PwC identified seven actions steps companies can do to address impact of COVID-19 to their workforce, operations and supply chain, and more

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Seven Key Actions Business Can Take to Mitigate the Effects of COVID-19

Reducing Impact to Business – PwC identified seven actions steps companies can do to address impact of COVID-19 to their workforce, operations and supply chain, and more

Summary:

PwC outlined seven actions steps companies can do to mitigate effects of COVID-19 in the Strategy+Business blog, on March 6, 2020. These include:
  • Review Workforce Location and Policies – Identify where staff are, how many workers are in affected or vulnerable territories, and make policies regarding travel restrictions, absences due to sickness, visitors, reporting of illness, and taxes issued on expats clear and updated
  • Revisit Crisis and Continuity Plans – Review and adapt crisis and continuity plans to specific challenges of pandemic, such as demand for bandwidth, outsourcing operations, absences of personnel, and flow of communication
  • Evaluate Supply Chain – Assess supply chain for vulnerabilities such as shortages, need for secondary suppliers, impact to products and raw materials, and form contingency plans
  • Identify Potential Points of Failure – Protect teams and individuals essential to processes and services, and have back-up personnel, or reduce human interactions in these functions, such as implementing staggered shifts and remote work
  • Get Communication Right – Maintain consistency and accuracy of communications to employees to avoid disinformation and confusion, as well as assure that workers are being protected and organization is prepared to respond to crisis situation
  • Use Scenario Analysis – Prepare for best and worst case scenarios, such as impact to long term working capital, leases on shops and restaurants if establishments are closed, other financial sensitivities, and surges in demand for certain products, such as food staples
  • Don’t Lose Sight of Other Risks – Businesses are also vulnerable to other risks, that are not just pandemic-related, such as cybersecurity threats
The free article can be found at https://www.strategy-business.com/blog/Seven-key-actions-business-can-take-to-mitigate-the-effects-of-COVID-19?gko=4c0d1
Company: PwC
Categories: Business operations, Cash flow and financial management, Facilities and workspaces, People and culture, Supply chains

Original publication date: March 6, 2020

Date last updated: April 8, 2020