Coping Strategies from Businesses Around the World and What We Can Learn
These are challenging times for everyone right now. But if you’re considering starting a limited liability company (LLC), you may be wondering how you can effectively navigate this new landscape.
To inspire you to find your own way of evading the many drawbacks of this crisis, let’s take a look at the coping strategies some of the biggest companies in the world are using right now. Hopefully, you can use some of their strategies when starting your own business during this current environment.
Pandemic Coping Strategies from Top Business Leaders
Amazon – Made 100,000 New Hires
As the world’s largest online retailer, Amazon’s response to the crisis has been key. While other brick-and-mortar companies are falling apart, Amazon is actually growing. The company recently hired 100,000 workers for delivery and its warehouses, due to a dramatic increase in online orders. Moreover, Amazon is also increasing its employees’ pay.
And with so many other jobs lost or furloughed, the company has actively encouraged people in need to apply for a role in their organization. Amazon’s response proves not only how essential it is to have at least an online component to your business, but also to show compassion for the nation’s workforce.
Apple – Committed to Taking Care of Contractors
Speaking of commitment to workers, Apple has committed to paying its out-of-work contractors. This group — which extends to hundreds of individuals — was initially told it faced suspension without pay. But the company, perhaps due to criticism, shifted gears soon thereafter. Now all hourly workers will receive pay, it seems.
Considering Apple has roughly more than $200 billion at its disposal, the company could certainly afford to stand up for its loyal workers during this time. Its coping strategies appear to be to prioritize Apple workers over its bottom line, at least for a short while. Apple, of course, is in a unique position because of its resources. Still, it stands to reason the tech giant would be willing to safeguard its employees as much as possible.
BuzzFeed – CEO Let Go of His Own Salary
As is the case with many companies, BuzzFeed has reportedly reduced its employees’ pay. Depending on the amount each worker earns, they will face a measured cut.
However, as a way of leading by example, CEO Jonah Peretti has even decided to forgo his own salary in response to the pandemic. Of course, advertising revenue has experienced a steep decline due to the crisis. And BuzzFeed is doing the best it can to keep the company afloat.
Comcast – CEO Pledged $500 Million Towards Employee Support
As the largest cable provider and parent company to NBCUniversal, Comcast is undoubtedly a corporate leader. So many other companies are likely looking to Comcast for guidance on how to proceed right now. Its CEO, Brian Roberts, has pledged $500 million to his employees in an effort to provide support through both pay and benefits for the company’s affected operations.
Moreover, Roberts and other key Comcast executives have committed to donating their salaries to charity. The company’s response is a dramatic testament to these huge companies’ ability to take a short-term financial hit in order to ensure the long-term survival of their organizations. After all, Comcast and others like it wouldn’t be able to function without their dedicated staff.
CVS Health – Aims to Add 50,000 Jobs
Unlike many other businesses, CVS Health is deemed “essential” due to its pharmacy component. To that end, the company is experiencing increased demand. As citizens are being told to remain in their homes, they need to refill their prescriptions and protect their own health accordingly. So the company aims to add 50,000 more jobs to its organization to cope.
To help fill out its workforce as quickly as possible, CVS is relying on technology to interview potential candidates. In a creative recruitment effort, the company is also turning to clients like Hilton and Marriott, as they have been forced to furlough their workers. The effect of the crisis on CVS may be contrary to most companies, but it underscores the value in providing a service that is — by any metric — essential to consumers.
Google – Prioritizing Employees with Children
Google is one of the biggest companies in the world. And as an online resource, its business isn’t adversely affected by the pandemic. So the company is turning its attention to taking care of its employees. One way in which it has done this is to offer paid leave to employees with children. After all, school closures across the nation mean parents of school-age children are stuck at home with their children.
So Google is being generous with its emergency leave option to minimize the impact of the crisis on its workers’ lives. After all, Google isn’t the kind of business that would feel the same kind of heat from this crisis as others. So it’s admirable that the company is prioritizing its workers right now.
Netflix – Pledged $100 Million to Production Crew and Cast
Because Hollywood productions have all essentially hit pause, this means work on Netflix shows and movies has also come to a halt. For its part, the streaming giant has pledged $100 million to production crews and cast members affected by the crisis. This relief fund might not mean much for A-list stars, but working-class employees behind the scenes could certainly benefit from some assistance.
In addition, Netflix will donate $15 million to third-party organizations and nonprofits working to provide relief to international workers in the industry. With everyone stuck at home, Netflix is likely having a surge in traffic. So the company is making a concerted effort to maintain continuity with its productions until they can resume, providing a great example for other companies right now.
Starbucks – Pledged 30-Days Additional Pay
Early on during the “stay-at-home” orders, Starbucks promised to pay its workers for an additional 30 days. However, it’s unclear what the company’s plan is beyond that. In response to the coronavirus, Starbucks has limited store activity to drive-through only. And that also means a much slower rate of customers, many of whom would frequent the stores.
Restaurants are all suffering right now. Starbucks does, however, have the business model and corporate resources to withstand more of the crisis’s effects than other businesses. After all, coffee is a lot easier to get on the go than an entire meal. Still, we don’t know what the long-term effects will be on the coffee giant. In the meantime, it’s trying to find ways to cope as best it can.
Walmart – Launching Emergency Employee Leave Program
To aid in the current circumstances, Walmart is launching an emergency employee leave program. This means a lenient approach to its attendance policy and offering two weeks’ pay to workers directly affected by the crisis. Beyond that, workers can even apply for additional pay replacement. Without its staff, Walmart is nothing, and the company’s recent actions indicate it knows how much it needs its workforce to stay afloat.
It seems that most of these 11 companies know that taking care of their employees is what will help them survive. From prioritizing pay and time off, to hiring more workers, these companies show us that generosity is key. Despite a somewhat uncertain time, there is still a lot of opportunity out there. If you’re looking to get your own business up and running, now is as good a time as any to start moving on your idea. If you’re ready to get going on your business idea, check out our free checklist below!