The breakout of COVID-19 has fast become a significant, unexpected disruption in business and is ready to wreak havoc at levels unforeseen by a financial model, economic forecast, or business strategy. According to Li et al. (2020), “the pandemic of COVID-19 has drastically changed the way people work, communicate, and socialize and left us with the challenge of making significant changes in a matter of days on an extraordinary scale” (p. 199). While people might not know how the global crisis will finish, they know that this will not just be the corporate leaders in the following years. With global value chains and rising migration, and climate change creating enormous new dangers, neither managers should allow themselves to see COVID-19 as an aberration.
Talent issues were fundamental to many firms, including how hybrid teams might be optimized, employees with necessary capacities attracted and retained, and skills utilized. Forward-looking companies use Flow-to-work operating models to generate flexible resource pools on request. These pools consist of a commonality of talents and not business operations, facilitating access to the right skills for businesses when they need them.
One of the toughest challenges is defining a new set of goals as corporations and sectors plan their lives in a new post-COVID-19 environment. Coping with and maintaining constantly altering circumstances has been a priority during this crisis. However, infectious viruses will not always be of significant worry to companies and others that need to be addressed urgently, including durability, cloud computing, and talent competitiveness.
It is essential to diversify the supply chain across multiple suppliers in several locations to minimize the danger of this type of interruption. Leadership must also ensure that significant force provisions are revised to reflect typical pandemic concerns and decreased supply allocations. The COVID 19 crisis led to an interest-rate reduction, which resulted in enormous turn-induced volatility in bond markets.
Smart company executives will finally see COVID-19 in the context of a global upheaval as a case study for what to do — and what not to do. No individual or business is left unaffected by a catastrophe like COVID-19. And it popped out from nowhere while it traveled rapidly. According to the article, last year, the UN Commission warned of a “really genuine threat” from a pandemic which might emanate roughly 5% from the global economy; many were still taken off stride in the US and Europe, following weeks of information from China. The sluggish response is understandable, given the extraordinary magnitude of this situation. Next time this should not be the case. Smart company executives will finally see COVID-19 in the face of a global upheaval as a case study for what to do — and what not to do.
In my opinion, the pandemic showed people what it is like to live without taking care of their health. The pandemic has affected all aspects of life, especially business. Many do not withstand such stress and leave the market, but it should be understood that leaving the market, no one will get better. Today, all large corporations have adapted to the realities of the pandemic. People should understand that this virus will accompany humanity for a long time and that the stagnation of 2020 has only led to significant losses. The leaders of their businesses need to quickly study the market’s new atmosphere since the coronavirus will not go away from people’s lives for a long time.
Reference
Li, J., Ghosh, R., & Nachmias, S. (2020) In a time of COVID-19 pandemic, stay healthy, connected, productive, and learning: words from the editorial team of HRDI. Human resource development international, 23:3, 199-207, DOI: 10.1080/13678868.2020.1752493