Let’s Talk About COVID -19.

Bleak statistics and countless upward trajectory charts begin to take their toll, adding to the anxiety we all currently feel about our jobs, our health and our future. It would be wrong to sugar coat this. Yet, moving forward as the spread of coronavirus continues, we must begin to seek out knowledge and strategies that may help us navigate through these uncertain times.

There is much we can’t predict and control but staying abreast of shifting patterns, new norms, insights and adaptations in the face of COVID -19 will help to empower us. Behavioural psychologists agree that the power gained through knowledge, in conjunction with equal amounts of distraction, will help us to cope during this pandemic.  This reduction in anxiety can then free up the creativity we need to adapt.

Recruitment Matters

Businesses are having to adapt quickly in order to survive and it is very possible that the legacy of COVID -19 may forever change the nature of recruitment and the workplace landscape.  Already we are seeing a shift in focus and recruitment agencies would do well to either concentrate on their niche or build a balanced sector portfolio that reflects the government guidance on ‘key workers’.

Recruiters will need to get to grips with which locations and industries will be badly hit by COVID -19 outbreak. A paradigm shift is required to provide work-from-home job opportunities for people who have lost their jobs or taken extended unpaid leave. An agency will need to be meticulous in representing a candidate’s entire skillset and so called ‘’transferable skills’ to ensure many don’t remain on benefits over the coming months.

Thankfully the digital tools developed in recent years are in place to support remote online recruitment and agencies are needed now more than ever, to work with suppliers to expedite the process and hire top talent.

What support is there?

Governments around the world are taking unprecedented action to safeguard workers from redundancy and businesses from administration. Here in the UK this support includes:

  • Support to cover wages for workers who would otherwise be laid off
  • VAT deferral and other tax changes, including IR35 deferral
  • No interest loans for business interruption, backed by government.

 

Business Secretary Alok Sharma, spoke on Saturday, about future measures that will be introduced to help businesses emerge from the other side of COVID-19. New rules will allow workers to carry holiday entitlement over, give more time for companies to file accounts, and suspend personal liability of company directors of businesses that go bust during the crisis.

How can 1PS help?

UK businesses are facing a cashflow crisis that will affect every sector, but especially cash in/cash out sectors like recruitment. The challenge for businesses to remain viable is to continue cash flow during these difficult times and even when the pandemic passes and the economy recovers

There are many ways to conserve your business cash flow. One way is to explore your funding options.  At 1PS we can work with you to invoice clients on your behalf – saving you time, energy and strengthening your business relationships.  Turning your invoices to cash quickly will have a positive impact on your ability to trade and meet all your fixed and variable costs.  Providing back-office support will enable us to also save you valuable time on admin work. This efficiency will in turn empower your business to focus on managing relationships and model trading scenarios.

We endeavour to keep you up to date on everything your recruitment business needs to know about the coronavirus outbreak alongside market insights and practical advice to protect your business.

Currently our team are set up working from home to provide back office services to our agencies through these difficult times.  We will be working hard to ensure you receive the same level of customer service you expect from us.

Felicity Thompson

How much can you save?