Business impacts of COVID-19 pandemic with Global lock-down
With global lock-down due to the COVID-19 pandemic, it is a testing time for the humankind. Not just monetary, but there is a huge impact emotionally, mentally and physically as a consequence of this undesired global standstill. Almost everyone is affected by this pandemic in one way or the other. Be it students who were progressing into their job phase or people who are already working or be it organization’s top-level management, everyone has been under immense pressure due to this economic shutdown. The worst affected are the mid-scale companies and new start-ups which rely on everyday transactions and hence are paying a hefty price of this economic intermission.
As of now, government has offered no/very low business relief support on the same, and hence the question is: can we really count on the government and wait for any subsidies? May be not.
As the managing director of Accombliss, I’ve been a part of the entertainment and live music industry since last 8 years and our work is focused on engaging people. Given the current situation, it will take at least a year to get back to business as usual and entertain people as we used to in the pre-COVID-19 era.
The current situation calls for every individual to stand by each other firmly, for organizations to trust their employees, and vice-versa. Most organizations are facing a similar issue where their productivity has gone down approximately by 25 to 30% due to this work from home business scenario. For mid-scale industries and start-ups which lack a robust company structure, the productivity could potentially go down by 50%.
So, what can be done to deal with this major loss?
Tip: Turn the tables around and think from your boss/employee’s position, and try to empathize with their loss.
Employees must take charge and make sure that their productivity is higher than what it was pre-COVID19. Employees must take a stand for their organization’s revival. You might not understand what the management is going through to keep you part of business family in large.
For senior management it is an opportunity to make sure that they are regularly in touch with their employees and replenish them with the necessary support and confidence so that they do not lose their trust as a result of any negative news surrounding the business operations.
Reach out to your boss, ask for a pay cut if you can. Don't just think about yourself or saving more at this point in time. It is a time when we should hold each other’s hand, and make sure none of us fall or break during this situation.
If you are already facing this situation, and you need help due to any emergency, reach out to your boss, friends and/or family. The safest way to get out of this situation is if we fight this pandemic together and selflessly.
This pandemic might end in another 5 to 6 months, firing or demoting people at this point of time is only a temporary solution and you might lose employees trust from your organization. Furthermore, you might need these loyal employees to bring your business back on track.
Also, not to rule out that underpaid employees won't stick with the business for long, as they might feel undervalued for their loyalty. Therefore, try and work on creating new opportunities for the employees and your business to not only revive but also grow. Have you considered pivoting to a new business segment or domain? Well, there could be an opportunity lying under the guards to be taken!
Grab this opportunity with both hands, no matter how your association has been with your company in the past. Please don't take this for granted and work as much as you can to help revive the business to profitability. Be an active member in all possible discussions and contribute any fresh ideas that you think can fuel the business growth.
If you have been doing things right, the company will never think of demoting or firing you as you are an asset to them already. If you do have a fear in mind, then maybe you have not been working honestly. Yet there might be an opportunity up for grabs, so go talk to your boss/manager ASAP!
So, what’s the positive side of this pandemic?
Enjoy spending time with your loved ones, learn a new skill, go out for a brisk with your partner and have “that” conversation you missed for so long! Nonetheless, it's also time you balance your personal and professional life as you always wished. By the end of this pandemic, we all want to bring out the best version of ourselves in all walks of life.
Till the next time, stay safe and take care, buddies!
We will get out of this together, stronger!
Managing Director | Accombliss