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coronavirus affect on business

How COVID-19 lockdown impacting on Businesses


Have you imagined how the pace of life has suddenly changed due to the coronavirus outbreak?

Billions of people across the globe are self-quarantined in the fear of coronavirus spread. The novel COVID-19 has simply shut down businesses' growth.

Teamlease Business head official added that 60-65% of interviews have been dropped or delayed due to the COVID-19 outbreak. CIEL HR Services chief executive officer pointed out that the pandemic outbreak has decelerated many working projects and revenues and profitability has been hit hard in this scenario. A sharp recession has taken place due to large scale quarantines, travel restrictions. Social distancing is impacting on business to scale up due to restricted meetings and conferences.

Global GDP has drastically fallen from 2.5% to 2%. Due to the massive reduction in China’s economic GDP from nearly 6 percent growth to about 4.7 percent.

China is the leading manufacturer and exporter and consumer of goods. As China is the epicenter of the coronavirus, it has been hit massively, which is going to have a global economic impact as well.

Across the globe, due to lockdown, restaurant booking hasn't been taking place. In China, industrial production has been reduced dramatically. An overall decline of 13.5% decline in industrial production has been noticed. As Chinese car sales have fallen by 92% in the first half of Feb, hence dealers have adopted the boon of technology by selling cars online instead of showrooms. Conventional culture is getting slowly replaced with technology due to the pandemic.

Small business enterprises have been hit badly due to economic strain. Goldman Sachs has shared the survey report where the small business owners said that they won’t be able to continue the business operations and has to eventually shut down the businesses due to higher economic losses and lower revenues. Entrepreneurs are facing difficulty in growing their startup.

49.6% has reported that the COVID-19 outbreak has impacted their businesses, 75% said that less sales conversion happened that affected their businesses.

Geographical barriers are not taken into consideration as employees have been given full flexibility and freedom to work from any part of the country. Due to the lockdown, it is pivotal for the organization to give employees WFH to maintain social distancing. Telecommuting has increased due to the massive outbreak where people are fearing to go outside. At IBM, a survey of employees has been conducted where 87% believe that their productivity and effectiveness on the job have increased significantly.

Due to a lower workforce, WFH (Work from Home) culture has imposed concern for the effective work to be carried out and productivity. A secluded lifestyle is impacting small businesses at an extreme level. To have the virus containment, nearly half of the technology workers have been given WFH status to fight against the crisis. Physical industries like manufacturing, mining, farming, commercial fishing, food processing, construction, maintenance, shipping, driving, and other types of physical works are facing a serious crisis due to the pandemic outbreak.

It is the uttermost necessity for all the companies to have work from home due to the lockdown and self-quarantine. Hence, remote work culture has to be promoted to prohibit the interaction. The COVID-19 pandemic outbreak has changed the perspective of life and made us aware of the importance of technology. Though, WFH culture is beneficial for the employees to balance professional and personal life under a common roof.

Tech giants like Amazon, Facebook, and Google have already introduced WFH culture to prevent the spread of the deadly virus. To continue the business operations daily, remote workspace has been embedded in the organization’s culture.


How remote work culture is a struggle for organizations?


•  Internal communication between the employees and managers is critical to make vital business decisions. Comprehensive tracking of the employees’ activities to evaluate the productivity of each employee and reward accordingly.Due to the WFH culture, it is difficult to have a clear communication with the fellow workers. Mutual understanding between employees and managers are extremely important to deliver correct results before the deadline.

•  It is challenging for the manager to supervise the employees directly as they are spread across different geographical locations, but regular monitoring employees’ work at this workspace culture will enable the managers to critically analyze employees’ strengths and weaknesses. This will help to allocate the tasks to employees that they are comfortable to deal with. Hence, generation of user behavior analytics reports are important to boost employees’ productivity.

•  Coordinating work hours to be scheduled is difficult in remote working culture. There are higher chances for the employees to procrastinate as they can get distracted by social media platforms. Employee monitoring software can help the managers to track what websites and applications, the employees are active and engaged. WorkTrak allows you to track and remain updated with your employees’ daily activities at a granular level.



If employees become aware that they are under constant monitoring of their managers, they will work productively. Training remote workers is difficult, hence frequent feedback meetings have to be conducted to understand which domain to upskill an employee.

40% believe that a flexible schedule is the biggest benefit of remote work culture, hence preferable. Stress reduction and positive work-life balance happens when employees get an equal opportunity to spend their time with families, friends along with the office work.

Employee monitoring software is extremely helpful to analyze and manage your team effectively. WorkTrak provides automated timesheets that track the quality work time of every employee.

Embrace remote work-culture during this outbreak by conducting insider monitoring and tracking their productivity.

Summary


The magnitude of the outbreak has shaken the nation and the global economy. All the industries are affected in tandem which is leading to lower sales conversion and higher business losses. It is high time for individuals to ensure their safety as well as to transform their home into a workplace. Employees’ safety is the highest concern amid this COVID-19 outbreak. The company should prioritize employees’ well-being during this crisis by adopting a WFH culture. Though the lockdown has drastically brought down the global economy into crisis, still the technology and digital companies' work will not be shut down at this lockdown period. WorkTrak - a cloud-based Saas product will provide support to uplift the business by coordinating and enhancing the team’s activities by regularly monitoring employees’ work activities.

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