Question

passage require analysis and breakdown

One decision that has been made recently in my department is how to deal with the impact of COVID-19 on the way that we conduct business. I work at a call center and the leadership team was tasked with developing a strategy to ensure that our employees were able to work from home, stay safe, and keep client information safe. We had to spend hours of time and a lot of money to buy devices which allowed our employees to work from home while keeping client assets and accounts safe. The end result was getting 95% of the company’s call center employees to work from home while allowing those that must stay at the office the space to operate within CDC guidelines since they don’t have to work in tight quarters as the buildings are empty. Another decision that our representatives make with clients is giving advice to them in their investment portfolios. We consider various products and investments that could be used but one of the most helpful tools for our reps and clients is the Monte Carlo simulation. “Monte Carlo simulations are used to model the probability of different outcomes in a process that cannot easily be predicted due to the intervention of random variables” (Kenton, 2019). The Monte Carlo simulations allow our representatives to present to clients the various outcomes of the potential investments they are proposing to make. “The analyst would like to establish the portfolio that maximizes the return on investment” (Anderson et al., 2016, p. 250). I would add that our representatives do help clients with choosing the investment that maximizes the return on investment while staying withing the restrictions of the risks involved in the investment. We must abide by certain regulations that stipulate the type of risk allowed in these proposed portfolios so while yes, we maximize the return, we do so within reason by taking into account the potential risks involved.

Answer 1

Leaders are holding additional meetings to monitor business impact in efforts to protect or sustain business functions.

Many companies have required or are encouraging video or audio-conferencing meetings (e.g., Skype, Zoom, Microsoft Teams) or phone calls in lieu of face-to-face meetings. They also recommend conducting collaborative projects by video or audio-conferencing, Google Docs, emails or other online channels.

Communications

Corporate leadership is communicating frequently -- daily, weekly or as available -- to address their organization's COVID-19 response, advice, policies and protocols. Many are issuing FAQ guides, and many are including links to authorities and external organizations such as the Centers for Disease Control and Prevention (CDC), The World Health Organization (WHO), Johns Hopkins University, local governments and outbreak maps.

Along with expert advice, these messages often include a genuinely personal element, i.e., reminding workers to get information from credible organizations, assuring them that none of their fellow employees have tested positive for the virus (where applicable) and urging employees not to panic or spread rumors. They will also often encourage employees to obtain enough food, water, medicines and other essentials for their families in case of quarantine or scarcity.

Corporate leadership is communicating frequently -- daily, weekly or as available -- to address their organization's COVID-19 response, advice, policies and protocols.

Communications are usually tailored to the recipients -- whether leaders, managers, employees or clients/customers, respectively -- and methods include:

Social media for public messages

Email, mail, text messages, hotlines and internal systems (i.e., intranet) to propagate pertinent information.

Signage to reinforce hygiene, screening and other organizational policies

Members of the CHRO Roundtable are conscious of the effects of their communication, particularly on customers. To that end, many have:

Proscribed responses from managers/leaders if contacted by the media. Many have designated media relations personnel who address all questions from the media.

Asked employees not to violate the privacy of diagnosed employees or clients/customers in social media messages.

Deployed social media and marketing messaging about customer policies and alternative commerce/services.

Training

Businesses are rapidly expanding training opportunities. Much of it concerns managers, who are being tasked with assisting in coronavirus containment, responding to employee needs or concerns, and communicating disease-management policies and preventative measures, such as hygiene practices. But CHROs are also creating COVID-19-specific training programs for security professionals, cleaning crews, maintenance and groundskeeping staff.

These protocols and responses, we're told, will be operational as long as is needed -- the end of May is the current long-term projection -- and all are subject to revision. Gallup will continue to report on our findings as the situation evolves.

Discover these crucial resources to better prepare your company during this disruption:

Watch our live webinar "COVID-19: Managing Your Workforce Through Disruption" to get everything Gallup knows about disruption and other crises.

Read about how to manage the loneliness and isolation of remote workers in this article.

Read about "The Changing Place and Space of Work" in Gallup's State of the American Workplace report, which includes research on remote work trends and best practices.

Business Impact

Leaders are holding additional meetings to monitor business impact in efforts to protect or sustain business functions. Many companies with facilities in affected areas have closed them and are canceling their own -- or their employees' presence at -- conferences, events and face-to-face meetings. Some have been able to move operations to unaffected locations.

Simultaneously, CHROs are:

monitoring supply chains or providers for potential impacts

conducting ongoing supply chain risk assessment and operation impact assessment

considering alternative suppliers

preparing for shortages, transportation delays or communication delays

approving additional budget for supplies or additional paid time off

reducing or suspending bonuses for top earners

analyzing and forecasting potential market impacts

Crisis Management Teams

Most organizations have created crisis management teams, task forces or committees with a response tailored to specific geographic regions. These task forces meet regularly to develop policies and provide information to leaders, managers and front-line employees regarding COVID-19 awareness, prevention, management and hygiene practices.

These teams are also focused on management protocols and business continuity plans to guide current actions and forecast possible responses to future events. In general, their protocols and plans include:

developing succession contingencies for all major executives

conducting business using virtual, video or audio capabilities

restricting travel

reducing to business-critical operations only

moving critical operations to unaffected regions

cross-training team members to perform critical functions in the event of an unexpected absence or quarantine of another team member

documenting business-critical functions, processes or procedures in the event of an unexpected absence or quarantine of a team member

distributing call center scripts and agent communications

If an employee is diagnosed with COVID-19, many companies have established protocols like these:

Require employees to report confirmed cases -- either of self or family member -- of COVID-19 to HR or management. The affected are typically required to stay home for 14 days and/or until cleared by a doctor to return to work with confirmation that there is no diagnosis of COVID-19.

Isolate employees diagnosed at work; immediately disinfect objects they've touched; trace their contact with other employees, customers, and clients; and notify those who may have been exposed without releasing the diagnosed employee's name.

Ask employees to log all contact with other employees or visitors in case they become symptomatic so that others can be informed of potential exposure.

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