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Impact of COVID-19 on Business

Executive Summary

The impact of Covid-19 on workplaces and workers around the world has been very intense. We reflect on the wide review of previous research engrained in organizations and work psychology, and connected fields, for creating a sense of all consequences for work, teams and employees in the organization. Our preview and review of accurate kinds of literature concerns (i) evolving alterations in practices of work like virtual teams, working from home etc. and (ii) social and economic psychological implications like mental health and unemployment etc. We accurately examine the probable moderating elements of personality, the status of the family, gender, ethnicity and race, race and cultural distinct for generating disparate impacts (Elsafty & Ragheb, 2020).

 

 

Table of Contents

Introduction. 3

Identification/Definition. 3

Advantages and Disadvantages. 4

Factors. 5

Conclusion. 5

Recommendations. 6

References. 7

Introduction

Covid-19 is both a global crisis of health and an international threat to the economy. The universal lockdown of industries and businesses that was executed and instructed to control the spread of the infection generated a broad collection of fundamental and unique constraints for both employers and employees around the world. At the level of the individual, people lockdown-affected the employees were revolved over the night into (a) process of work from home for the employees (b) essential employees for example room of emergency, the workforce of medical and staff of supermarket, or (c) laid-off workers looking for specific to nation corresponding of the benefits of unemployment. Administratively, the economic lockdowns and related activities of government seem probable to (i) alter a few industries fundamentally, (ii) quicken a trend that was previously proceeding in others, and (iii) disclose opportunities for the particular novel organizations for emerging, as usually occurs in durations of natural pandemics and wars. Given the improbability and extent of the shock of the COVID-19 pandemic, psychologies of organization and work are immediately required for applying present knowledge of the field for the objective of sense-making for helping organizations and individuals regulate all risks while applying and developing solutions (Elsafty & Ragheb, 2020).

In the particular analysis that we outline, we are concerned about the significance of risks related to COVID-19 and changes in work practices, workplaces and workers – and don’t distinguish between the instant risks to health related to the pandemic of COVID-19 and the outcome of the economy. The comprehensive survey of the topics permits for identifying the range of psychological, social and economic risks that employees seem probable for facing the outcome of COVID-19 and particularly some of all these particular risks are those that research on previous contractions of economy recommends might have hostile – and deadly – effects of health (Çavaş & Ahmad, 2019).

Identification/Definition

While COVID-19 sharply overturned normal routines of work, it also triggered the hastening of economic trends that were previously proceeding including the relocation of work to virtual or online environments. The main difference when deliberating research on business practices like Work from Home because the pandemic of COVID-19 is that work from home was formerly frequent receptive to the preferences of employees, however, COVID-19 enforced many individuals into Compulsory Work from Home (Çavaş & Ahmad, 2019).

However, employees frequently recognize it very challenging for maintaining boundaries between non-work and work. The enforced quarantine of all employees during the pandemic of COVID-19 has a more complex problem. While the process of working from home may sound attractive if it provides a secure port, the nonappearance of parting between an individual’s home and work and the deficiency of transforms to give the evolution between the particular two areas – could become the load also. Particular that will advantage from the study involves: how do the experiences in the domains of non-work and work impact each other and also how do the identities of non-work and work interrelate when they particularly clarify at their home?

Advantages and Disadvantages

Advantages are given below:

  1. Working together – The enforced experience of working virtually resulted in collaboration outside the office of individuals, even operating with all colleagues globally. Those operations of the business that enhanced the implementation of innovative ways of working have shaped tremendous gains in efficiency and productivity (Prasetyo & Dzaki, 2020).
  2. Family closeness – In the front of the home, staying at house orders established innovative opportunities to bond with the members of the family. Due to work from the home process, the employees got the time to spend with their family members. This was a kind of little advantage to the individuals (Prasetyo & Dzaki, 2020).

Disadvantages are given below:

Business sales have watched a severe decline because of restrictions in travelling, maintaining social distancing, and many restrictions on business sales on few products and services and consumers resorting to cuts of budget and putting various projects of business on hold. Various organizations are struggling for recovering fixed prices or costs in the nonappearance of generation of revenue because of a sharp fall in product or service sales.

Factors

The factors that should be considered are given below:

  1. Market recession and crash – Although the pandemic of COVID-19 helped as the noticeable compound for the 2020 crashes of the market and consequent recovery, the fact is that the entire business markets were already risky and delicate. These factors of the market need to be considered as they could implicate the business very severely (Cohen & Deng, 2012).
  2. Weak efficiency and productivity – Gentle development of productivity and also the lack of concern on productivity and efficiency have been a chance with the development of the economy of the previous decade. The pandemic of COVID-19 further decreased productivity by confusing the operations of the business.
  3. Concerns for the environment – At the beginning of the year 2020, climate changes were moving ahead to the front of framing the plans and strategy of the long-duration business. Though temporarily outshined by the pandemic of COVID-19 many CEOs at present also watch the changes in climate as the factor affecting their organization (Cohen & Deng, 2012).
  4. Advancement of technology – Advancement in technology will have a great impact in the upcoming time. With Quantum computing, blockchain and Al and the huge entrance of various machines, consumers will modify how societies and industries operate. Further frequent disruptions in the market will be there and the appearance of what arrives after the virtual: Independent business. This will particularly change the field of business (Amadeo, 2012).

Conclusion

By concluding this report we also conclude that pandemic of COVID-19 has had a great impact on businesses and organizations. As is recognized from previous research on the work of a team among all scientists, the advantages of this particular approach as various hands create light works and also various heads are good than the few ones mainly as the individuals are dealing with the crucial wonder known as COVID-19. The COVID-19 pandemic has sharply accelerated the particular speed of many changes linked with operating outside of co-located workplaces. Virtual practices of work are probably to spread as the companies realize the savings in cost from organizing labour with some full-time workers and further contractors linked technically and possibly with some less space of office in reflection of health risk to be linked with conservative disclose-plan worksites.

Recommendations

  1. Wherever probable, the organizations must set up the office at home and enable the employees to operate proactively from their homes.
  2. The organization should evaluate the implications of COVID-19 on their business from the financial and operational perspectives.
  3. The organizations must manage the flow of cash across the chain of supply.
  4. They should address the implication of the epidemic on duties arising from agreements with the partners of the business.
  5. They should address the main risks and ensure the endurance of business (Amadeo, 2012).

 

 

References

Amadeo, K., 2012. Stock Market Crash of 2008. About. com. https://02038.com/wp-content/uploads/2017/03/Stock-Market-Crash-of-2008-1.pdf

Çavaş, M. and Ahmad, M., 2019. B.,“A review advancement of security alarm system using internet of things (IoT). International Journal of New Computer Architectures and their Applications (IJNCAA), 9(2), pp.38-49. https://www.researchgate.net/profile/Muhammad-Baballe/publication/337544365_A_REVIEW_ADVANCEMENT_OF_SECURITY_ALARM_SYSTEM_USING_INTERNET_OF_THINGS_IoT/links/5ddd35a4a6fdcc2837ebfd0b/A-REVIEW-ADVANCEMENT-OF-SECURITY-ALARM-SYSTEM-USING-INTERNET-OF-THINGS-IoT.pdf

Cohen, R. and Deng, F.M., 2012. Masses in flight: The global crisis of internal displacement. Brookings Institution Press. https://books.google.co.in/books?hl=en&lr=&id=7HlEq81cO8gC&oi=fnd&pg=PR17&dq=Masses+in+flight:+The+global+crisis+of+internal+displacement.+Brookings+Institution+Press.+&ots=UvR_Rokd-a&sig=4TINflLGOXCL_hlSMowlggZDRCU&redir_esc=y#v=onepage&q=Masses%20in%20flight%3A%20The%20global%20crisis%20of%20internal%20displacement.%20Brookings%20Institution%20Press.&f=false

Elsafty, A.S. and Ragheb, M., 2020. The role of human resource management towards employees retention during Covid-19 pandemic in medical supplies sector-Egypt. Business and Management Studies, 6(2), pp.5059-5059. https://www.researchgate.net/profile/Ashraf-Elsafty/publication/342556132_The_Role_of_Human_Resource_Management_Towards_Employees_Retention_During_Covid-19_Pandemic_in_Medical_Supplies_Sector_-_Egypt/links/5efcb0e245851550508124f1/The-Role-of-Human-Resource-Management-Towards-Employees-Retention-During-Covid-19-Pandemic-in-Medical-Supplies-Sector-Egypt.pdf

Prasetyo, P.E. and Dzaki, F.Z., 2020. Efficiency performance and productivity of creative industries. International Journal of Advanced Science and Technology, 9(6), pp.122-132. https://www.researchgate.net/profile/Eko-Prasetyo-29/publication/342663800_Efficiency_Performance_and_Productivity_of_Creative_Industries/links/5eff4be0458515505087b66b/Efficiency-Performance-and-Productivity-of-Creative-Industries.pdf