April 2, 2020 • COVID-19
In response to the challenges many of our businesses are facing from COVID-19, Stripes has been hosting a series of virtual panel discussions led by subject matter experts from across our network to share lessons learned. You can also view summaries and key takeaways from our past panels here. We hope this information will provide some perspective on how others have approached these uncertain times. As the environment around us has been changing faster than ever, we expect to add or revisit topics and additional resources as they become pertinent and helpful.
This column focuses on addressing the people-related challenges posed by COVID-19. We’re grateful to draw insights from:
We thank our incredibly informed and insightful panelists for taking the time to participate, particularly while they are facing many of the issues we discussed during our session.
While each firm's response will be different, our panelists shared what's been working for their companies in response to COVID, including:
For more recommendations from our panelists, read below:
Despite the logistical challenges, companies should strive to keep as much consistent as possible. Specifically:
Managers have many new challenges to confront as a result of the shift to working from home. Overcommunication is key for both managers and their employees, so everyone should know to:
Recognize that this is a tough time and many people may face challenges adjusting to ‘the new normal,’ so treat performance management in that context. That said, regular goal setting is more important now than ever before. Helping employees see through to the other side of this crisis with goals to strive for can ensure that they’re taking advantage of new personal growth opportunities, such as newly free online learning resources, and keep productivity and morale high. Our people leaders recommend to:
With social distancing restricting social interaction, employees are looking to fill that need at their jobs. To delight your workforce, you can:
As with everything you do, keep an eye out for unseen groups and check in with them regularly. This is even more true for groups especially affected by working from home and COVID, such as single parents, folks affected by domestic violence, folks with mental health issues, or folks living with immunosuppressed or elderly persons. See below for a few specific tips:
While many organizations are facing difficult cost-cutting decisions, those with the budget to spend or re-allocate should look to the following resources:
Before conducting a COVID-driven reduction in force, contemplate alternatives such as furloughs and whether your business may qualify for support under the CARES Act. If layoffs are necessary, consider the following guidelines:
Candidates are anxious about recruiting during COVID. To put them at ease and bolster their perception of your company:
Should you have any follow-up questions from the summary above, or if you have any other suggested topics or questions for us to cover, please submit them through this form.