The coronavirus has affected all industries and jobs in different ways. It is a hard time for people worldwide. People are losing their jobs, shops and companies are being shut due to the more expenses and less people to work. Also, people are working from home, studies are also done online. So, everything is done online because of this pandemic.
IMPACT OF COVID 19 ON TECH COMPANIES
Tech companies are facing a lot of issues nowadays due to COVID-19. Because of these impacts, many tech companies are getting shut down. Some impacts of this pandemic are:
Cancellations In Conferences Leading To Loss In Business:
The biggest impact can be easily seen on companies like google, Microsoft, apple and other such tech companies. These companies have faced various issues due to COVID-19 and have also been through financial losses as well. Also, as the employees have to work from home, it is also affecting the companies in different ways. Keeping the safety and health of the employees in mind, this work from home method is a negative one for companies as they cannot conduct conferences. There are many companies which make deals internationally, for which conferences are to be conducted. Such international conferences have to be cancelled, someway, affecting the partnership and deals of the companies. Due to these cancellations, tech companies have to face a lot of loss in their business.
Low Inventory
Now companies are keeping low inventory, so that whenever the product gets sold off then only more such products would be ordered. This low inventory also shows that there is less sales in these companies which is affecting them financially. By doing so, the companies would not have to face loads of loss and they would also be able to sell more products.
Delays In The Launching Of Smartphones And Other Accessories
As we all know, India has trades with China and other countries for tech accessories and smartphones. Due to this COVID-19, there are many technological companies that have been shut down. so, business through those companies has also come to an end. Also, Apple's phone manufacturing has also been suspended to the effects of coronavirus.
Low Production
As there is social distancing all around, work in the production teams has also decreased. As keeping the safety and health of employees in mind, the production team also works keeping things safely. Also, as the demand is less there would be uncertainty in the supply, demand and production of products. There are new norms coming every next month, so accordingly the production will be kept in mind.
Less Workforce
Earlier, there were employees who used to work for full time, but now employees work from home. As employees are working face to face, the work can be done more effectively. But, work from home is not a way to manage the impacts. It is also affecting the skilled workers and due to less sales, many companies are reducing their employees.
HOW TO CURB THE EFFECT OF COVID 19 ON TECH COMPANIES
Now, as the effects of COVID-19 have been discussed. These effects have to be reduced by following some steps. There are various steps that have to be considered to curb the effects. Such steps are:
- Communicate accurately keeping all the safety measures in mind
- Think of some benefits for your workers. The employees in a company are the main element which helps in proper functioning of the company.
- Keep cyber security in mind which can help as it can help remote employees.
- Seek help if needed.
- Communicate with your employees, dealers, vendors, customers
- Keep financial reports and audits handy
- Make a plan that can look after the sales, production, taxes and all such things.
- As Facebook has announced a six-month bonus for its employees, the same way you should think of such ideas.
- Keeping safety measures in mind for the employees.
- Think of different ways to increase online sales. As everything is online, so why not take its benefit and increase your sales online