Question

Though the extent of its long-term impact is still unclear, it is increasingly believed d by experts that the COVID-19 pandemic will change the world in a number of important ways. With respect to business and capitalism, COVID-19 poses a number of unique challenges that can already be observed. Based on this, please answer the following questions:

Question

In this course, we have discussed the functional departments of business (finance, supply chain management, human resources, etc.). assume that you are the CEO of a business affected by COVID-19 pandemic. Explain how any 3 of the functional departments of your business would need to change in response to the pandemic. Use examples where possible. (among other things, you answer should briefly include relevant background information about the business, e.g. industry: the answer needs to be based on one business, real or hypothetical) (9marks)

Answer 1

Background information about the business(hypothetical)

ABC Inc. is a famous kidswear manufacturing multinational company having its headquarters in London, UK. The company owns many brands that sell products ranging from newborn kidswear to school kidswear. The company is exporting its kidswear products all across the globe.ABC Inc. is having its own exclusive showrooms in all European countries and it sells products through franchises in other countries. The production of its kidswear is largely outsourced to manufactures in India, China, Vietnam, and Indonesia.

COVID-19 pandemic has seriously affected the operations of this company worldwide and is unclear about its repercussions. Company advisors heeded about drastic changes are going to take place in the business scenario. The company plans to close its exclusive showrooms in Europe one by one. Also, the company has a plan to switch to an e-commerce platform. So the company entrusted its departments to prepare a change plan in this context. The highlights of the change plan of various functional departments shall be given below.

Finance

• The finance department should try all avenues of cost cut to manage new investments in the field of e-commerce.
• Some non-traditional funds need to be identified to meet new expenditures.
• A detailed plan needs to be prepared to meet a potential global recession.

Supply chain management

• The supply chain needs to be digitized with the help of advanced technology to cater to the needs of e-commerce customers.
• More and more warehouses need to be set up near major consumption points. It helps the company to supply products uninterruptedly during travel and transportation restrictions.
• Skillful employees must be recruited to the supply chain department.

Human resources

• Work From Home is going to be a permanent feature of businesses so the Human resources department should modify its work-related rules.
• The human resources department should develop a mechanism to enforce the attendance of workers who Work From Home.
• Some methods should be developed for constant communication and for conducting meetings.
• As we have excess staff in showrooms at present, some of the employees must be laid off or should find a solution for them to be accommodated.
• Some mental health experts and counselors need to be hired as employees may face a lot of mental stress in the recent future.

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