The Monster Hidden Inside Human Capital

If you’re not proactively managing the human capital impact of COVID-19, you’re putting the very future of your business at significant risk.

Human Capital: The Hidden Monster Lurking in the COVID-19 Crisis

Topics addressed in this article:

  • The coronavirus has not only dramatically altered operations for virtually all manufacturers, it is taking a heavy toll on the manufacturing workforce that extends beyond furloughs and RIFs. 
  • Left unchecked, the people problem could become your biggest nightmare, undermining all other efforts to manage the impact of COVID-19. 
  • The time is now to invest in human capital scenario planning to ensure the business can survive both the crisis period and the recovery.

For every manufacturer, the capabilities, availability, mindset, and health of the team—both in the leadership ranks and on the shop floor—are critical factors in weathering the crisis as well as the recovery period. While human capital issues might not be screaming for your attention, you can be sure they are lurking beneath the surface.

Here are three critical steps you can take now to get ahead of your human capital challenges before it undermines all other efforts to manage the impact of COVID-19 on your business:

  1. Take the Pulse of Your Front Lines
  2. Look for Leaders Who Shine, and Start a Plan to Develop Those Who Don’t
  3. Plan for Various Scenarios and Be Ready to Execute

Get ahead of the people problem before it gets the best of your business.

It’s easy to let human capital needs take a back seat to other pressing issues you’re facing during COVID-19. But without a healthy, motivated, and committed team to do the work, nothing else matters. By giving underlying people issues the attention they deserve now, actively assessing the impact of the situation on your team, and taking steps to ensure the continued and future ability of the people and skills you need most, you dramatically improve your ability to handle the crisis. And you may emerge even stronger in the aftermath.

Read the article and download the COVID-19 Human Capital Checklist to start addressing human capital problems before they become too monstrous to manage.