The time to take action is now. Organisations must move from planning to response.
It is important to take a People-First approach by listening to employees' concerns to ease anxiety and preparing to amend policies and plans based on evolving advice from governments and health officials.
While most firms plan for emergency situations that impact business continuity, the COVID-19 pandemic has caught many off guard. Marsh has been helping clients prepare for and respond to the outbreak to protect their people, business operations, and reputation.
Key questions to ask:
- Do you know what needs to be done now to protect your people and business interests?
- Do you know how your organisation might be impacted in the near and medium term?
- Do you have confidence in your plans to be able to respond and quickly recover?
- How long can your people and systems cope under these extraordinary circumstances?
- Does your insurance provide any cover for this crisis?
Populations in 120 countries have been subjected to lockdowns to control the virus and prevent health systems from being overwhelmed.
Acknowledging the stages of pandemic development and the emotional response to it can help us move toward the acceptance stage more quickly.
Communicate the status of your operations to all key stakeholders who need to be informed, i.e., employees, vendors and key customers.
While telecommuting will likely be the norm for the next several weeks, employers should be patient with themselves and their employees as they navigate this new world of work.
Managers should regularly check in on their employees' wellbeing, either during team meetings or on an individual basis. Now, more than ever, employees need your support and guidance.
Reinforce your cybersecurity protocols with employees and ask them to remain hypervigilant to ransomware and phishing scams. Cyber criminals will use the current pandemic to prey on organizations.
Working with insurance and claim advisors, employers can use analytics and claims inventory management tools to aggressively reduce their liabilities and reserves.
We are here for you
As COVID-19 continues to affect how we all do business and interact with one another, we are committed to continue to deliver timely and relevant information to our clients and broader community. If you have any questions or would like to have a conversation about the impact coronavirus is having on your business, please reach out to your Marsh representative, or email us here.
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