5 Things Businesses Should Invest In During the Pandemic

The COVID-19 pandemic has drastically affected business operations in the country, following the implementation of Enhanced Community Quarantine and other necessary public health measures. The impact is documented in a recent survey by the Department of Trade and Industry—26% of businesses have closed, with 52% remaining in partial operation.

In light of these hits on the nation’s economy, resilient businesses are critical in getting through this crisis. Making the necessary investments to aid the company’s survival has become a top priority for many business leaders. Here are five essential things your business needs to weather the pandemic:

1. Remote Work Software

   At the start of the pandemic, many companies made the shift towards a remote work model to retain operations while complying with quarantine regulations and other social distancing guidelines. While remote work isn’t an entirely new concept, the onset of the virus prompted more businesses to make the shift unprepared.

   The transition from a traditional office setting to a remote work setup can be challenging for both management and employees. Employees may struggle with accomplishing collaborative work while management may struggle with monitoring and guiding employees remotely.

   Investing in the right software can help update the workflow and yield better results from your team. Project management and task tracking apps make it easier to monitor employee output and gauge overall performance.

   Video conferencing tools, file sharing apps, and other cloud software can improve productivity and facilitate collaboration even without in-person contact. Video conferencing can also serve as a substitute for meetings that require more human interaction, such as pitches and client servicing.

2. Personal Protective Equipment

   If on-site operations are unavoidable, measures will need to be taken to lessen the risk of workers getting infected. Part of this risk reduction includes investing in Personal Protective Equipment (PPE) for employees.

   Following local and national mandates, the minimum amount of PPE required in public spaces is a face mask worn with a face shield. Increased levels of PPE will include gloves, respirators, protective clothing, and the like. The level of PPE required for on-site workers will depend on the hazard they are anticipated to face.

   Companies need to evaluate what level of PPEs their employees will need and invest in ready stock to be used during operational hours. Orientation for the correct wearing, usage, and maintenance of PPEs should be incorporated into the plan, as incorrect or improper use could negate the protective properties of the equipment.

   Following this, implement a system for monitoring compliance with both government and internal PPE requirements.

3. Health Insurance

   Employees are the lifeblood of any company, now more than ever. Offering insurance or updating existing business insurance plans for employees is another crucial tactic in safeguarding their well-being in the face of a public health crisis.

   Insurance providers like BPI AIA have begun to incorporate pandemic-related benefits into their coverage plans. These extended benefits allow employees to have access to the treatment and healthcare they need without putting an unnecessary burden on their finances.

   Additionally, group life insurance provides security for employees and their loved ones in the event of an unexpected loss.

   Look for an insurer with benefits that are effective and fit your budget. If your company has a pre-existing plan, revisit the coverage policies and orient employees on the scope of their benefits, as well as the processes needed to avail of them.

4. Cleaning and Hygiene Solutions

   Another critical investment during the pandemic is on-site cleaning and hygiene solutions. Pre-pandemic cleaning methods and solutions are no longer enough to address the concerns. Maintaining an elevated level of cleanliness can help protect people on-site, from employees to customers and third-party contractors.

   Shared and common areas such as lobbies and bathrooms need more frequent cleaning. High-traffic areas should be prioritized to reduce the chances of coming into contact with infectious droplets. Soaps, disinfectants, and hand sanitizers should be readily available for everyone on the premises. Garbage and other waste should also be more frequently disposed of.

   In addition to these measures, sneeze guards and social distancing markers should be installed to avoid possible infection. Shared appliances like drinking fountains and the like should be shut down or refitted, as these may become sites of transmission.

5. Digital Marketing Efforts

   Even as mandatory health restrictions are gradually relaxed, in-person sales efforts may take longer to return. Unless a vaccine is already available to curb the spread of the virus, storefront traffic or sales events will remain low. Because of this, companies may need to adopt online sales strategies and digital marketing efforts to make up for the loss.

   Traditional marketing methods may not have the same effect as digital marketing, especially now as people spend more time online. While different industries will have different online approaches, investing in these marketing practices can provide a number of benefits.

   Aside from driving online sales, brands can further build their image, promote products, build leads, and even create better recall.

Business Survival in the New Normal

As researchers work towards finding better ways to combat the virus, businesses will need to adapt to the “new normal” to stay afloat. At the core of these measures is the drive to keep operations going and protect the employees that get the job done.

With BPI AIA’s Business Insurance Plans, you can easily provide your employees with protection and security even amid the COVID-19 pandemic. To learn more, get in touch with a Bancassurance Sales Executive today.