If there is one common denominator that large and successful enterprises have, that is security. It can come to any form like insurance, cloud security, and some develop a business continuity plan. These are done to anticipate any events or mitigate any unpredictable damage to the overall business’s health.
Investopedia defines business continuity planning, as the process involved in creating a system of prevention and recovery from potential threats to a company. The plan ensures that personnel and assets are protected and are able to function quickly in the event of a disaster.
Various unpredictable, be it minor or catastrophic events like disasters (earthquake, super typhoon, outbreaks) and man-made ones like war, riots, terrorist attacks, cyber-attacks, and violent protests can impose undesirable effects on a business. As Murphy’s Law states: “If something can go wrong, it will.”
So, it is a must for every business, big or small, to formulate a security plan to avoid bankruptcy or any events alike. As business books always tell us; do not put all the eggs in one basket, diversify to divide the risk so you will not lose everything in case something bad happens.
It is no secret that the most important assets are at risk if a business has no continuity plan, talk about human capital, intellectual property, technology and such. These are assets that companies invested and built for years, and some are just beginning to earn their ROI.
Unfortunately, most organizations often forget how their employees can continue working after a disaster hit because of being more focused on securing assets like equipment and intellectual property. Data from Stax Market Report 2018 said that 52% of businesses have experienced disruptive events in the last five years. From another research, 75% of businesses without a business continuity plan fail within three years after facing a disaster.
In just a matter of minutes or an hour, a business operation can halt, and worst stop permanently.
From the International Data Corporation report, these are typical figures for Fortune 1000 companies:
For Small Enterprises
The risk is higher for small enterprises. Since a big company can easily set up BCP because they will likely to have problems with its cost, small ones can suffer. But there is actually a viable and cheaper option for small enterprises.
Since BCP is all about continuing the business operation no matter what happens, experts suggest remote staffing. Logically, remote staff will not be harmed if, for example, the main office of an enterprise faced a disaster. Business as usual, as they say.
From a report of Flexjobs, it says that employers can save up to $22,000 per remote worker per year. It is also important to note that 65% of full-time employees believe that working remotely would increase productivity, and this is seconded by their bosses, according to the State and Work Productivity Report.
This solution will boost the current rise of the offshoring industry, and as per the BPO market, 59% of businesses’ main reason for outsourcing is it is a cost-cutting tool, according to Deloitte Global Outsourcing Survey 2016.
This is a feasible solution that is both beneficial in terms of security, the company/employer and the employee.
Want to know more BCP and Remote Staffing? Write to us at firstname.lastname@example.org.