The Impact of COVID-19 on the Corporations and Management Change

Situational Analysis And Effects Of Covid-19 On Companies

COVID-19 emerged as one of the worst pandemics in this period due to its ability to affect almost every country across the world negatively. Corporations were not left behind, and many were negatively influenced by their operational modes. As a result of this, it has been quite difficult for most companies to take appropriate steps in addressing the nature of their respective targeted goals within their respective markets of operation (Gigauri, 2020b). Various conditions attached to COVID-19 have adequately influenced some companies' practices due to the change in multiple modes of operations that align with the COVID-19 measures to curb the virus's contagious spread. As a result, the pandemic has negatively influenced various HRM practices across various companies in several ways. According to the listed surveys above, many companies face significant challenges (Clift & Court, 2020). The considerable difficulties include a reduced number of workers following the World Health Organization's new policies to curb the disease's spread and reduced operations following fewer employees. This exercise affected the global economy and reduced sales, as the business-customers interaction facilitated organizations that have not put up profitable online businesses and lowered revenue collections (WHO, 2020).

The COVID-19 pandemic has brought with it the fast-moving and unpredictable market. Some harmed the economy, and companies were not prepared for those. It's undeniable that COVID-19 harms most offline businesses that did not have an online presence, and businesses online were negatively impacted. However, they could still recover faster in comparison to those offline. Commonly, every country worldwide had a lockdown from March and could not conduct their business and regular daily activities. People had to stay in and maintain distance from others (Clift & Court, 2020). The corporate faced many issues as they could not earn profits and sell products; even online business sites such as Amazon could not sell because of restrictions on transportation and lack of personnel to deliver the products. The COVID-19 pandemic has reduced operations conducted by businesses, which consequently led to curtailing manpower in order to lower the risk of the disease escalation. Sourcing of materials has become an issue as movements both internally and abroad have been minimized, leading to a longer time spent acquiring raw materials and getting finished products to the market (Akkermans, Richardson &Kraimer, 2020). On the other hand, market interaction has been moved swiftly from the traditional interaction to digital interaction hence hindering small organizations that are not well organized in digital marketing and selling (Gigauri, 2020a). Businesses understood that the need of the hour is to move online and use a digital payment method to avoid human contact.