Reacting to the Corona Virus crisis: Read to the class
When crises first hit, companies need to react to immediate challenges and threats. At that point, it’s important not to lose sight of doing the right thing. Businesses must remain true to their vision, be empathetic to stakeholders, make quick decisions and adjust those decisions, if necessary, frequently and transparently on the basis of new information in order to adapt quickly. The actions by Air Canada illustrate this principle very well. Air Canada laid off 16,500 employees as a fast and direct response to a reduction of their flight schedule due to the decline of demand and border closures for non-residents. Recently, the federal government communicated the details of a wage subsidy package. Right after, Air Canada announced it was immediately rehiring most of their people based on the 75 per cent wage subsidies promised by the government. In disruption, operational challenges need solutions, cash management and liquidity need to be adjusted for the changes in demand and communications and leadership must be expanded into the digital space. If companies haven’t been online before, they likely are now. In a fast-changing marketplace, aggressively pushing new solutions into the market may help some companies. Many business issues resulting from disruption due to worldwide efforts to contain the spread of COVID-19 will need quick fixes and solutions. They are also the beginning of new problems.
Students should work on Question 20 from Monday's class( can use the rest of class time) See post below for further details.
If finished everything: Go to link to lesson on Promotions and read through.
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