The New Normal: Resuming Business In a Post COVID-19 World

We know from the experts that the coronavirus (COVID-19) will at some point reach a peak and die off, at which time we will all simply pick up and carry on in a “new” normal. But what will this new normal look like?

Back to business

Eventually, our lobbies will reopen, and members will venture in. Will the dynamic be the same? Well, if this experience has taught us anything, it’s that we have taken too many risks with our individual and collective health and safety. So, here's what I recommend as a minimum for the remaining length of this pandemic and to ensure your credit union is prepared for the future:  

Keep provisions in storage

As we’ve seen recently, during times of crisis, the stores are always besieged. Keep a stock of items on hand, such as drinking water, first aid provisions, hand sanitizers, and cleaning materials.

Pay closer attention to health checks and physicals

We’ve seen the impact of just one carrier of a disease and how it can spread exponentially to others. Keeping all staff disease and illness free will be high on everyone’s priority list for a productive work environment. Containment is the first rule for staff safety. Creating and observing organizational rules for health and hygiene saves millions of dollars that are normally paid out for illnesses and keeps staff productive with a sense of comfort and protection in the workplace.

Be prepared with additional cash/liquidity

As in most disaster situations, cash is a necessity for getting things done. Whether buying gas or groceries, filling prescriptions, or paying the rent, cash becomes the basic medium in an emergency economy. In a time when millions of checks and transfers will go to the general public, the need for cash reserves and adequate liquidity will remain critical for an extended period. Management should anticipate crisis events and the level of cash they'll need to request.

Provide more readily available credit and short-term loans

As with cash, available credit is sometimes the lifeboat for individuals seeking shelter from mounting bills and necessities. Many people have lost jobs or face extended furloughs, which will impact their financial situations long after the pandemic has been controlled. The availability of loans will benefit those troubled members and serve as reminders to the public of our “people helping people” history and philosophy.

Have a living, updated succession plan

“If it ain’t broke, don’t fix it.” We’ve all heard this little gem at one time or another, but what we’ve found over time (and during these recent challenges) is that the plans we make to handle succession, pandemics, and other disasters do go stale and “break” over time. Something that also breaks over time is the human body. Regardless of how well we take care of ourselves, eventually we all wear down and fall into disrepair—even those with the healthiest constitutions and regimens. Succession planning ensures you have capable staff in place if the unthinkable happens to your most valuable staff. But even these plans must be regularly reviewed and revised to reflect the current environment of the credit union. Regulatory scrutiny will be focused on this plan as a prime area of review, given the number of illnesses experienced in this pandemic. Be ready.

Communication

Communication is paramount in a crisis. Staying in contact with law enforcement, regulators, health officials, and news media eliminates the questions that cause uncertainty and mitigates mistakes made when trying to recover from catastrophe. Effectively relaying information to stakeholders and others does even more to calm fears and create confidence in your staff and members. What we have learned and must continue to practice is the leveraging of communication as part of our everyday work. We must maintain a ready flow of information that is available at all times, not just during a disaster. To accomplish this ready flow, we must ensure we're using multiple modes of communication and technology effectively and efficiently. More credit unions will look to a centralized and singular focus of responsibility among staff for proper distribution of the information.

Three little words: caring, cautious, and calm

Every event in life is a chance to learn. Because of this COVID-19 pandemic, we now realize that observing the basic behavior we learned as children can protect both business and society. Our successful navigation of the challenges and obstacles we face with this and future crises will be effective planning, communication, and consideration for others, which all comes down to three little words that we must embody: caring, cautious, and calm. If we can practice these concepts in our day-to-day dealings, then engaging and defeating the major calamities of life will be a foregone conclusion.