“It is STARING at our BUSINESS; What’ll we do amidst CORONA?”

On April 3, The Washington Post reported that “10 million Americans filed for unemployment benefits last month. Many have been laid off amid the tenure.” The American medical team leader against Covid 19 epidemic, Dr. Anthony Fauci, made the statement that US is expecting a rough estimate of 100,000 to 200,000 deaths among millions of cases. Kristalina Georgieva, Managing Director, International Monetary Fund remarked in her WHO briefing that “the world economy is coming to a standstill. We are now in recession. It is way worse than the global financial crisis…And only united we can do our duties.”

Dilemma over corona crash is trembling the business World. The need of the hour is a global plan to confront the challenges. Corona and its aftereffects are a global issue. So global cooperation is adequate to tackle this menace.

Corporate in-houses are start processing strategic changes to their policies. R&Ds are concentrating to provide innovative solutions and alternatives to manage the disaster driven market condition. While strategizing the new policies, establishments should give special attention to:

a.        Work-from-Home Pattern, the Future

Facilitating work from home could minimize greater impediments during the disaster management period. UAE Govt. issued official notification recommending the remote work (Res. 279/2020) (discussed in Newsletter Chanakyatse Consultancy Vol1 Issue2). Many companies came up with this policy which is satisfactory for both the ends.ie., Employer and Employee.

b.      Communication

Directions of the management should reach employees amidst the lock down. Counter parts around the globe, should be updated with latest the status of work. Monitoring guidelines can be framed to keep the organisation functional even during the lock down. Innovative methods of communication and technological advancement can reduce the distance between office and home.

c.       Invest in remote working technology

In the long run, managements should prioritize investment in technologies facilitating remote works. This is going to be the next work-place pattern for many sectors. Legal contracts should address the working-from-home pattern for making both the sides obligated.

d.       Corporate Restructuring

Many corporate managements are coming forward restructuring their in-houses with specific targets and roles. It is recommended that companies should investigate, make reports and implement the changes in compliance with the laws of the country. Sick companies should be managed appropriately for better outcomes and preventing big falls.

Restructuring Companies should give care to be compliant with the laws of the respective countries. Failure of performing legal obligations can cause big hurdles for the organisation in the longer run. Establishments should scrutinize insurance policies and raise the claims within prescribed time period. ‘Force Majeure’ (Act of God) clauses must be invoked appropriately subject to the nature of the disaster.

The present corona emergency and related precautionary government measures were quite unexpected, but indeed mandatory to defeat this pandemic forever. Corporate bodies have greater responsibilities inside and outside. Both the stakeholders and economy of the country are dependent upon the decision of the Board. To revamp the World Economy, Corporates should execute their strategies profitably and legally. JK