Many retailers faced major issues prior to the crisis, which has led to threats on their future with sales plummeting due to shelter-in-place orders. Now, as states reopen, how retailers respond could determine their survival.
Delaying new product launches has become one of the most popular strategic tactics companies have taken to stem losses from Covid-19. Even if your company is moving back to full operations, it doesn’t mean those new products should hit shelves soon.
Even as company workforces shelter in place, misconduct has suddenly ceased. Avoidance of investigating fraud or harassment could leave a company liable, even in the time of Covid.
As companies try to return to normal business, they will also have another concern to protect themselves from: Lawsuits. From healthcare, to cruise lines to insurance, most industries will have to deal with an onslaught of litigation from customers, partners and investors.
In the U.S., where health insurance through an employer is the primary way to receive care, many patients may abstain from going to the doctor due to costs. This has the potential to further the spread of the virus and has put insurers in the spotlight.
The cost of epidemics is expected to rise by $23.5 trillion over the next 30 years, as the rates of the such illnesses increase. The coronavirus has shown that such an epidemic halts business and can impact all parts of the company, from the supply chain to how employees work.
The New York Times has reported that executives at Walgreens Boots Alliance asked consultants to remove findings from an internal report that included complaints from its employees. For a better way of making sure information isn’t hidden from the board, look towards this technology darling.
Global manufacturing is expected to feel the impact of the spread of the coronavirus — not the least because China is a far larger exporter than it was during the 2003 SARS virus outbreak, according to The Wall Street Journal.
Earlier this year, automotive giant Volkswagen found itself facing a regulatory investigation for the results of their diesel-emissions tests. For some, the ensuing negative headlines would have broken the company. Not so for VW, which has embraced the opportunity to learn from the experience, protect shareholder value and position itself for even better days. Recorded at DirectorCorps’ Avoiding the Corporate Crisis Conference on December 3, 2019 at the Nasdaq MarketSite in NYC.
Governance always comes into sharp focus when there’s a systemwide breakdown. But a review by Stanford University law professor David Larcker and researcher Brian Tayan suggests that many of the assumptions people make about what constitutes good governance are rarely evidence-based.