Decision time6 November 2020
At times of economic downturn, companies often have to make big and hard decisions to maintain profitability or for their sustainability.
On October 8, Tadano announced the start of a strategic restructuring program for its two German subsidiaries, Tadano Demag GmbH and Tadano Faun GmbH. The two subsidiaries filed for Protective Shield Proceedings pursuant to §270b of the German Insolvency Directive. Tadano said the two companies were confronted with shrinking markets and that Covid-19 has enhanced the economic challenges. It believes that the restructuring will have a positive impact on the company’s ability to serve its clients and will help it reach its goals. In this issue, Jens Ennen, CEO of Tadano Demag GmbH and Tadano Faun GmbH, talks about the restructuring process.
In mid-October, spreader and lifting beam manufacturer Modulift sent a press release, through which its managing director Sarah Spivey shared some of the decisions the company had to take since the pandemic started. “Whilst all of our staff are now back working, over the summer we made the decision to furlough our office staff and keep a skeleton team. This was one of the hardest decisions we have ever had to make.
"The biggest factor being how we could ensure we supported the team without burdening them with additional financial stress through an already worrying time. We worked through the cashflows and made the decision to top up salaries to 100%. We also gave everyone training programmes to help them stay mentally alert and help with their wellbeing.”
Spivey also spoke about the new processes and procedures that were added to support Modulift’s team working from home, giving everyone access to all the resources needed to be able to manage work effectively in a different enviornment. "Being able to communicate with colleagues and teams to ensure people didn’t feel lonely or isolated was key too,” she added.
Working from home in association with lockdown measures has enhanced the feeling of isolation for many people. It has also raised for some the level of stress and anxiety.
Spivey said the company is working with charity Mind to develop its mental health strategy and to provide an inclusive environment for everyone. “The most important aspect of any business is the people that work within it and our ultimate goal is their wellbeing. Health, safety and wellbeing are at the forefront of everyone’s minds right now. We had our safety procedures in place, but we also needed to look after wellbeing and understand how everyone was feeling in this very stressful situation.”
Many corporations disregard mental health, leading to their employees not being open about any issues they might have.
Mental health has a direct effect on productivity, that is why all companies should pay attention to it and develop a dedicated strategy.