• Cross-training, or encouraging team members to pick up skills in more than one area of the business, can be a powerful strategy when facing a crisis like the pandemic.
  • Employees will gain new perspectives, become more engaged and invested, and may even discover new strengths. 
  • Even outside of a crisis, leaning on the workers you have rather than constantly making new hires can drive productivity and inspire upward career mobility. 
  • Visit Business Insider’s homepage for more stories.

An important lesson I had to learn early on in my entrepreneurial journey is that, in the face of a crisis, you must leverage whatever assets you have to secure a solid foundation for your business. Lean on your skill sets, tools, space, and perhaps your greatest resource: your people.

When it’s time to get lean, encouraging and training the people on your team to develop skills in more than one area of the business is often a smart move. It’s called cross-training, and it could be the strategy that helps your business survive the toughest times.

Save money on headcount

The primary reason you hire an employee is because they can do their job well, which is of the utmost importance. But it’s also worth evaluating how diversifying an employee’s expertise to include multiple areas of the business can help improve your bottom line.

As a result of proper cross-training, your employees will build on their existing knowledge and develop new skills, ultimately becoming more empowered workers. Consequently, this approach can help save on the cost of onboarding additional employees.

Gain alternate perspectives

Often, bringing in a fresh set of eyes to observe and weigh in on different areas of a business can lead to identifying opportunities for improvement and efficiencies. I recently shared a story about an unconventional hire my company

FILE PHOTO: A sign is pictured outside Pfizer Headquarters in the Manhattan borough of New York City, New York, U.S., July 22, 2020. REUTERS/Carlo Allegri

HONG KONG (Reuters) – CStone Pharmaceuticals said on Wednesday a unit of Pfizer Inc PFE.N had agreed to buy a 9.9% stake for HK$1.55 billion ($200 million), as the Hong Kong-listed biopharmaceutical firm seeks to improve the commercialisation of its products.

The news sent the Hong Kong-listed stock up as much as 39.6% to HK$12.98, the highest since October 2, 2019. The stock is on track for a fourth straight session of gains, and the best day since listing in February 2019.

Shanghai-based CStone said the deal would allow it to focus on product development and strengthen its ability to commercialise CS1001 – an anti-PD-L1 monoclonal antibody.

Pfizer Corporation had agreed to buy 115.93 million new shares of China-based CStone at HK$13.37 apiece, representing 43.8% premium over the closing price of HK$9.30 on Tuesday.

CStone, which focuses on immuno-oncology medicines, said it had granted a Pfizer unit an exclusive licence to commercialise CS1001 in mainland China.

Reporting by Donny Kwok; Editing by Christian Schmollinger and Stephen Coates

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