The COVID-19 pandemic was not factored into in any organisation’s business plan for 2020. Currently, many business leaders are navigating through uncharted waters and are still assessing the effect of the virus on the global economy. No doubt it will be significant, but behind all dark clouds there is the light and warmth of sunshine. Since the beginning of the pandemic, employers and employees alike have been looking forward to this light at the end of the tunnel. Now that lockdown measures have been lifted in many places around the globe, an economic recovery, whatever shape it takes, finally seems like it could be approaching.
Green Shoots in the Global Economy
There are some indicators that after months of economic inactivity, there are a few “green shoots” that may point toward a swift economic recovery. The euro is rising, European stocks are rising, and the International Energy Agency is working on a $3 trillion plan to reset the global economy. China’s economy started to improve soon after the coronavirus was contained there, though most of its businesses have not yet returned to full capacity. Many global leaders are looking to their international counterparts for guidance and business confidence. Past economic downturns have taught us that the economy is more resilient than we give it credit for and will ultimately recover. It is difficult to predict how quickly and how smoothly it will happen, but we must have confidence that things will get better. Every day, governments and businesses are getting better at handling the current situation and making changes that lead to growth.
However, there are still many uncertainties across major industries and business sectors around the globe. We are going to have to get used to this uncertainty.
Dealing with Uncertainty
In many countries, the virus is largely under control with the number of cases reducing on a daily basis. But sadly, this is not the case everywhere. In some places the threat of a “second wave” is looming. The reopening of businesses and public places has started to lead to increased cases of the virus. United States economic data is looking better as of right now (June 2020), but it is possible that these numbers do not continue to rise through the critical next 6 months. In the US, many economists feel that the stock market’s rise is fuelled by a precarious balance of fiscal and monetary stimulus.
For the foreseeable future it will be important to be vigilant, focused and adaptable in our current situation. We have been working with businesses that have not missed a beat in their global expansion plans over the past few months and this growth mindset needs to continue. Whether that means hiring global remote workers with confidence, reducing overhead expenses by not having to set up complex and costly infrastructures, or adjusting talent attraction and other HR strategies, the key to success involves adapting to change. In HR, Executive Management and in fact all areas of the business, it is vital to make changes if your business is to succeed in these times of uncertainty.
A Global PEO enables a seamless Remote Work experience for Your Company
If your business plans at the start of 2020 included expanding your global footprint and hiring a global remote workforce, right now is a time to be confident and decisive. The concept of working remotely is no longer a stranger to a skilled workforce. Technology and communication platforms have been refined to enhance the remote work experience. As a global PEO, Portas Global, can provide an agile and cost effective solution as you navigate the complexities of hiring a global remote workforce.
At Portas Global, we provide outsourced employment, global HR and payroll solutions for international companies. We are dedicated to simplifying global employment so that your business ambitions can be fulfilled.
Visit us at www.portasglobal.com to see how we can help.