The COVID-19 (coronavirus) pandemic has disrupted daily life in Thailand as we know it. It has roiled financial markets and instilled fear and uncertainty in many, challenging leaders in government and business to allay concerns and respond to the crisis.
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The COVID-19 crisis magnified and accelerated the transformation toward a more global and digital world amid widespread uncertainty and ambiguity. Even as a greater sense of certainty returns, the way organizations lead and manage in this “new normal” is critical to business performance and their ability to remain competitive and relevant.
The organizations that will succeed tomorrow must develop resilient workplace cultures, careful risk management and detailed business continuity plans. At the same time, employees are expected to keep pace with the evolving workplace (which likely will become hybrid), adopt new technology and processes, update their skills and competencies, and stay engaged and productive. Organizations should examine operations to determine what worked and what didn’t during the height of the crisis to improve operations, risk management and business continuity plans to better prepare for the next crisis.
Protecting people from COVID-19 goes well beyond preventing illness. The pandemic has had a monumental effect on employee wellbeing. More than a global health crisis, COVID-19 is also a financial and social crisis that requires bold actions to preserve the safety, health and the wellbeing of your workforce. The challenge for employers is how to best support their employees to feel and perform their best, inside and outside of work. Taking a people-first approach will earn the trust of employees and enable the organization to move forward in this difficult time.
When the COVID-19 pandemic began, it had a deep impact on capital markets. Eventually, the markets recovered, but over time the crisis led to new challenges to traditional market behavior such as a social media driven campaign to squeeze short sellers. Furthermore, economies across the globe were stressed as lockdowns led to a drop in GDP and many governments opted for stimulus programs that may lead to increased debt. Ultimately, the pandemic’s long-term impact will not be understood for some time. Businesses should take a long-term perspective but be prepared for continued market volatility and further economic uncertainty.
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