At the start of 2020, announcements of COVID-19 filled the news feeds of individuals all around the world. As companies and countries began (and continue) to introduce social distancing and quarantine measures, social and economic life has been impacted on an unprecedented and global level.
World GDP forecasts have dropped from 2.9% in 2019 to 2.4% in 2020 while stock markets have plummeted, with NASDAQ falling 24.54%, DOW JONES 35.6%, FTSE100 34.33% and ASX200 falling by 32.05% at the time of writing. Meanwhile, employees have been impacted with a predicted cut of 6.7% of working hours globally in the second quarter of this year – the equivalent of 195 million jobs worldwide.
The impact on the economy (both globally and locally) is clearly one of the largest byproducts of COVID-19 – but it’s important to recognise that the pandemic has and will continue to impact businesses in other ways. Many companies are now realising the ease of working remotely and investing heavily in technologies that enable social distancing, while practices that rely on in-person interaction and travel will need to reshape the ways in which they operate.
Here at The MitchelLake Group, we decided to tap into our networks and gain the insights of some of the industry’s top minds. Speaking to over 20 technology leaders across three continents, we asked them how their companies have been navigating the current COVID-19 crisis, how they have changed the ways in which they engage with their customers and employees, and what impact the pandemic has had on their internal company operations.
Over the next few weeks, we will be releasing a series of articles which look at how digital leaders from companies including EY, LanguageLoop, Covidence, Vervoe, Sharesight, Smiling Mind and more have handled the crisis in four key areas:
How have our technology leaders approached communicating with customers and clients during this time? In what ways are they being engaged, and what kind of flexibility is being offered?
What levers are business leaders pulling before making hard decisions around redundancies? What strategies are being implemented before making this final decision? Are businesses still hiring?
Strategy and operations
What are the biggest risk areas facing your company over the next three months? And, in light of this, what are your top three priorities moving forward? How has your business transformed to meet the changing needs of your customers, clients and employees?
Key words of advice
Having implemented a range of operational and marketing strategies, what are some top pieces of advice you should share with other tech business leaders to survive and thrive during this period of crisis?