COVID-19: Twelve insights to help build your business recovery roadmap
2. Address customer anxiety
The behavior and decisions of consumers are what keep the business world ticking. But COVID-19 has dealt a massive – and potentially permanent – blow to the way they interact with businesses. As just one example, 44% of global consumers indicate they would be more likely to do grocery shopping online as a result of the pandemic. Firms looking to survive will understand this and other realities, and adapt accordingly. Read more: How to serve the ‘Anxious Consumer’ after COVID-19.
3. Rethink the workplace
Some businesses have been able to opt to continue remote working practices for the foreseeable future, but for many others a swift return to work is vital to remain financially viable. In order to do this safely for their staff and customers. Organizations need to prioritize cooperation, communication and accountability, and supplement with cutting-edge technologies and working processes, including crowdsourcing, risk apps and collaboration platforms. Read more: COVID-19: How to crowdsource risk assessment for a safer return to work.
4. Maximize your people’s potential
Concern for the wellbeing of your workforce isn’t just about duty of care – it’s a business imperative. Led by an integrated CHRO response, rebuilding will mean effectively engaging with the workforce, understanding and reacting to employee expectations of the care provided by employers and the ability to match workforce capability to financial and risk considerations. Read more: How does a stronger workforce drive a stronger recovery?
5. Identify legal issues
Even if the worst of the crisis may seem to be over, with interim regulatory measures still in place in much of the world, the full aftermath is yet to hit. As the world moves on from the peak of the crisis, from cancelled contracts to employee class actions, COVID-19 is likely to leave a range of legal turmoil in its wake. Modelling potential outcomes, identifying potential risks, and capturing relevant data is critical for businesses looking to weather an anticipated storm of litigation. Read more: How do you remain resilient against a wave of COVID-19 claims?
6. Learn lessons from those a few weeks ahead
When re-opening, it can be instructive to look at what has happened during reopening elsewhere – both in other industries and markets. China was the first country affected, and at the beginning of May, it became one of the first to re-open. Here we look at key lessons from its experience, from assessing supply chains to preparing for future virus spikes. Read more: What the world can learn from China’s post-COVID-19 reopening.