3 Unexpected Suggestions for Businesses to Increase Profitability Amid COVID-19

L&D strategy – developing and training internal HR: New wine into old wineskins

According to LinkedIn Learning survey on April 2020, employees spent 130% time to learn to adapt to the new now in Post-COVID19(1). As a result, L&D department (Learning and Developing) gradually go beyond the scope of merely training new employees and are expected to involve in investing and developing human resources with the mission of leading and shaping employees in this time of uncertainty.

Ms. Nguyen Thi Thanh Huong – Deputy CEO of Talentnet shared: “Business will surely yield great benefits if L&D department is invested. On the other hand, to optimize company’s resources, there is necessary for L&D to enhance their knowledge by taking part in professional training courses. For the most part, getting empathy level up is the top lesson to figure out pros & cons of employees and their needs easily, hence help to build up L&D strategies methodically.”

Payroll Outsourcing Strategy: An A+ for businesses paying wage correctly – adequately in COVID-19

In this COVID-19, payroll has become a concerning problem for all of employees. Unreasonable behavior regarding payroll can hit the reputation of the brand hard while causing confusion and dissatisfaction in the employees.

As a result, businesses are suggested to invest in professional payroll system to ensure financial security – employees’ basic need, start from paying wage adequately and on time.

Ms. Thanh Huong further shared that Payroll outsourcing not only helps improve brand image, optimize cost and retain talents, but also free HR department from unnecessary paperwork and concentrate on crucial development strategies instead.

Improving employee’s engagement: Let the staff show some “love”

Employees engagement is not a new concept, however, according to Business2community (B2C), only 21% of employees actually feel engaged(2). Furthermore, employees are experiencing less interactions since the return of work from home model in COVID-19.

A suggestion could be that businesses could regularly conduct employee insight survey to learn more about employees’ emotional feeling, needs, etc. which then could be used to define the right solution. Besides, there is necessary to boldly empower employees to lead the project, let them discover the solution to the problem proactively. On the other side, in case of failure, the business might help employees draw lessons learned.

We could say that businesses and their teams could use this “quiet” time of COVID-19 and utilize these 3 suggestions to interact, practice, improve employees’ skillset. For that, in the post-pandemic era, businesses would have an “elite army” to sprint on business race.

Source: VnEconomy