The COVID-19 crisis has drastically impacted the business world on multiple levels, leading to operational disruptions, job losses and many more unpleasant scenarios. Numerous industries all across the globe have suffered a severe dip in demand and liquidity shortages, and many businesses had to permanently shut down their operations. The majority of workforce began working remotely and the companies witnessed a colossal workplace transformation overnight. With the pandemic still continuing, the firms are now reinventing their efforts to adjust to a “new normal”. The modes of communication and work have hugely changed and ‘business as usual’ has now an entirely new definition. The economic recession and the concerns of public health are further adding to the challenges. Undoubtedly, it’s one of the most difficult times and with the changed conditions, the businesses need to rethink their strategies to attain their former glory in the market. The HR department has a key role to play in this. Aspects like managing business continuity, implementing organizational changes, supporting workforce and talent management require heightened focus now. To help the organizations adjust to the new normal, HR teams are now re-evaluating their policies and best practices for informed decision making and helping the organizations recover.
The world is chaotic today and people are facing unprecedented challenges. The businesses are struggling hard to stay afloat as the market trends and priorities of the customers have drastically changed. In such trying times, making a real connection with your customers using the conventional marketing techniques could be quite difficult. Today the brands need to be more responsible and compassionate to earn credibility and customer loyalty which could even outlast the ongoing crisis. American author Zig Ziglar had said “Stop selling. Start helping”, and now is the time to adhere to this more than ever. As the times are so uncertain, many companies aren’t sure how to frame their marketing messages or if they should really promote their product and services now. However, as the new normals are surfacing amid new challenges, it’s important to focus more on compassionate marketing. Adding value to the life of people, initiating positive changes within communities, caring for human needs and being responsible while doing business is the need of the hour.
Remote work has emerged as the new normal in the COVID-19 crisis. A number of organizations have recommended their employees to work from home in an attempt to encourage social distancing, a vital aspect of fighting the pandemic. Although the idea of working from home sounds fascinating as there are no dress codes, no daily commute, more family time and you can work right from the comfort of your couch, there are a few downers as well which can make your entire experience quite disappointing. Focusing on work could be a real challenge when you’re working from home. Be it the household chores glaring at you, the chattering housemates or just some cacophonies on the nearby street interrupting your train of thoughts, sometimes staying productive while working from home could be quite a job. Also, for those who are habitual of socializing in the offices, the isolation at home can quickly trick their mind into boredom and depression.
It’s a common misconception that working from home is somehow easier than working from the office but in reality the former, in fact, requires a little extra effort to produce the desired outcome. The biggest challenge of remote work, which is managing yourself, could be turned into your greatest advantage using the right strategies. If you can master the art of managing your time, focus and accountabilities while you work from home, it can enhance your professional skill set in multiple ways.
The COVID-19 crisis has severely impacted businesses all around the globe but it’s the small companies that are hardest hit. Large enterprises have a better chance of surviving this crisis as they have more resources whereas for many small business owners the situation could eventually turn out to be devastating, considering the fact there is no certainty when this all will be over. A number of small companies have closed their operations temporarily and some fear that the closure might be permanent if the pandemic continues for long. Business owners are uncertain how to navigate their businesses in this turbulent time and the employees are fearing unemployment. However, the good news is that this stressful time can be used as an opportunity to drive creativity and innovation which, in turn, can help your business survive.
COVID-19 pandemic has got businesses struggling to stay afloat. Not only the economic crisis is impacting the operations, it’s also becoming increasingly difficult to navigate the situation, especially for the employers operating in multiple jurisdictions as they have to comply with numerous domestic laws and local government guidance. Amid all the chaos that the world is currently dealing with, the employers need to understand that the usual ways of doing business isn’t going to work anymore. Identifying the COVID-19 crisis management essentials has become critical. The focus of the world is shifting and the client/customer handling strategies and marketing approach need to be changed in the light of the current situation.
An economic recession is looming large on the horizon in the wake of COVID-19 pandemic and many businesses are already encountering severe financial crisis. As the authorities all around the world are enforcing strict rules and restrictions to curb the disease, entrepreneurs are growing more and more concerned about business continuity and survival. And, needless to say, until the issue is resolved the days are going to be increasingly challenging. In such dire circumstances, businesses need to understand their financial position and develop sound crisis management strategies, anticipating multiple possible scenarios, at the earliest to minimize their losses. There are glaring evidences of business failures due to financial crises in the history of mankind. The causes of financial crisis may vary but without a fair idea of how to navigate through the crisis, liquidity problems can force the companies out of the business. Running a business is always a challenging task, no matter how robust your business model is. Setbacks and challenges keep coming but a financial crisis could be one of the most damaging things.