By LYDIA NATHAN / Pic BLOOMBERG
COMPANIES must take care of employees if they are to survive the business disruption brought by Covid-19.
StashAway CEO Michele Ferrario said this basic business rule has become the most important for sustainability and future growth for any company.
He said employees are the base for everything within a company and must be looked after.
“Employers must look after staff in good times, and in bad times. Talking, discussing and sharing ideas is a good way to find out if employees are happy or if there are any issues. Ensure there is enough engagement between management and employees because transparency should be real, and acknowledging issues should be a priority,” he said.
Speaking at a seminar on businesses navigating the pandemic, Ferrario said having taken care of employees, companies must make sure they protect the future balance sheet by raising cash, selling assets and cutting costs.
“Making sure a company still has choices in the future is also vital, so that boards have cash if there is a need to restructure or re-strategise,” he said during the Navigating Covid-19, from Business Digitalisation to Employee Engagement webinar yesterday.
Ferrario said customer needs have changed drastically over the course of this year and will continue to shift.
“There is a greater need for new channels and new products from companies. Looking at some of the big names in the past, we realise today that diversifying into different methods or ways to keep customers was a big factor in staying sustainable. So in the end, companies must listen to customers to gauge what is needed,” he said.
He said planning for the future will help when rough times hit, as there would have been strategies and efforts already discussed beforehand.
“Don’t put all your eggs in one basket. It is easier for larger companies to do this, but the reality is companies need to strike the right balance. Focus is important so companies can leverage on its strengths, something that is linked to its core competencies,” Ferrario said.