With each day that passes, 2022 is fast approaching. Now is the time when employers are scrambling to put the finishing touches on their business strategy for the new year. Ours is a world of uncertainty as COVID-19 presses on and continues to affect the way we live and work. It has greatly affected our way of life and presented employers with concerns about employee health and safety, plus work policies and procedures. One thing is for certain: it’s best to be prepared for whatever the new year may bring.
It’s important to consider potential risks, opportunities and areas for possible growth or improvement. As you review and approve your final business strategy, ask yourself the following questions:
Do I have enough employees?
Are you anticipating growth or expansion in the new year? Will you experience turnover due to shifting policies, vaccine mandates, hybrid work models, etc.? With all the changes in the workplace, plus labor shortages, it’s safe to assume we’re not out of harm’s way yet, and additional turnover could occur. It may help to work with a staffing agency to determine the right staffing mix so your workforce is covered as you move into 2022.
Am I carrying the proper insurance coverage?
If you haven’t recently assessed your insurance-to-value, now is the time. Your insurance policy should adequately cover the value of your property if damage should occur, and you need to repair and rebuild. This is especially important due to the unpredictable and extreme weather we’ve been experiencing, the increased cost of building materials, and the increased cost of labor, to name a few reasons. Other insurance you might want to assess could include protection against legal concerns related to COVID-19 and employee or customer illness. Your insurance carrier or a risk management company can help you review your coverages and determine what you may need.
Are remote systems safe and secure?
Are employees working fully remote, partially remote or on-site only? Cyber threats increase with work-at-home employees accessing company data and systems over the internet. It’s important to have the right cybersecurity in place to protect against theft and hacks.
What is happening with COVID-19?
As the pandemic presses forward, employee health and safety is still a primary concern. No one can predict the future, but it’s a good idea to keep policies flexible, with alternate plans ready that can be easily implemented should the need arise. These could be related to remote work, PPE requirements, workflow and scheduling adjustments to reduce contact, vaccination policies, and more. Keep a careful watch on local, state, and federal sources for guidance and mandates related to COVID-19 to maintain the safety of your business.
How can we expand our digital and social presence?
The way we communicate and shop has been shifting to more digital, e-commerce and social; COVID-19 simply accelerated it. If your company has been working towards a stronger digital and social presence, now is the time to fully embrace it. Your communications, social media strategy, e-commerce capabilities and more are what will determine your success in future markets. Your business strategy should allow you to adapt and stay relevant with today’s consumers.
Are you ready for 2022?
As you prepare to take the new year head-on, what questions or concerns do you have? Where do you feel your strategy might have gaps? Check with an expert! Odell Studner is a risk management company, and we specialize in helping our clients identify and mitigate risk. To learn more, contact us today for an assessment.