Seven key actions to mitigate the effects of COVID-19
As PNG’s response measures to the COVID-19 pandemic have now moved to a State of Emergency, we know that PNG businesses are facing several significant challenges to which they need to respond quickly.
We are continuing to work with PNG businesses to help them prepare and respond to these challenges, sharing our global network and local expertise with PNG businesses. PwC’s Global Crisis Centre has listed the following seven actions that a business leader can take to ensure their organisation mitigates the effects of COVID-19.
Review workforce locations and travel - Businesses in PNG usually have staff in multiple locations so understanding where employees are, and ensuring that they are safe, is the first priority. While businesses have started reviewing and updating policies relating to travel (including staff transport), remote working, paid and unpaid absences, and visitors to the business premises, it is vital to review these policies regularly as the situation changes.
Revisit your crisis and continuity plans - Most businesses in PNG have developed a crisis or continuity plan, but nothing tests theory better than reality. In the event that a large number of employees have to work remotely for a long period of time, how are the employees, businesses and key government infrastructures set up to cope? How will communication with employees and stakeholders be managed and maintained? How will information flow during the State of Emergency period?
Evaluate the supply chain - Most businesses in PNG have an understanding of their supply chains. But not all have a clear, and detailed picture of what the process looks like from their end product back to all the raw materials. Having a clear understanding will help identify potential problem areas that need to be addressed before a more significant problem could arise.
Identify points of failure - Businesses in PNG have a good understanding of their teams and individuals on whom critical services depend. However, those teams or individuals may not be available right now (or in the future), so it is important to identify a backup or replacement. In the current environment, there needs to be an understanding of the impact of how staggered shifts or remote working will impact service delivery.
Get communication right - Businesses in PNG are working hard to reassure their employees and stakeholders that they are being protected and that the business is prepared. With the access to information (and misinformation), it is important that the businesses’ messages are consistent and accurate.
Use scenario analysis - There is a lot of uncertainty in PNG that affects businesses’ understanding of their best and worst case scenarios and whether their businesses are equipped to cope. In completing this analysis, remember to consider impacts on working capital, banking covenants, workforce and rental payments, among others.
Don’t lose sight of other risks - There are many other risks that PNG businesses face that aren’t diminished by COVID-19. Keep in mind all other risks to your business and think about things like cybersecurity, security and insurances.
For further information, please see us for help.
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