Effects of coronavirus and how can Businesses Cope
Coronavirus has affected not only China’s economy but its influence on the rest of the world’s economy is also heart-breaking. According to ‘Organisation for Economic Cooperation and Development’ the growth in world’s economy this year could be slowest since 2009 due to coronavirus outbreak. Economists also suggest that if continued this outbreak could halve the growth rate in 2020 as factories suspend their activities and workers stay at home because of the virus.
The new cases in coronavirus are causing travel restrictions and are slowing down business activities in affected areas
Change in demand for the products has lowered down and is expected in the future as well. Apple the giant of technology has said that its sales have suffered due to low demand by customers. Disrupted manufacturing, because of the employees being out of work, has also been observed and hence leading the stores empty and disrupting supply chain.
Coronavirus has also impacted stock markets negatively. Stock markets worldwide seen their worst crash in Feb 2020 since 2008 financial crisis due to Coronavirus pandemic
Here are some preventions that company owners can make to cope with the current situation,
- Limit travel for yourself as well as your employees
- Provide your staff with best hygiene facilities at work
- Establish good communication with employees regarding Coronavirus, its risks and precautionary measures.
- Make sure your team knows your plans well so that in urgent situation they know well what to do and how to do the business activities
- Prepare your employees for remote work and create policy to work from home during epidemic.
- Employees should avoid physical contact with one another for example; handshakes, hugs or sharing of any edible item as it’s a viral disease
- Employees should cover their nose and mouths by using a mask. They should use a disposable tissue paper while sneezing or coughing and properly dispose of the used tissues afterwards
- Workers should seek proper medical care if they feel unwell
- Businesses must closely monitor official Government sources to be updated with government policies regarding businesses in such situation. And they should also provide workers a proper update about all the news and situation
- Review and promote your organization’s policies and measures for infection control
Statutory Sick Pay for Covid-19 Suspects & Patients
- If an employee contracts coronavirus, it should be treated the same way as any other sickness leave in terms of payment. Legally speaking, you are compliant by paying the affected employees their normal Statutory Sick Pay (SSP)
- Government has changed the least time period of 3 days to one day for Covid-19 patients i.e. employees should receive SSP from the first day of their sickness
- SSP is normally paid by the employer, the government has announced that it will meet the cost of providing SSP for up to 14 days for workers in companies with up to 250 employees
