The Coronavirus pandemic was the most unexpected thing that could happen to us. It brought the world to a standstill and millions of people have been affected by it, with thousands of people succumbing to the virus and losing their lives. In addition to the tragedy, the global economy has taken a significant hit and this has taken a heavy toll on industries worldwide.
Companies downsized immensely and a lot of people lost their jobs in the process. Industries are losing capital and we’re seeing a slow but troublesome fall towards recession. 57% of Indian organizations expect a moderate to large adverse impact on their businesses.
The real question on everyone’s mind is how long will it take for industries of all sectors to recover from the pandemic? 46% of Indian organizations expect the effects to last for at least another year. But is that it?
What steps should businesses take to try and recover?
It’s a well-known fact by now that all the companies and organizations affected by the pandemic will need to take drastic and necessary steps in an attempt to get themselves back on track. Some CEOs are making cuts and focusing on riding the storm out while others are focusing on not taking too much damage in the long run. They are taking actions to emerge stronger and secure when the crisis ends. But what steps can companies take to ensure a strong comeback?
The pandemic has taught us a lot. From self-care to hygiene to social distancing, a lot of us are focusing on things we thought were trivial. But one of the more under-appreciated aspects of life that gained attention was digital media and online connectivity. Many companies have shifted to an online, remote working model so that they can keep operations and projects running.
Even before the pandemic, a company’s online presence played a big role in a company’s reach and advertising. But now with everyone at home and on the internet for a better part of their day, online marketing is the best way to reach people.
People are consuming online content daily, more than ever before. With the correct approach to online marketing, a company can gain impressive exposure. Furthermore, a company that does not invest in online marketing and maintaining an online presence suffers more severe economical losses.
Seek Government Support
In times like these, governments set up funds and relief measures. These programs and measures are designed to provide industries with economical help at such times.
In the Coronavirus pandemic, the Indian government has set up various relief packages and stimulus programs to support industries that have been affected by the pandemic.
Encourage employees to learn new skills
It takes 2 weeks for a person to learn a new skill. In the current state of lockdown and social distancing, employees can find a lot of time to learn new skills. These skills and practices can prove beneficial to your business. Business owners can encourage employees to take up online courses to improve their practical expertise.
Companies can help in employees’ skill development too. The best example of this is Schindler India, a transit-management subsidiary of the Schindler group. The company sends out training modules and small quizzes to their employees so that they can practice and sharpen their skills. This also gives the employees something productive to work on while construction is at a standstill.
How long will it take for industries to recover?
All business owners are curious to know as to when things will go back to normal. This question has varying answers for different industries:
- Aviation Industries: Due to countries widely maintaining bureaucratic caution long after herd immunity is achieved, the airline industry might take some time to recover. According to a survey by ICF, a global consultancy firm, the aviation industry will take six months to 2 years to get back to normal.
- Travel and Hospitality Industry: The travel and hospitality industry has taken a significant hit due to COVID-19, with international travel being affected by up to 25%. The travel industry will experience a slow climb back to demand.
- Entertainment Industry: Due to social distancing norms being followed everywhere, cinema halls and movie theatres have been shut down. It is being estimated that it will take the entertainment industry 2 years to financially recover from the pandemic.
- Retail Industry: According to Kumar Rajagopalan, CEO of RAI (Retail Association of India), only 8% of modern retail trade is functioning at the moment. The Indian retail industry will take a maximum of 9 to 12 months to bounce back.
Meanwhile, industries like pharmaceutical, digital and medical equipment companies have thrived during this pandemic and are running better than ever before.
With India slowly opening services back up and things steadily going back to normal, the Indian economy and industrial climate have started healing back to normal. It will take time for everything to start functioning like before the pandemic but with proper efforts, things will go be back to normal before we know it.