & Get Employer Branding’, is available now on Amazon and at all major book retailers.