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  1. Grant Thornton UK LLP
  2. Insights
  3. Financial services: People

Financial services: People

Discuss the impacts of COVID-19 with one of our experts

Many of your team are not used to working from home, and doing so under quarantine is new to everyone.

It's vital that you offer support and clear leadership to your employees, but this will still be a challenge for you and your HR function. It is one, however, that can be overcome.

Potential issues

Keeping people motivated is challenging where there is uncertainty about both the future of the situation and their own changing roles. 

Planning for resourcing needs will require thought as some areas may need additional capacity and some will have staff with no work to do. In addition, you need to be prepared to fill critical roles, should absences occur.

Addressing the movement of staff across national borders could cause tax issues. Some staff will be stranded abroad, while others will want to return to family. 

Well-being is suddenly a pressing issue. Between anxiety about the situation and changing roles, your staff could be feeling uncertain and unmotivated.

Actions to consider

  • Actions to consider

    Assess

    Keep updated on the situation and share everything you discover with your partners, including unions. Filter your learnings down into all your strategies.

  • Actions to consider

    Protect

    Create an engagement plan that ensures your team understands your strategy, what about their workplace will change and where they can go for support. Equally, take feedback from your team. Explore all the options around flexibility in your workforce.

  • Actions to consider

    Restore

    You will come through this crisis and, when you do, you will know exactly how to deal with crises in the future. Document the steps you take in the coming days and incorporate what you've learned into your people strategy going forward. Could remote working reduce costs in the long term now your team are accustomed to it?

Consider these questions

  • What is your people strategy?
  • Does your HR function have the resources it needs to support your employees?
  • How will a reduction in revenue impact the affordability of your workforce?

 

  • Are your health and hygiene policies and processes clear and relevant?
  • What training do you need to improve your agility and resilience?

john-da-gama-rose.png

 

"It is critical to develop a continual communication channel at all levels in order to connect teams and individuals to understand wellbeing and putting in measures to build resilience and paths to restore and recovery."

John Da Gama-Rose

Contacts

John Da Gama-Rose
John Da Gama-Rose
Partner, Head of Capital Markets and Financial... London
Email address https://www.linkedin.com/in/jdagamarose/ John Da Gama-Rose VCard
View full profile

Read insights from our experts

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Your furloughed workers are likely feeling disconnected right now. How can you reintegrate them into the workplace?

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Keeping them informed, secure and prepared for change

Financial services: Customers and suppliers

Liquidity, contingency and claims

Ensuring your stability for the future

Liquidity, contingency and claims

Financial services: Operations

Meeting customer demands effectively and efficiently

Financial services: Operations

Financial services: Regulatory

Stay compliant now and in the future

Financial services: Regulatory

Financial services: Technology

Managing your stability and digital risk

Financial services: Technology

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