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