Effects of COVID-19 on Industries

The epidemic has had a significant impact on the workplace. Aside from the risk to public health, the economic and social turmoil endangers millions of people’s long-term livelihoods and well-being. The pandemic significantly affected labor markets, economies, businesses, and worldwide supply networks, causing major commercial disruptions. The practically immediate economic crisis caused by the Covid-19 shutdown wreaked damage on both large and small firms. Businesses worldwide attempted to respond to market trends by implementing new strategies to minimize the epidemic while increasing profits.

The worldwide impact of the coronavirus disease (COVID-19) epidemic is unparalleled. The epidemic has significantly increased lead time, backorders, limited resources, workforce, and an insufficient supply to meet demand (personal communication October 1, 2022). The COVID-19 pandemic has disrupted global supply chains, causing logistics players to struggle with sourcing in the face of escalating warning infection trends in several nations. Supply and demand instability has unavoidably impacted lead times as suppliers struggle to secure raw materials during shutdowns and trade disputes. The epidemic has had a huge and immediate impact on corporate culture. The worldwide lockdown and travel prohibitions have challenged long-held beliefs about the nature of labor and business connections. People have learned that they do not need to be at an office and can complete most tasks remotely (personal communication October 1, 2022). Due to restrictions, higher lead times have led to delivery delays, long waits, and customer-unavailable items, harming the organization’s aims and purpose.

Organizations across all industries face a variety of issues, ranging from interrupted supply networks to new safety laws. A less evident but crucial difficulty is managing a workforce that has been radically affected by the reaction to the COVID-19 epidemic, both in the way they work and as persons. To combat the epidemic, the organization has implemented a work-from-home policy (personal communication October 1, 2022). Furthermore, the company had to employ Zoom technology as one of the methods for keeping track of distant workers. However, the work-from-home policy has encountered several obstacles throughout its implementation, including isolation, difficulty monitoring performance, and information security issues. Supervising home employees and their performance with remote working has been challenging since various personalities respond to monitoring with differing degrees of enthusiasm. Furthermore, employees experience the natural detachment from their coworkers and the firm as a whole that an office atmosphere permits.

Businesses are forced to make difficult decisions about how to operate amid the upheaval and take government-mandated safeguards. Unparalleled levels of uncertainty combined with a quick flow of new information mean managers must go ahead without a blueprint or the luxury of deliberating over every choice (Robbins et al., 2020). Nonetheless, their decisions and actions expose the company’s aims and principles to ever-vigilant customers. The organization’s existing decision-making process includes data collection to assist managers in backing up their decisions (personal communication October 1, 2022). The sudden change in the normal operations of the business and the significant losses incurred required managers to be resilient, patient, and dedicated. In today’s turbulent business world, making sound judgments is critical to an organization’s survival. Firms must have reliable and timely data on which to base their judgments to evaluate options and make educated decisions (Robbins et al., 2020). Data gathering and analysis give a complete insight into a company’s strengths, places for improvement, how its target market feels, and what affects the bottom line.

The most common forms of communication in the corporation are virtual communication and email. The coronavirus epidemic has accelerated the digitalization of the workplace. Employees who have been permitted to work from home have had to deal with various new and digital technologies. Work communication has changed for many people and will continue to be virtual. This involves being socially isolated from coworkers and restricted to virtual work relationships.

The pandemic’s negative impacts will be seen for years after it has ended before things return to normal. In this situation, the managers of the enterprises must be prepared for the unexpected. Establishing a solid communication process is one such preparation (Robbins et al., 2020). Businesses must keep their workers and shareholders up to date on their infectious illness outbreak strategies and the most recent pandemic information. The company must include its workers in developing and updating the outbreak plan by extensively disseminating it and dedicating time in meetings to examine these plans. Second, the sector intends to allow workers to work remotely or on staggered shifts to facilitate social distancing tactics. Finally, there is the establishment of redundancy in vital operations. The unpleasant fact is that a pandemic might strike at any time. It may take time to influence the firm or to touch much personnel rapidly and dramatically. As a result, developing an action plan that addresses several situations will be necessary to protect the organization adequately. Efforts to provide redundancy in mission-critical activities should be central to that strategy.

Henri Fayol was the first theorist to define managerial roles in his book. He identified four managerial functions: planning, organizing, leading, and controlling. He thought these duties were universal and that every management did them regularly. Managers must prepare for future situations, create strategic objectives, and meet future goals (Robbins et al., 2020). Organizations’ managers are involved in creating checkboxes and reminders to help employees keep track of their tasks (personal communication October 1, 2022). Therefore, managers must evaluate future contingencies affecting the organization and shape the company’s operational and strategic landscape.

Additionally, managers must organize the workforce in an efficient manner and structure and align the activities of the organization. The company uses a task-based management system, such as the Asana task management system, to organize, track, and manage work (personal communication October 1, 2022). When leading, managers must also harmonize the procedures and activities performed by the company, meaning that every activity of each organizational unit should complement and enrich each other (Robbins et al., 2020). Finally, managers have to control the company activities in line with the policies set aside.

The dramatic negative impacts of the pandemic have laid bare weaknesses in the industry and society in general. However, despite the adverse effects, the pandemic pinpointed opportunities that came about with it. For example, COVID-19 made it possible for the industry to realize that people can work from home and remotely to achieve company goals effectively and efficiently (personal communication October 1, 2022). The organization has been keen to ensure decreased productivity and efficiency even after the aftermath of the pandemic. As a result, it is investing in the training of staff and personnel to make them fully knowledgeable in technology when it comes to service delivery. This has enabled the organization to achieve higher productivity in its operations.

The bottom line is the total profit or loss of the business for a particular reporting period. The pandemic has impacted the organizational bottom line precisely due to increased higher costs, longer lead times, and uncertainties in freights, storage, and purchasing limitations (personal communication October 1, 2022). Recovering from the aftermath of the pandemic will begin with evaluating the financial damage. The next step will involve a close look into the business plan to consider how the business can pivot to adjust to a new normal. Analyzing how the overall industry has been affected by the coronavirus pandemic also is helpful. When looking at the competitors and the industry, one should focus on the trends and find opportunities. It will follow by considering whether the company needs extra funding to recover, revamping the budget to consider the new spending, and finally, creating a contingency plan in case of a crisis.

Returning to the pre-COVID period as a manager and preparing for the crisis will involve several measures. The first step would have involved the creation of more spaces on the premises to allow for social distancing among the employees. This would help curb the spread of the coronavirus within the workplace, and the marked spaces would allow knowing the number of them required to be in the office at a particular time. The second preparatory measure would have entailed the purchase of personal protective equipment that would be worn in case of emergencies. With protective gear, specifically wearable costumes such as scrubs, gloves, and masks, employees would work without fear that the disease would spread to them. Next would include setting up hand washing points, making first aid kits readily available, and ensuring that emergency vehicles are available within the workplace that can rush the sick to the hospital. Besides, a flexible working schedule would be critical for employees to work from home or take shifts. Making digital communication platforms such as Zoom and email marketing functional for accessible client communication.

References

Josh, H. (2022). Personal communication.

Robbins, S. P., Coulter, M., & Decenzo, D. A. (2020). Fundamentals of Management (11th ed.). Pearson.

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