Question

In retrospect to the currently challenging global economic state, recommend five (5) preemptive or anticipatory actions from the perspective of engineering economics that could be taken by engineers in ensuring their organization will continue to survive.

Answer 1

During this Global Crisis due to Covid 19, almost all the companies are facing difficulty in survival as these companies have so many overheads and do not have earning at the current time. Following measure can be taken as per Engineering Economy point of view:-

1. Open Communication with Employee of firm:- Since all the people know about current sitiuation of crisis. In such situation open communication about the budget of company and future plans for survival should be discussed with all the employees.

2. Gain confidence of the emoloyees:- Take all the employees in confidence that this organisation is there own and they have to safegaurd it in crisis situation. This will boost the morale of the employees.

3. Reduce the work and wages of the Employees:- Since there is almost lockdown condition therefore there is less work in organisations. Therefore the employees can be paid some reasonable percentages of their regular salary. Employees having already less salary so as to survive must not be given lesser than regular salary

4. Give counselling to all enployees:- This step is to boost the morale of the employees that organisation is with them in this crisis situation. If any employee have personal problems in which organisation can help then organisation must do so.

5. Be prepared with future plans :- Organisation must be ready with future plans after this crisis are over. These future plans must be discussed during this lockdown period through video conferrencing mode, so that they can be acted upon after crisis are over.