ECONOMIC LESSONS LEARNED FROM THE COVID 19 PANDEMIC

ECONOMIC LESSONS LEARNED FROM THE COVID 19 PANDEMIC
All we know that the covid 19 pandemic is very dangerous nowadays.
Due to the vast number of countries that have been affected, the
coronavirus (COVID-19) pandemic has brought about a devastating
global financial crisis. What can we draw from this unprecedented
ongoing crisis so as not to experience the same scale of pandemic and
recession in the future. So, let I show you some economic lessons
learned from this global pandemic:
Firstly, I think it’s an important factor that the board of directors
(BOD) should concern about the health and well-being of the
employees and they should realize that employees are the
human capital, not an expense. It means the employees are the
intellectual asset of the company. executives should
demonstrate leadership, fairness, transparency, and open,
honest, and timely communication to all stakeholders.
The second prudent, the executives and directors is not to lose
long-term perspective while managing short term challenges. It
means that while you are solving what is just in front of you, you
also need to prepare solutions to deal with the long-term
problems or you will lose your balance.
Last but not least, BOD should see this crisis as an opportunity
to acknowledge the vulnerabilities of their organization and take
action for a change. Learn to manage new upcoming risk and
opportunities.