ADOPTING AGILE STRATEGIES LIKE VIRTUAL WORKING, FLEXIBILITY AND ALIGNED BENEFITS CAN HELP BUSINESSES SUCCEED IN THE POST-PANDEMIC WORLD
When the COVID-19 pandemic forced a UK lockdown in March, retail businesses were forced to react and respond to a crisis few had anticipated. This initial stage – the first of three detailed in Aon’s COVID-19 Crisis Management Model – demanded reaction to the immediate needs of the organisation and its employees. In June, as the pandemic progressed, the majority of retail businesses (63%*) had moved on to the second stage – recovery; with a focus on stabilising the business.
Towards the end of summer, an increasing number (28%) of retailers had shifted their focus to the critical third stage – reshape; where companies focus on restructuring, creating or pivoting to new product and service offerings, and deploying new talent strategies. But, with only 52% of retailers globally (38% in Europe) planning to bring back at least 75% of their furloughed workforce in the next six months – according to Aon figures – there is now a need to build efficiencies with fewer resources. Given these pressures, it’s clear that a successful reshape strategy will depend on retailers evolving to a more digital ready and agile workforce.
This article was also published in The Retailer, our quarterly online magazine providing thought-leading insights from BRC experts and Associate Members.
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