The coronavirus pandemic has changed the world economy. Millions of people in the world are asking leaders of the global economy unprecedented questions and demanding answers that the leaders don’t have much knowledge about either.

All the data or experience has left world leaders mute during an uncanny time like this. They are quite aware that people are depending upon them to pull the economy from such dark waters and overcome the devastating impact of the lockdown.

All India Management Association (AIMA) has been trying to help businesses deal with their losses and bounce back with such positivity to be able to, once again, generate profits. They conducted a series of digital dialogue and communication called Leaders Speak with Indian economy ministers, CEOs and economists, etc.

Quick action is required so that these leaders return the stability in their businesses without fearing about the virus. Technology has come to the rescue of these leaders by helping them overcome their losses through online interactions for conducting business deals, meetings and transactions.

What are the changes leaders have been facing since COVID-19?

These desperate times have changed the outlook of countless leaders. CEOs obsessed with complete control over their companies are now empowering their team, encouraging growth and responsibility in them.

What are the norms led by the Government on the opening of companies?

The job of these leaders is becoming harder as the government recently announced the reopening of these companies, operations and factories.

The approval is only granted to companies who follow the rules of social distancing, getting attendance via digital methods or partial attendance, 70% of employees of manufacturing companies can work, per day, on an emergency basis. On the other hand, the government has also helped labour workers to go back home, in regional areas.

These companies are dependent on such labourers, and without them, it is getting difficult for them to make ends meet and generate profits. The question of who will work in the factories has caused serious issues. The business owners are doing their best to maintain social distancing via coping with all issues, especially the lack of labour.

Businessmen, who were familiar with the pandemic crisis, estimated well-before time and initiated processes and back-up methods before implementing a complete shutdown of workplaces as well as quarantine of all workers.

A total shutdown will be a big loss thus companies and they are continuing work from home. Businesses cannot stop and hence, innovative approaches must be implemented to make sure that the economy is still running, families and people still receive their wages and the transition through this crisis is a smooth one.

The leaders are also looking for technological solutions to increase productivity so that they can lessen their burden on labourers and most employees. Leaders are now interested in chatbots, robots, Artificial Intelligence (AI), internet, etc to keep the business ongoing.

However, business owners are preparing their strategies for a life with COVID-19, as a vaccine seems like a far-fetched thought in the immediate future. The upcoming years will transform the world market and leaders have to keep learning with new tech.

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Source: The Business World