Attracting and retaining staff is now a key issue facing businesses. But have you thought about the impact of a business interruption incident on your people?
Your people are your most valuable asset and one of your greatest risks. Unlike your other assets, your people are emotionally driven and influenced by extraneous factors that you can’t always control. Does your Business Continuity Plan (BCP) address this?
We spoke to ecosystem partner, Steve Williams, Managing Director at BCarm, who shared his top 5 BCP considerations for addressing the people risk impact.
1. Communication is critical
Your BCP should address internal communication with your team and external communication with customers, suppliers and other stakeholders. Communication needs to be structured and regular – repeating key messages, providing updates and clarity. Your team will impart information to your external stakeholders, whether consciously or subconsciously. So, it’s vital they get the right messages that build certainty.
2. Creation of certainty at an uncertain time
Your BCP should create certainty for your stakeholders. Failing to create certainty for your customers or distribution channels means they could seek alternatives. The same applies to your workforce. If presented with a perceived risk to job security, your people are likely to seek this elsewhere. Right now, there is no shortage of jobs and there are cost of living pressures. Equally, your talented workforce maybe attractive to your competitors. Does your BCP provide certainty for your people?
3. Nothing says ‘certainty’ like a pay packet
If an incident occurs that could be perceived as a threat to the viability of the business, your workforce is likely to be asking themselves “Am I going to get paid?” Does your BCP clarify how you will pay your staff and what happens if you have to shut down operations for a period? The option to lay off staff and recruit again once back up and running may have been an option to manage costs historically. Could you afford to do that in today’s war for talent? Does it specifically address staff retention through a “down period”?
We care about you We’re now far more aware of the importance of employee wellbeing. An interruption event could result in injuries as well as the emotional impact on your team, resulting in worry and uncertainty. This can have a huge effect on your business. Does your BCP include employee physical and mental well-being? Do you need to review the arrangements you have in place in terms of an Employee Assistance Programme or Mental Health First Aiders? Your plans in this area crucial in retaining valued staff.
5. Review your BCP
Your BCP should be reviewed at least annually or whenever there are changes to the business, or your business environment. The current employment market and the effects of inflation warrant a review of your BCP to ensure it meets the needs of your business today.