Skip to main content

What business leaders are learning from the Coronavirus outbreak

Image source: businessinsider.com
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.

Image source: abcnews.go.com
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.
Labels:

Comments

Post a Comment

Popular posts from this blog

Michael Saltzstein Explores Practical Ways to Help Families Displaced by Wildfires

  Michael Saltzstein on How to Support Families Affected by Wildfires Wildfires often displace thousands of families, leaving them with little more than the clothes on their backs. The immediate aftermath of such disasters is challenging, with families facing the loss of homes, possessions, and a sense of security. Michael Saltzstein explains that w hile the road to recovery is long, communities and individuals can play a vital role in supporting those affected. From donating essential items to offering emotional assistance , there are many meaningful ways to help families displaced by wildfires.     Donate Essentials and Financial Aid   One of the most immediate needs for displaced families is access to essentials like clothing, food, and hygiene products. Local shelters and disaster relief organizations, such as the American Red Cross or local food banks, often coordinate donation drives to provide these necessities.     1. Financial Contributions  ...
Post a Comment
Read more

Michael Saltzstein on Global Risk Management in Times of Conflict

Michael Saltzstein believes risk management is critical to both successful business practices and successful military operations during a time of conflict between nations. Although the danger is inherent in many military duties, planning for operational contingencies can reduce risks and save lives. Moreover, mitigating risk in a coalition environment is even more critical because the scenarios that planners must consider are complicated by various policies, equipment, training, and security procedures.   According to Forrester Research, Inc. analysts, the ramifications of the Russia-Ukraine friction are reverberating in global markets. Risk management leaders worldwide are already, or will soon be, dealing with the impact of the conflict and sanctions. AM Best reported that the industry's indirect exposure could be significant.   First Steps Toward Loss Prevention According to Michael Saltzstein, the first step for commercial policyholders with business units expose...
Post a Comment
Read more