The study was conducted among approx. 200 executives from across industries, 35% of whom were CEOs.
Executive Access India CEO Ronesh Puri said: “Business continuity and survival seems to be the top priority. Some organizations had business continuity plans that are regularly updated but few expected the number and size of Covid-19. Work life contingency plans for different scenarios seem to be prioritized. However, a number of organizations admit that this will be a huge challenge as planners do not know how much the consumer will change and for what duration. ”
Although respondents were optimistic about the time frame for recovery after the coronavirus crisis, with 35% citing around two quarters and 61% assuming business to be back to normal within three quarters at the highest, a one-fifth that it can take more than a year. However, a significant majority of 91% of respondents said the crisis will have a long-term impact on the way their organization conducts business.
KPMG India President and CEO Arun M Kumar said: “In the short term, the likelihood of continuing is high. The economic impact could be broader than anything else in the past – both globally and in India. The recovery in India is expected to be smoother than some of the other major Western economies. “Kumar said there is interest among companies in protecting revenue, preserving value and business continuity planning, among other aspects.
Fear of external financial threats is linked to the perceived influence of the Covid-19 crisis on the financial performance of the organization. As many as 73% of the sample estimate a 10-40% impact on the top line, while 57% estimate a 10-40% impact on the bottom line.
Tarun Rai, chairman and CEO of Wunderman Thompson, South Asia, said: “In my discussions with many of our clients, the question is on people’s minds whether the recovery will be V-shaped or a longer U-shaped, and there seems to be agreement the latter. However, most are hopeful that the year will not be lost and we have time to recover in the second half to capture the festive season. ”
Rai said Covid-19 will have a long-term impact on the way the business is conducted. “From risking supply chains to a renewed focus on e-commerce, more automated production … there will definitely be a ‘new normal’ in various aspects of business in the world after Covid,” Rai said. size to be the biggest influence of Covid-19 on talent management, according to the study’s findings.
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