COVID-19 Impacts on Economy & Businesses
Ronix Has Tried to Manage and Control the Outcomes of the Pandemic
Since the World Health Organization declared that the Coronavirus (COVID-19) became a pandemic, it has all been an uncertain period with many unknowns.
The outbreak of Coronavirus sharply reminded us that pandemics, like other catastrophes that rarely occur which and have happened in the past and will continue to occur in the future. In addition to severe hazards and issues for people’s health, Covid-19 (Coronavirus) has significantly impacted businesses and the economy as well.
We cannot prevent dangerous viruses from appearing; however, we should prepare to control society’s effects. The current outbreak of the pandemic has had severe economic consequences throughout the world, and all countries have been influenced. This issue has not only had implications for the economy, but all of society is also affected, which has led to dramatic changes in how businesses act and customers behave. This special issue is a global attempt to address some of the pandemic-related issues that affect societies.
In the following, you can find a better understanding of COVID-19 impacts on the economy and businesses and how some leading companies, such as Ronix, have been able to save their businesses and overcome this pandemic’s consequences.
Coronavirus Impacts on Economy
A simple look at the stock market will realize that Coronavirus has led to a volatile economy, but several more factors exist. The initial outbreak of the Coronavirus in China disrupted the global supply chains. More than 3.28 million Americans applied for unemployment benefits in the last week of March 21 as coronavirus-induced layoffs surged around the US.
Coronavirus Impacts on Small Businesses
Small businesses shape almost 99% of US companies, where they employ about half the US workforce. Since most small businesses lack the cash reserves even to survive a month-long interruption, more than 2 million workers lost their jobs in the US only one week after the occurrence of the pandemic. “Startup Depression” has been another consequence of Covid-19 so that new companies didn’t enter the job market due to the pandemic.
The Most Impacted Businesses by Coronavirus
Due to travel cancellations, restaurant and bar closures, and low consumer confidence in hospitality, travel businesses have been the two major industries impacted by COVID-19. Manufacturing and construction have had mainly to make layoff decisions, but these industries could suffer the strain resulting from consumer demand drops.
How Has Ronix Tools Company Been Able to Control and Reduce the Outcomes of Coronavirus?
Ronix, as a leading tools manufacturer, has been able to not only overcome the impacts of COVID-19 but has also made many efforts to protect its staff against the outcomes of this pandemic.
Through applying the following strategies, Ronix has been able to save its business, protect its human capital and overcome the impacts of Covid-19:
- Emphasizing the temporary nature of the crisis and the return of employees to the workplace after establishing normal conditions.
- Considering and developing health care and prevention protocols in the company, such as the mandatory wearing of masks, social distancing in all sections, providing hand sanitizer for the staff, and installing a sanitization tunnel at the company entrance.
- Providing special training for health care and prevention to the staff
- Providing online specialized required training to the employees.
- Taking precautionary and preventive measures as well as monitoring the implementation of relevant protocols precisely.
- Evaluating and providing the possibility of Remote Work and determining the criteria for studying employees’ performance during the remote work period.
- Reducing working hours and considering flexible working hours.
- Trying to pay the total amount of salaries and perks of the staff to prevent their phonological concerns.
- Taking innovative measures to retain employees instead of downsizing.
- Holding meetings in the form of video conferencing.
- Providing psychological support to the employees by informing and clarifying plans and measures.
- Encouraging the employees to deliver innovative and practical suggestions concerning crisis management.
As a result, by applying efficient strategies, Ronix has been able to save its business and provide better security for its employees to maintain their jobs and overcome the crisis easier.