COVID 19 impact on Businesses Around the World

COVID 19 impact on Businesses Around the World

In only a few months, the coronavirus pandemic has changed the daily lives of people around the world. With more than 30 million people filing for unemployment in the past two months, the India is predicted to experience a COVID-19 provoke recession through financial year 2020-21.

Lockdowns because of Corona virus have closed businesses and kept billions of people home bound for months, provoking a simultaneous supply and demand shock that’s blow global production and logistics networks built without sufficient capacity to absorb an impact of this magnitude.

What changes will we see in the coming months?

Following are tips for ensuring employees have the tools and support they need to be productive, effective and connected while working.

More people working remotely: Companies may open regional hubs or provide access to co-working spaces wherever their workers are concentrated rather than have the majority of their workforce at one central office.

Business Travel will be avoided: As travel of all kinds is halted, telecommuting is adopted at scale and companies attempt to cut costs and balance their budgets, many experts believe business trips as we know them will be a thing of the past. Companies will learn that some business travel is unnecessary and can be done via video meetings.

Office infrastructure changes: Architects may also design spaces with durable building materials, furniture, flooring and other surfaces that can stand up to frequent deep-cleaning, which is expected to be a lasting necessity of the future workplace for years to come.

Mandatory on-the-job medical screening: Health and legal experts predict that on-the-job medical screening, such as temperature checks and sanitising process, will be a reality for those who return to work in the months ahead.

Social distance among co-worker: If there’s one bright spot to how the pandemic will impact the future of work, it’s that it could strengthen the personal relationships we form with colleagues.

Automation could be accelerated: While futurists have long warned of “job-stealing robots,” the coronavirus pandemic has heightened fears that robots will replace the jobs of workers, Robots and automation will cut the human employment in industries, restaurant, etc.

Recognize that employees will have many concerns about the impact not only to their workday, but also about the longer-term implications for the economy and their job. Communicate early and often about the impacts of the pandemic to your business and the expectations for employees during this period, and set up feedback channels for employees who have concerns and questions.