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What business leaders are learning from the Coronavirus outbreak

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The onset of the Coronavirus or COVID-19 has been a shock to businesses throughout the country. Because of state-wide lockdowns and preventive measures, almost every business has had to adjust in one form or another in order to ensure the continuation of operations and secure the safety of employees. Unfortunately, not every business can operate under these new conditions. Michael Saltzstein predicts that this outbreak will force most businesses to adjust to a new reality. And while this outbreak will eventually pass, it shouldn’t stop business leaders from learning something new from this unique experience. Here are some lessons business leaders are learning from the pandemic.

Business continuity plans were tested

It’s hard to imagine a multinational corporation ceasing operations. That is until now. Seemingly large operations that may seem too big to stop had to grind into a halt. Businesses that have emergency continuity plans have had those plans tested. And those who don’t had to scramble in order to adjust. Some businesses had to resort to skeletal forces or working from home while many were forced to shut down completely.

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HR policies need to be revisited

As a result of massive shutdowns, some companies couldn’t help but let go of a lot of people. After this pandemic is over, corporations and even small businesses should review their HR policies in regard to procedures during pandemic-like situations. Management should create mandates pertaining to skeletal forces, extended leaves, and emergency disbursement of funds for employees in need.

Employee healthcare should be prioritized

A lot of employees are learning the hard way what happens when their health insurance stops kicking in, the moment they stop working. According to Michael Saltzstein, employers should look for ways to keep their employees insured, regardless if they are able to work or not due to emergencies such as this.

Michael Saltzstein specializes in risk management and corporate insurance. He served as the Chairman for Risk Management Task Force, Local General Chairman, Local Officials Chairman, and Local Safety Chairman Of USA Swimming. For similar reads, visit this blog.
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