Referencing a recent Mercer survey that said 51 per cent of companies worldwide had no business continuity plan (in place) to meet the threat of a global emergency such as a pandemic, Kola wrote, “That's an astonishing number, and it would be tragic for society if many businesses fail with the resulting job loss and desperation.”
She added: “Leaders must put in place the people, processes, and technologies that demonstrate the resiliency of business operations in the wake of serious interruptions, never mind if the plans have to change to adapt to constant uncertainty.”
What are business continuity plans and how can they help? A business continuity plan is a set of procedures for maintaining business functions or quickly getting them back up and running in the event of some sort of major disruption — a natural disaster, loss of power, cyber attack or a pandemic. Without a business continuity plan, it could take longer than necessary to recover or the business might not recover at all.
How To Create An Effective Business Continuity Plan Business continuity planning is crucial for any entrepreneur. If you don’t have one in place, here are a few tips to get you started:
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Now is still a good time to create a business continuity plan. Start with a business impact analysis A business impact analysis identifies key business areas within an organisation and their critical functions to devise a plan that outlines how each will operate in the event of a major disruption. During this initial phase, you need to understand all the exposure risks for your company and identify potential losses that you might face.(financial, legal, regulatory)and what impact those losses could have on your company over different lengths of time. The analysis should provide you with critical information, such as who your stakeholders are, your supply chain gaps, and your levels of resilience.
Draft a business continuity plan The business continuity plan is essentially the answer to questions about how your business can continue with operations should there be any crisis or disaster. It should be comprehensive and cover everything from data recovery to client communication.
Based on the business impact analysis, predict what resources would be needed to keep core business functions operational and determine optimal recovery objectives. What is the optimal recovery time for each key department? How long it is acceptable for your key business areas to be out of action during a disruption?
Assemble a core team Once you have a plan in place, set up a core team to execute the business continuity plan. The core team will have an important role to play when it comes to getting core operations back online after a disruption and communicating with important clients and stakeholders. If your business is large enough, set up secondary teams to oversee specific operations like IT.
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Test and re-test Evaluate your business continuity plan several times over the course of the year to make sure it’s not outdated or unrealistic. Disaster walk-throughs are great as they give your team a chance to think through different scenarios and identify weak points.
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Coronavirus Hit Global Economy: What India Can Learn From 26 Countries Around The World That Are Helping Employees, Employers
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The worst economic disaster in decades has seen governments in Europe, North and South America, Asia and Africa roll out special schemes to shore up employers’ capacity to pay salaries to their staff.
As India waits for the next stimulus package, here’s a look at how other countries have opened their fiscal purse strings.
The worst economic disaster in decades has seen governments in Europe, North and South America, Asia and Africa roll out special schemes to shore up employers’ capacity to pay salaries to their staff..
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Starting Monday for next 3 months all employers can get 80% govt funding for workers’ salaries of up to £2,500 a month.
Starting Monday for next 3 months all employers can get 80% govt funding for workers’ salaries of up to £2,500 a month.
Income support for families of $1,200 for each adult and $500 for children, and $250 billion to boost unemployment insurance.
Income support for families of $1,200 for each adult and $500 for children, and $250 billion to boost unemployment insurance.
Affected workers will receive full salary during lockdown. Bar on outright dismissals. Plus allowance for temporary workers and household employees.
Affected workers will receive full salary during lockdown. Bar on outright dismissals. Plus allowance for temporary workers and household employees.
€5 billion top up on wage supplementation scheme for those furloughed employees. Plus one-off payments to various other categories of workers.
€5 billion top up on wage supplementation scheme for those furloughed employees. Plus one-off payments to various other categories of workers.
Employees receive an allowance of approx 84% of their net salary, 100% for minimum-wage workers.
Employees receive an allowance of approx 84% of their net salary, 100% for minimum-wage workers.
Temporary living allowance for migrant workers; and some benefits for jobless.
Temporary living allowance for migrant workers; and some benefits for jobless.
Central government relief checks to households in the bottom 70% income bracket (around 14 million households), of up to $820 per household.
Central government relief checks to households in the bottom 70% income bracket (around 14 million households), of up to $820 per household.
Payment of 50% of the net minimum wage for three months for employees in large private sector companies and for employees who are currently not working.
Payment of 50% of the net minimum wage for three months for employees in large private sector companies and for employees who are currently not working.
Government will cover 60% of salaries of Saudi staff in companies under stress for the next three months.
Government will cover 60% of salaries of Saudi staff in companies under stress for the next three months.
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