June 11 2020

Light at the end of the tunnel for Quebec SME’s

There is no point in burying our heads in the sand; a number of Quebec SMEs will not make it through the health crisis, despite government financial support.

But what about those that will survive? This is the ideal time to reinvent their organization.

The entrepreneur is first and foremost a visionary and innovator
A financial services company took 72 hours to equip its 1,000 employees for teleworking. A chain of movie theatres set up an overnight grocery store that delivers groceries to the home in order to put its employees to work.

The imagination of entrepreneurs has almost no limits.

Olivier Schmouker, in a recent article in the Journal Les Affaires, emphasized the importance of gaining “agility”. To flatten the hierarchy by giving more and more autonomy to employees in direct contact with customers.

McKinsey & Company analysts point out: “One of the most important lessons CEOs can learn from these approaches is that the benefits of flatter organizations – speed, flexibility, productivity and automation – flow organically from their flattening. The fruits come naturally when the “bumpy hierarchy” is reduced or even eliminated. It’s as simple as that.

Employers have had to adjust

The confinement and distancing has put the very functioning of our businesses to the test. Some will not survive, others will have to adjust substantially.

Some see an opportunity to grow by revisiting their management style: giving more freedom to those on the front line.

The financial situation of workers

According to a recent survey, a quarter of Quebecers do not have a safety cushion in their savings to deal with emergency situations, and one in seven respondents would have used their savings to date to mitigate the financial impact of the economic downturn. More than 650,000 Quebecers have also requested deferrals of payments on their loans.

Group insurance

This refocusing on fundamental values and Quebecers’ awareness of the fragility of their financial situation seem to us to be an unprecedented opportunity for employers to recruit and retain their workforce.

A comprehensive group insurance program including life insurance, disability (salary) insurance, critical illness insurance and complementary health insurance will have a new appeal to employees.

Contact us immediately for a no-obligation meeting. Together, we will evaluate your group insurance needs.

Martin Luc Derome