Question

Given that we are currently faced with coronavirus, in which part of the business environment does this fall (economy, technology, social issues, political and legal, and demographics)? What is the role of a manager in a company as to a response to this pandemic?

Answer 1

The pandemic of corona virus has put adeverse effect on businesses globally.The lockdown period has shattered the business firms , industries and has led to affect almost every part of business environment.

The Economic and social side has major impact on business environment.

* The world economy is suffering due to decrease in demand for goods and services, due to which a lot of unsold stock destroyed and further led to shut down of industries .The small businesses are struggling for yhair suvival in future.

* Social factors like lifestyle , buying habits religious beliefs all are changing these days . People indulge in panic buying due to shortage of food and essential grocery items. It put extra pressure on sypply chain these days.

* The tech industries have found opportunities to keep people safe and healthy.With devices like video conferencing technology ,social medis,accurate information to vitizens is circulated .The E- payment system, helping people in online buying .

* Covid-19 has affected the legal side of business environment also .As there is total restriction on right to freedom of movement due to lockdown, the market is totally closed- &no buying/ selling, The govt has extended the dates of filing income tax returns , payment of electricity bills, bank loan interest and EMI's.

* On the demographic side, corona has taken a toll of many people globally.The death rate has increased .21• 9% deaths are of people belonging to age group of 80+.As for sex ratio, 4• 7% deaths are of males as compared to 2•8 % of female deaths.. In the coming years these statistics will decide furure demand for goods and services.

- # Role of manager in a company towards response to this pandemic-------

* The managers are currently required to update information and approving workflows while directing staff workung from home.

* They can invest more time on learning , performance management .and goal setting.

* They van use Artificial Intelligence ( AI) and Virtual personal Assistants & Chat ots to eliminate 69% of their workloads.

* They should keep employees to extend their degrees of responsibility & influence without taking on management tasks ,that is they now need automation of management tasks.

* Last but not least, it is the responsibility of managers to boost morale of employees to bear this depressive, deadly crisis and to ensure them timely salary for their efforts while working from home.