Evolving Business Implications Amid Coronavirus Crisis
"We are in the middle of a crisis", people around the world are probably hearing this sentence at least five times a day amid Coronavirus pandemic. It wasn't a long time ago when China declared the national emergency because of COVID-19 in January 2020. Who knew that this emergency would leave a scar for life, not just for individuals, but also every country, every industry and global economy will witness the worst nosedives possible.
COVID-19 impact on the global economy is even worse than 'The Great Depression' from the 1990s. And speaking of the impact of the virus crisis, significant firms have evolved their business implications which is going to introduce 'new normal' post-COVID-19 pandemic. In just 3 -4 months when COVID-19 was declared the greatest pandemic, significant economies of the world were forced to welcome recession. The impact, therefore, was suffered by many businesses.
Nonetheless, it was time to evolve and introduce new policies that must go hand in hand with 'new normal' strategies so that businesses will be ready to face the fight after such implications.
COVID-19: Implications for business
Following is the list of important factors that businesses around the world are imbibing amid Coronavirus impact.
- Remote Work is a definite YES!
Let's face it: When the pandemic is over, not even a single person will be comfortable shaking hands or also enter into a crowded office. Hosting conferences with 20 people in a separate room will be a big NO! The pandemic crisis introduced remote working to be an ideal solution for employees as well as employers to implement the best results and profits possible.
When the economy is falling out, and people are not allowed to step out from their homes, one of the significant implications to new normal to introducing remote Work, permanently, if possible. It was a major Coronavirus (COVID-19) Business Impact that people witnessed the most.
At one edge, when many employees were asked to leave the organization; others were requested to resume Work remotely. The Iteration rate of the firm is higher, but some companies were also benefitting by leveraging revenues with employees working from home.
- Employee Benefits
With the growing number of COVID-19 cases, many employees opened their rusty files with all insurance details to understand their benefits served by the company. The jerk was also felt by the companies when its employees questioned them as to what benefits they can avail during the pandemic. Post COVID-19, the implications of the business will also be focused on the benefits of the employees to let them focus on the priorities of the firm.
The primary importance will be served especially to medical insurance. And thus, employers must serve the best to their best employers for them to serve the loyalty of the company.
- Remote Work
One of the most significant preventive measure introduced after COVID-19 pandemic was social distancing. After the national emergency was started globally, most of the companies closed their doors for the employees to step in. The motivation was then suddenly prompted to remote Work. However, that only invite other factors to be considered by the employee as well as the business. Such as proper internet connection, supporting systems running at all times, tools to communicate well during the virtual calls and meetings and so on.
To convey proper communication while staying away from each other was a significant challenge faced by the companies. However, remote Work became an ideal choice for various technical giants.
As a matter of fact, many tech giants, including Facebook and Twitter, made remote work a permanent habit for the employees. Not only does it help in resolving house chores and work together, but employees were able to spend time with their families too.
- Spending Habits
With the significant economies nose-diving during the virus crisis, the substantial financial hit was suffered by the companies as well. At one point when businesses had to let go of their best employees because of the cost-cutting, some of the benefits were also reduced to approx null.
Such a crisis pushed the companies to think of spending habits and understanding the implications of COVID-19 (Coronavirus).
After all, the company has to survive as well. And to do the same, it became an urgent cost of the hour to let go of the leverages for some of the employees and work at the crunching situation. Spending habits, without a doubt, took a vital part in what business policies must be reconsidered while holding the revenues and profits for the company.
- Investment in Capital Markets
Just as the economy is majorly dependent on the operational import/export of the country, it highly depends on the capital market as well. Significant companies with IPO (initial public offering) shares saw a massive fallout in terms of falling exchange rates and share market. With markets de-escalating to the unexpected red zones, many industrial giants saw a considerable loss in times of monetary and financial status.
And thus, post- COVID-19 pandemic, companies will be careful with the market capping to work in favour of the firm as well as the investor. Huge investment companies, on the other hand, witnessed an era of great depression after the virus crisis as the dive in the red zone left some severe scars in terms of financial numbers.
- Limited Partnership opportunities
With huge events like Expo 2020 announcing postponement amid the virus crisis, many businesses are missing out great opportunities to expand their brand image in different geographical locations. Not just that, but with strict travel restrictions, many companies lost the chance to get connected to their business partners. Not only did it affect the businesses with a crack on their expansion plans, but the hotel industry also saw a jerk in their smooth momentum.
With no conference rooms booking, hotel reservations along with the cancellation of huge company events; many industries witnessed a downfall which was not easier to cope with. Speaking on implications amid Coronavirus pandemic, significant businesses are switching to virtual meetings and attending while the hotel industry is still struggling to find new ways to invite more guests to the premises.
- Strong digital media presence
Now when relevant businesses are operating remotely, many firms were expanding the horizons of the digital media era to improve the brand image. Not only it evolved as a significant implication for businesses, but technical giants also served opportunities for other industries to get connected on a virtual platform.
From small training sessions on the various digital media platform to several different application serving the right information to the people, digital media became a significant source of gathering relevant news and information. Speaking of same, major media houses switched to the magic world of web where it became so much easier to get connected to the world more quickly and smartly.
- Cashless Payments
According to the New England Journal of Medicine, it was confirmed that Coronavirus could last up to 4 days on the currency note. With such a confirmation, all the countries urged citizens to switch to a digital payment method to curb the spread of the virus. To control such a panic in several industries, cashless payment became a mandate platform to handle the transactions furthermore reliably.
Not only does it help with smooth transactions, but it also helps in keeping a keen notice in the entire cashflow with literally NO CASH in hand!
Coronavirus certainly brought worldly tensions to significant businesses in the world, and it also contributes to the evolvement of the business implications of COVID-19. Or to put it in the right and trending phrase, "What will be the new normal for businesses around the world amid COVID-19 pandemic.