The COVID-19 pandemic is probably the deadliest of all the epidemics we have witnessed since the last hundred years. With its incomparable power to infecting the masses, the pandemic has assumed a global shape and is holding the entire world in its lethal clutch. Much like every other lateral of the world, the business domain, too, has suffered an unprecedented loss over the last few months owing to this pandemic. However, as always, the managers and leaders all over the world are putting in their best to keep the performance chart of the business houses from falling into the depths of depression. In order to keep the business going and growing even during such financial bottlenecks and to fight the demon of exponentially shrinking market demands, the managers of the firms are putting across their leadership skills amid the pandemic. Here are some of the ways the managers of the leading firms are putting up their unique skills these days.
Critical time decision-making
The ongoing pandemic is surely a crisis period. The managers of every firm are facing a colossal amount of stress every day, managing the dramatic changes in business parameters and market movements consequent upon the COVID-19 spread. Therefore, crisis management has become an integral part of the manager’s lives all over the world. We, at Indore Institute of Management & Research, have closely observed how managers in leading organizations have been putting their decision-making skills to use amid the pandemic to keep their businesses thriving. And this is one skill that we have always stressed upon when it comes to prepping up our management students for the corporate world.
Coping with the changing work schedules
The conventional 9-5 work schedule is no longer the standard for any industry. Instead, the remote working culture has replaced the water-tight schedules of corporate working. The managers are thus also putting in their best to ensure that every project and task gets over within the stipulated time without any spill. During the pandemic, a delay by even a day might mean adding to the already existing pile of losses. Allocating different time schedules to the team members keeping their individual conveniences in mind, and matching the same with the business requirements to ensure optimum outcomes is what the managers today are doing every single day to keep the operations going smoothly.
Ensuring team bonding through virtual meetings
Sitting face to face in a conference room and addressing the team with enthusiasm and energy seems to a long-gone thing today. The managers worldwide are now concentrating on keeping the confidence and motivation level of the team members high through virtual meetings. Technology is helping to a great extent in accomplishing such efforts. The managers are also putting in their best to adapt to the latest technological advancements to make sure that no stones are left unturned in ensuring optimum output.
Running data-based analysis
Data has become the key to success these days. Especially amid the pandemic, when most of the businesses are renewing their policies and work patterns based on the latest developments in the field of medical research, data is serving as the key tool to keep the businesses going. Managers are also putting up with the data analysis procedures adequately to make sure that the performance of the businesses does not falter dramatically.
Forecasting in a completely vulnerable business biome
Forecasting is integral to management tasks, and every business house depends on effective and well-analyzed forecasts to make its next move in the corporate world. With the COVID-19 pandemic ruling the world today, speculations and uncertainties are now sitting at the top of the business biome hierarchy. Hence, forecasting has become vulnerable and less predictable. The elements of risks are outshining the certainty factor by a considerable amount.
At Indore Institute of Management & Research, positioned among the Top Ten MBA Colleges in Indore, we firmly believe that a manager with the knowledge to tackle tricky situations can be a savior for a firm amid the condition of crisis, such as the ongoing pandemic. Keeping the same in mind, we, at IIMR, have ensured preparing every management student of ours to be a warrior, potent to face the challenges and find solutions without succumbing to the decision fatigue common during such sustained crisis periods. We are proud to mention that IIMR alumni have been standing strong as great managers even during the pandemic, and we wish for similar success and even more for each of our students.