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Covid crisis coping with stress
- 1. Covid crisis : Coping with the stress By: Riya Saha Graduated from: IIM Lucknow, 2014 Experience in : Product management, new business launch, BTL marketing Email ID: riya.saha@gmail.com Image: © iMrSquid/Getty Images
- 2. The pandemic has become a global humanitarian challenge; leading to significant uncertainties USA Confirmed cases 1.88 million Daily Death : 876 USA BRAZIL Confirmed cases 602049 Daily Death : 945 RUSSIA Confirmed cases 41171 Daily Death : 167 INDIA Confirmed cases 227129 Daily Death : 249 Brazil Russia India COVID 19 data as on 8, June 20 Stress factor is due to uncertainties regarding exposure risk factor, infectivity of asymptomatic cases, severity of illness, fatality rate & drivers of mortality, increase burden in health care system, development & availability of vaccination, rise in unemployment rate and adapting new lifestyle - social distancing & technology upgrade. 2Riya Saha , Marketing professional
- 3. Outbreak impacts the health, socio-economic status, ease of doing business and prepares for new way of living 3 Riya Saha , Marketing professional Fear about health of own and loved ones Difficulty to concentrate Disturbed sleep and eating habits Worsen chronic Health problems Worsen mental health Individual unit Corporate unit Revenue decline due to demand crisis Inventory pile up Lack of working capital and without cash realization Workforce management crisis Fear of going out of business Income uncertainty, mobility restriction, social distancing & need to switch to new edge technology will alter life Liquidity crisis, change in consumer sentiments, modern distribution channels & need of technology upgrade will alter business Lockdown resulting in breakdown of supply chain Apprehension for future well being & financial burden
- 4. Stress factor affecting individuals based on age, profession and co-morbidity Stress Exposure HighLow LimitedRepeated Seniorcitizen Childrenchronicailments Mentalillness Healthcareprofessional Frontlineworkers Lawenforcementprofessionals Accurately determine the risk factors so that reasonable precautions can be taken 4 Riya Saha , Marketing professional
- 5. Altered spending sentiments induce stressed business volume; Consumer interest shift in time of crisis Source: BCG COVID-19 Consumer Sentiment Survey March 23-26, April 17-20 2020, April 30-May 03 2020 5 Riya Saha , Marketing professional Stressed segment includes non-essential products such as apparel, electronics, travel & tourism, luxury products Surge in buying for essential commodities due to fear of unavailability and mobility restrictions. More spend is targeted towards health hygiene products ( Vitamins, herbs & supplements) - to boost overall body immunity Potential growth opportunities for e-commerce- as we upgrade to technology for daily needs
- 6. Essential measures to fight the battle in both personal and professional level Lifestyle changes Stressed business management 6Riya Saha , Marketing professional
- 7. Lifestyle changes 7Riya Saha , Marketing professional
- 8. Maintain social distancing and not emotional distancing!! Personal Hygiene Lifestyle Coping with stress Frequent hand wash Use hand sanitizer Face mask & Hair cap Face shield Balanced diet Sleep for atleast 8 hours Meditate for positive energy Free hand exercise Work on hobbies & upgrade skills Use technology to interact Self reflection Search for right information Personal maintenance is key to sail through the crisis and combat the personal stress 8 Riya Saha , Marketing professional
- 9. Personal initiatives to deal with the crisis 9Riya Saha , Marketing professional Share problems with family and friends Focus on social bonding for effective collaboration If need arise consult with counsellor Virtual counselling can help Keep yourself occupied with constructive thoughts Build adaptability and resilient skills to thrive during crisis Motivate yourself as well as people around Follow a strict schedule so that routine is not disturbed Do not suppress your emotions Plan exciting games to keep your children occupied and stay indoor Help each other combat stress
- 10. Stressed business management 10Riya Saha , Marketing professional
- 11. Riya Saha , Marketing professional 11 Resolve Rebound Rebuild Revamp Reform Address workforce crisis, altered customer sentiments, business partner crisis for smooth functioning Address near future cash payment challenges due to lockdown & economic knock on effect Build comprehensive bailout plan as lockdown is lifted and economic activities resume Build emphasis on building technology up-gradation for smooth transition and adapt to new reality of work-from-home Understand regulatory & competitive shift which will command the future Business needs at the time of crisis; planning for the future business well-being Tackle functional challenges ; Renew systems & processes ; Review business needs HR Technical Financial Supply chain Marketing & Sales Manage mental health & wellbeing Invest in digital training & knowledge systems Secure digital collaboration of workforce Ensure leadership are flexible Review employee benefit plans Re-assess security position of home- working technologies Upgrade systems for efficiency Implement advanced collaborative platform Collaborate with key stakeholders to redefine IT needs Identify business needs for the crisis & allocate investments Working capital assessment to release funds Revisit near future investment plans Turn crisis management into risk management Identify the risk and check the value chain discrepancies Build confidence among suppliers Review demand forecast and procure based on latest demands Reallocate budgets for better customer reach Social media monitoring with more visual content to attract targeted customer & build trust Review stock allocation in different channels Promote virtual calling & remote training
- 12. Riya Saha , Marketing professional 12 Thank you !!