The current economic crisis brought on by COVID-19 –is set to impact business in 2020 and beyond; therefore CEOs will be pushed to create a comprehensive agenda to mitigate risks
One of the main things CEOs should have on their agenda is to take care of their employees. The COVID-19 pandemic has already affected business environments significantly and the impact is expected to trickle down to the workforce, strongly affecting the psychology of employees. As enterprises are finding it difficult to retain a high-quality workforce, it is essential to include more employee-friendly policies wherever possible. Clearly, the pandemic has brought to fore a deep need to be flexible on working areas- and for companies to incorporate work from home options for employees on a more formalized scale. They should also add new benefit plans for employees as they facing the impact of the pandemic as well as adjusting to the new workplace configuration.
The coronavirus pandemic will urge organizations to join the digital transformation bandwagon if they still haven’t. Product development teams will also find it challenging to develop and market new products that will address scary pandemic demand curves. They will also need to enable sustainable demand and service with respect to deploying more automated customer service that includes chatbots and smartphone apps. Strong employee teams with deep-rooted company loyalty will be the biggest support for business leaders at this time.
As the supply chain is easily influenced by pandemics, leaders will need to leverage a diverse supply base that benefits from geographic dispersion and increased demand for manufacturing. It is essential to have a secure infrastructure to take care of the above agendas. CEOs need to address these priorities with a technology and application infrastructure that is secure with variable capacity. As a part of this technology initiative, they will also need to ensure better security for employee needs as well as their tools to be updated.
Pandemics like coronavirus can and will happen again, hence CEOs and CIOs need to be prepared to handle dire situations and manage corporate boards and governments for smooth sailing operations.