Protecting your company's economic health
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This document summarizes a webinar on protecting a company's economic health during the COVID-19 crisis. The webinar focused on assessing the depth and duration of the economic impact, approaches to cutting costs depending on those factors, and the importance of transparent communication and engagement during difficult decisions. Speakers provided insights on riding out short disruptions with temporary measures or restructuring for long-term impacts through measures like layoffs or divestitures. They emphasized advance planning, scenario identification, and monitoring leading indicators to improve decision making and the company's position for rebounding from the crisis.
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Protecting your company's economic health
- 1. LEADING THROUGH AND BEYOND COVID-19 WEBINAR SERIES PROTECTING YOUR COMPANY’S ECONOMIC HEALTH Monday, March 23, 2020
- 2. 2 ESTHER COLWILL Global Technology Sector Leader NATHAN BLAIN Expertise in Organizational Strategy, Cost Cutting Agenda ALEX JAKOBSON Expertise in Mergers & Acquisitions SPEAKERS: Introduction Our insights What you can do now Where to find out more 1. 2. 3. 4.
- 3. A different kind of crisis 3© 2020 Korn Ferry. All rights reserved The playbook companies used in 2008-2009 won’t work in 2020 Starts in Communities, Not at Work A Humanitarian Crisis, Not a Financial Crisis A Disruption, Not a Recession
- 4. Assessing the likely impact 4 DEPTH OF THE ECONOMIC IMPACT DURATION OF THE CRISIS Demand is generally weak, but uneven across industries. Small business – local retail, restaurants – will be hit especially hard. Government support is likely but not settled. China has reached bottom in three months, reporting no new cases across the entire country Scientists unclear how the virus will behave Changes in consumer and business behavior may be lasting. © 2020 Korn Ferry. All rights reserved Leaders will need to monitor the depth and duration of the crisis in their industry and geography to evaluate the right steps to take
- 5. © 2020 Korn Ferry. All rights reserved 5 Cutting with the rebound in mind Employers will seek to protect employees and their productive capacity as they consider cuts to make. Duration Depth Ride Out the Storm Two Months Eighteen Months > 50% Revenue Loss Minimal Revenue Loss ▪ Unpaid furloughs, hours reductions, voluntary leave, exec pay reductions. ▪ Supplier concessions. ▪ Near-term efficiency measures. PARE AND PROTECT ▪ Layoffs. ▪ Divestitures. ▪ Reorganization. ▪ Outsourcing. ▪ Capex cuts. RESTRUCTURE ▪ Capturing variable cost savings. ▪ Delay new hires, new spending, raises. ▪ Cancel events, low priority initiatives, travel. RIDE OUT THE STORM ▪ Near-term efficiency measures. ▪ Targeted layoffs. ▪ Prioritization of strategic initiatives. GET LEAN
- 6. EMPATHY FOR DISRUPTION Hard decisions, hard messages © 2019 Korn Ferry. All rights reserved 6 COMMUNICATING THE CONTEXT NEW TECHNIQUES TO MAINTAIN ENGAGEMENT Transparent and frequent communications increase the resilience of the organization.
- 7. © 2020 Korn Ferry. All rights reserved 7 Keep the organization engaged. Engage a diverse group in identifying cost savings options. Identify 2-3 likely scenarios. Monitor leading indicators. Improve the quality of your decision making and the power of your rebound. Advance planning
- 8. For further information © 2020 Korn Ferry. All rights reserved 8 Get our latest thinking on KornFerry.com www.kornferry.com/challenges/coronavirus Use this QR code or click on the link in the chat box to visit our coronavirus insights page and keep up to date with our latest thinking on how you can lead through and beyond COVID-19.
- 9. More webinars in the series © 2020 Korn Ferry. All rights reserved 9 On-demand Leading in a time of crisis On-demand Social distancing without revenue disruption On-demand Keeping your people engaged and productive through the crisis Today Protecting your company’s economic health Tuesday, March 24 Employing agile reward strategies for a volatile world Wednesday, March 25 Crisis-proofing your talent processes Thursday, March 26 Creating effective learning experiences in a virtual environment Friday, March 27 Cultivating personal resilience amid volatility All sessions are being recorded and on-demand viewing links, as well as registration links for upcoming webinars, can be found on the kornferry.com coronavirus insights page.
- 10. Thank you