IMPLICATIONS ON BUSINESS DUE TO COVID-19.
Globally, we are in the middle of the crisis escalated by a pandemic, the virus is accelerating
day by day jeopardizing livelihoods especially it has disrupted the business sector in a very
alarming way.
COVID-19 had cost the ravaging amount of $1Tn to the world economy,
unemployment worsened from 6.7℅ on 15 March to 26% on 19 April, almost 140 million
population lost employment, 53% of businesses were adversely impacted, hiring of global IT
firms in India decreased by 30%, supply chain disrupted due to minimum physical interaction,
venture capital activities clashed impacting the startup funds.
Due to COVID-19 lockdown was declared and immediate coping was required to
reduce the amount of damage, therefore, employees were expected to work from home
ensuring the safety of the workforce. Companies started following the trend of virtual meetings,
video conferencing and teleworking. The target is clear, achieving growth and performance,
analysis the economic strategies for recovery, fulfilling the urgent needs of consumers without
compromising with the safety of both employees and customers. The entire situation
accelerated the change in technology and consumers expectation. For effective and safe
communication of work, a sudden digital shift took place in the business sector. According to the
ongoing survey, people who hold the financial status in a household have fears for their own
jobs, losing out on savings.
The long term consequences of COVID-19 are still uncertain, but still, the continuity in
work shouldn’t be unsettled, the workforce needs to work with safety, companies need to plan,
restructure and execute the new strategies. Leaders have to maintain their team, stabilizing the
core and keep motivating them. It’s a critical time for everyone, business leaders have to face
some unique challenges.
– Tanmayee Jichkar
