Financial Planning During COVID-19’s Economic Crisis

As our world continues to face the evolving challenges posed by the COVID-19 virus, with entire industries collapsing, unknowable effects to our global economy as well as of course the saddening loss of lives — many of us are left wondering where to from here?

To help guide some of the difficult decisions you may be facing right now, (and hopefully offer some encouragement that we really are all facing similar challenges right now) we’ve asked our Head of Finance, Ndulamo Pholi to share some things to consider during this time.

Our co-founders Duncan Macintosh and Tim Burgess also share some of the changes they’ve made for Shield GEO and how we are moving forward into an unknown future.

Reaffirm company values

Team dynamics and company culture are hugely important during times of crisis.

It’s highly likely that each of your employees will be affected by these changes in some way, so it’s important to treat everyone with care and kindness. Check in regularly and ask about their experiences, which could be vastly different to your own. Whether it’s having sick family members, children home from school, or simply the emotional toll of being in isolation — it’s not an easy time for anyone.  While we are globally affected, each country is responding in its own way. So while restriction may be easing for some, others may still be in strict lockdowns with very little flexibility and control. Levels of trust in governments are different everywhere, as is access to healthcare, basic food and necessities.

“Practice a lot of empathy towards international staff who are going through a lot of stress,” Ndulamo says. “Especially those employees who are not in their home countries.”

While work in this time could be giving your employees a sense of normalcy in an otherwise uncertain time. They’re likely also battling with some distractions as well as potentially low motivation.

Ndulamo says this is the perfect time to reaffirm company values, as these are what bind people together and really offer a sense of purpose. He encourages business owners to, “keep an open-minded worldview and a values-driven outlook,” during this time.

Our co-founder Tim Burgess agrees, “Our amazing team and our company values have been great anchors during the uncertainty. And we are especially grateful for the collaboration we have with our clients and partners,” he says. “It is a great solace to know that we’re not going through this alone.”

Making a point to encourage, call out any successes or wins, and genuinely support your team will all make a big difference in the overall experience of working through such a difficult time.

Ndulamo also recommends investing in your leaders. They’ll likely be taking on a more supportive role during this time and potentially taking on extra work that’s been redistributed in cases where employees may be taking carer or sick leave or working revised hours due to caring responsibilities.

“Your leadership’s competence is [also] critical for planning, this seems obvious, but it’s often neglected,” he says.

Communicate with transparency

While it may be your instinct to hold back information about how your business is faring during this time, Tim is an advocate for transparency with your employees. In addition to hopefully providing employees with some sense of security, it also shares the idea pool.

“People are more enterprising, creative and committed when they know your plans and the size of the challenge ahead,” he says.

For Shield, this looks like sharing projections during monthly all-hands meetings as well as our monthly numbers as always. Both Tim and Duncan have also reaffirmed that they’re open to answering any questions from anyone. All with the aim to reassure our team by remaining open and transparent...read more

 

Shield GEO makes international employment simple. Our customers use Shield GEO to employ and payroll hundreds of workers in over fifty countries. Find out more.