Organisations around the world are considering how to maintain business continuity in the midst of the COVID-19 crisis. For many businesses, the current and coming challenges have exposed the inadequacies of their current structure, and highlighted the need to be adaptable and resilient. This article identifies the challenges to organisations, ecosystems, and individuals, and looks at various ways to start addressing this situation.
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Workforce strategies and considerations
The COVID-19 pandemic is causing a dynamic and uncertain workforce supply and demand. The short term will be challenging, with temporary workforce reductions certain. It is important, however, to make these short-term decisions with strong consideration of the long term, to achieve a balance between weathering the storm today while enabling a speedy recovery tomorrow. This requires consideration of the talent strategies and skill sets that will be critical to the future success of the business.
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Being proactive during disruption
Although the full impact of COVID-19 is still unknown, many organisations are being impacted by declining sales and reduced consumer demand, supply chain disruptions, and transport restrictions. These issues will have a domino effect on global markets with the escalating risk likely to impact those not yet directly affected by COVID-19. These companies need to consider their pandemic preparedness measures and be proactive and prepared. This article focuses on risk identification and organisational exposure; identifying critical dependencies; and how to develop pragmatic and effective crisis and resilience solutions.
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When and how to modify compensations programmes
The COVID-19 pandemic is devasting economies and forcing businesses into a state of uncertainty. As companies take action to protect the safety and well-being of their employees, they may face challenges with their executive compensation plans. This article discusses if and how executive compensation programmes should be modified in response to the crisis, focusing on the role of shareholders and employees, economic impacts to the company, and incentive programmes.
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