By now you must have heard a lot about the global pandemic, COVID-19 or the Coronavirus Disease. More than 200 countries and territories around the world have reported confirmed cases of the disease caused by the coronavirus (SARS-CoV-2). According to the data till 13 April, the virus had infected 20 Lakh people of which more than 5 Lakh have recovered, and 1 Lakh has died.
World Wide Data Updated – 13 April 2020, Source – www.worldometers.info
Some countries like China, the USA, Italy, Germany, and Spain have been facing uncontrolled damages due to early community transmission, whereas India has managed to handle it well by far. The saddest part of the reality is that it is spreading rapidly and will continue to spread in the near future. Roughly 5000 new cases a day are reported. Based on these stats, it is predicted that about a quarter-million people will be wiped off the planet!
COVID-19 Heat Map
The impact of coronavirus has been severe in the global economy. It has caused the global stock markets to crash like never before, and policymakers are looking for ways to respond to its staggering repercussions. The future seems challenging, which means it will have further impacts on businesses.
This blog offers some of the latest insights throwing light on the contours of the corona pandemic in this year, and a little later as well since the size of the impact is not going to be micro for sure.
Trickling Down Economy
Many known brands have had to shut down their stores to control costs and expenditures. It simply means less profit generated by less income. Few companies might pay their employees during the lockdown, but not necessarily all can do the same. It is estimated that COVID-19 will cost $2.7 Trillion to the global economy, which means slipping into a recession. Many might struggle to pay their debts, and a few companies can even go bankrupt.
Source – CNBC News
Source – qz.com
THE FIGHT AGAINST THE PANDEMIC – What we need to do!
Preparedness of the Healthcare System for the Recurrence
Health care needs to be equipped with sophisticated real-time surveillance, at-scale testing, rigorous contact tracing, and quickly targeted quarantine to isolate cases and connections. There will be an unprecedented rise in the demand for the health care system. They will have to redesign and make a suitable system to prevent the resurgence of the coronavirus disease as the world passes the peak.
Need to Shift Towards Localization
The globally recessionary climate and the ongoing geopolitical environment demand a need to emphasize localization in order to promote the domestic economy that has got charred in this lockdown. So, more localization of the supply chain is the way to move ahead. Special focus should be mainly on essential products and the sectors that are strategically important.
Supporting People in the Post Crisis Era
Support employees for the post corona world by providing them with work-from-home benefits and physical-distancing-at-work. Companies should enhance internal communication, remote working norms should be made simpler & practical, and morale-building of employees should be a focus. Employees’ health, positive hygiene habits, revised sick-leave policies, etc. should also be managed well.
Protection, Prevention of Coronavirus COVID-19
“Digital” is the New Era Workstation
Due to the massive corona outbreak, companies have opted to work remotely. The employees are working from home through online mode. While these trends were already ‘in-motion’, they have now hit the fast forward button. Many brick and mortar businesses have started their operations with digital channels. The pandemic has underlined the significance of investment in the technologies viz., cloud, data & cybersecurity. The far-reaching implications on e-governance, e-commerce, cybersecurity, B2B, B2C, B2G services, data analytics, process automation, self-service capabilities, etc. will change the way we ‘work’. Navigating to Newer Horizons, the corona crisis will unveil not only the vulnerabilities but newer opportunities to redesign & upgrade the performance of all kinds of businesses.
Building Agility to Combat Cruel Crisis
As the outbreak of coronavirus is spreading exponentially, we together have to figure out how to “flatten the curve”. How this crisis evolves is yet to be seen. Hopefully, it passes soon and leaves minimal impact on all walks of life. Being aware of and preparing for these shifts will make a difference in fighting the disease and mitigating its impact.
In the absence of perfect data, the ongoing pandemic is forcing countries & companies to take quick actions; while remaining customer-centric, addressing employees’ needs & reinforcing stale team dynamics. Policymakers will need to be more inclusive, agile and responsive. And policies framed by them will need to evolve quicker than the market. They need to ponder upon the mechanisms that will help in responding to all the unprecedented and unexpected repercussions in the future.
For the time being, try not to socialize with others. Jainson Locks requests you to respect the lockdown. Lock your homes and be safe.