The Proper Response to the COVID-19 Virus
According to McKinsey, there are seven actions companies can take going forward that will help them to maximize their efficiency and maintain their employees’ health and safety during this crisis.
Bear in mind this is by no means an exhaustive list, and it does not substitute any actions necessary that are specific to a company’s specific situation:
- Keep your employees safe – It is not an option to continue to do things the same way right now. Companies must commit to maintaining the health of the people that keep them going; the best companies are benchmarking their performance with the companies performing the best in this field.
- Establish response teams that operate cross-functionally – Companies should set up networks that report directly to the CEO, that are working together within the organization to combat the virus. These should work cross-functionally and maximize the best talents of each of the team members.
- Make sure company finances are strong – Companies must ensure they have strong plans to manage potential variables that could affect bottom lines.
- Supply chain stabilization plan – Companies must ensure they have a strong plan in place to deal with any variables that affect their respective supply chains across the three tiers.
- Maintain a strong relationship with customers – Companies that focus on customer needs and how these may be affected will come out the strongest from this. This includes a focus on online channels that connect directly to the customers.
- Use Simulations to anticipate the worst – Many teams do not realize that there is time needed to deal with issues that come up; companies should utilize simulations to prepare for the absolute worst possible situations before they come up.
- Demonstrate Community Support – Companies are only as strong as the community they support; companies must demonstrate this by seeing how they can help their respective community’s needs.
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