The COVID- 19 pandemic has hit business hard, just as it has hit human life. It is especially been hard on older people, across the major countries hit which are China, Italy, South Korea, France, Germany, Iran and Spain. Extraordinary measures are needed to limit the spread. Gradual control is being wrested by effectively using the best practices known to public health. South Korea for instance acted quick to limit the spread. The rapid increase in testing was a game changer. At places where the initial control was unsuccessful, the health systems got overwhelmed. Companies worldwide are responding to the situation within a broad five sets of actions. The first is workforce protection. This involves policy management, talent management, effective communication and improved on- site norms. The next is for supply- chain stabilization. The third is customer engagement. Stress testing of the financials is the next. The last major step is for nerve- centre integration. This involves the alignment of the leaders with the redefined corporate strategy. A portfolio of options needs to be explored across different work streams.

Source:https://www.mckinsey.com/business-functions/risk/our-insights/covid-19-implications-for-business

Uploaded Date:24 March 2020