The state of health emergency imposed by the Covid-19 crisis triggered a global economic downturn. In these uncertain times with inevitable impacts to the economy, it is critical for companies to be proactive in planning practical and sustainable cost management actions to balance economic decisions and empathy with a longer-term vision of the business.
Honoring that every organization is at a different stage of the journey towards a new normal, any cost containment measures should align with the mid to long-term strategy.
When strategizing to respond, return and reinvent it is critical to consider the employee experience along the way.
As we could advance or retreat between these three stages, companies are required to be resilient more than ever to respond in a swift manner while adapting into “new normal”.
It is complex to determine the right cost and workforce management strategy as the future seems to remain uncertain. Mercer can however help to determine the best strategy across multiple levers such as business restructuring, workforce & time management, compensation and benefits (incl. retirement), HR organization and change management & communication to save cost while protecting your organization’s commitment to talents and stakeholders and identifying opportunities to reinvent your organization.
Based on an analysis of your current situation (incl. geographical footprint, cost savings target, constraints and already implemented measures), we can help you identify, assess and implement relevant measures to your specific situation. Below is an illustrative and simplified graphical representation of how measures can be assessed considering their impact and implementation effort.
Our methodology is based on four key pillars to ensure the turnaround of your organization.
Please contact us to organize a session with our experts so we can share our experience and lessons learned from similar projects and a possible approach considering your situation. We have a global multi-disciplinary team of Mercer consultants and HR and organizational transformation professionals ready to accompany you in this unprecedented situation.