Covid-19, or popularly known as Corona Virus is the most buzzing topic in the world right now. It is because this ailment is not only contagious but severely deadly and has resulted in thousands of deaths across the world. Even giant countries like the UK, the USA, Australia, and many others are highly affected by it. As a result, there is a major impact of Covid-19 on domestic as well as international business.
With every passing minute, the number of deaths due to Coronavirus is increasing across the world. Just like sectors, businesses, and economies of most of the countries, India too is experiencing economic downtime due to Covid-19.
Due to the increasing panic of Covid-19, most of the IT companies in India have asked their employees to work remotely from their home or remote locations through online communication platforms, like video conferencing, live chats, and others. Before any widespread process is implemented by the IT industry, each process is being tested and executed for a small group. Being a top android development company we too have adopted the major measures to let employees work securely from their home and stay away from this alarming disease.
However, the truth is much bitter than this!
The spread of the Coronavirus to numerous Indian cities has resulted in lockdown, needing more and more professionals to work from home only.
But the reach of IT companies is not limited to only domestic boundaries. It is spread overseas and due to failing economies worldwide, there is a huge fall in the IT sector down to 3-5%. As evaluated by top financial institutes of the country, the downtime is expected to increase by 8%.
Why has this happened?
The pandemic impact of the Coronavirus has created a huge impact on the trade and economy of every country.
As far as India is concerned, it is estimated to suffer a loss of $348 million, which is among the topmost affected economies globally. As per a recent report by the UN, the IT or Information Technology sector of India has been nominally affected by $185 billion.
This official report confirms that just like other sectors, the impact is expected to increase by .03-.5% on the GDP in the next year, hence, deteriorating the growth in the initial two quarters of the fiscal year.
Highlights of Covid-19 Effects on IT (Information Technology) Industries
The Covid-19 has compromised managing the daily service delivery for most of the customers at certain platforms. It has resulted in a huge loss of revenue and inadvertent breaches of contracts with clients if the employee is not able to work anymore for the client.
Even the IT industry has got a huge hit and experiencing a crisis because of the Coronavirus pandemic. While most of the organizations are closing stores, processing plants, workplaces, there are a few giants like Microsoft, Google, Wipro, and others who are introducing all possibilities to make it easier for their employees to work from home.
No matter what the scenario is Covid-19 has hit hard the Indian IT sector leading to the following effects.
IT Companies are Experiencing Disruptions on Supply Chain
The impact of Covid-19 across many industries is inevitable. As far as the IT companies are concerned, they are experiencing a huge impact on supply chain coordination. It is because Covid-19 has resulted in information distortions and delays.
Additionally, the transaction cost has increased and it has become difficult to manage e-collaboration. As a result, it has become difficult to manage business to business interactions seamlessly.
As per the present scenario, the cost of products from China is increasing and is expected to rise over time. From expedited freight cost to paying premiums to purchase supply and hold capacity. If it continues this way, it will take a longer time for India as well as other countries to maintain information supply at par.
Organizations Dealing with Reduced Performance and Productivity
On a broader scale, the virus has deeply impacted the productivity and performance of employees as they are finding it difficult to adjust bonus targets, sales and unforeseen circumstances at home. Handling everyday productivity and performance has become a major issue.
The worst-hit in India is workers from medium and small enterprises as they are unable to make apt utilization of remote working facilities. As a result, the companies have waived such employees and cut wages, which is again a major impact on their overall business and production.
Closures of Offices Leading to Slower Work Pace
One grave challenge posed by CoronaVirus to India is the closure of multiple offices and workplaces against the safety of people. The Indian Government has imposed longer closure times to reduce travel among people in this critical time.
Closures of offices have impacted numerous businesses, which has resulted in slower productivity than usual. It has also indirectly affected the human resources and the economy as a whole. Even, some businesses have witnessed a downfall of 80%.
Many Companies Still Not Prepared for a Remote Workforce
While offering work from home to a few employees was easy, the Indian Government has made it a mandate for many. However, companies are not fully equipped with resources and solutions and are experiencing a lack of interpersonal training and collaboration tools.
A recent report by Gartner, confirms 54% of IT companies in India lack enough resources and technologies to effortlessly aid their employees to work from home. It is because of old systems, IPS backup and inefficient network connectivity. Despite advancements, still, employees lack access to tools such as Zoom, Skype, Live Chat, and more.
Cash Flow Crisis among Small and Medium Scale Enterprises
Numerous small and medium scale enterprises have reported major pressures on their cash level. It is a major lockdown to businesses dealing with supplies because the stock related to Corona Virus is piling up resulting in major transport disruptions.
As a result, the entire working capital of the company has deeply impacted and it is now difficult for such companies to combat the financial crisis and survive.
How Vebsigns is Setting Benchmarks for Other IT Companies to Overcome Covid-19 Effect
IT companies are finding it difficult to overcome this chaotic situation that has occurred because of the Coronavirus pandemic. Companies are being forced to introduce a remote working environment while maintaining productivity and stipends for employees.
Some of the possible measures that Vebsigns has taken to combat the Covid-19 effects are:
Vebsigns is Encouraging Employees to Work Remotely
It is an emergency, and hence, just like Vebsigns other companies too must permit employees to work from home or remotely. It is the responsibility of each organization to ensure its employees stay safe and do not come into contact with infected co-workers or public transport. Working remotely is an important social distancing practice that is needed to combat Covid-19.
Avoiding Group Gatherings
Additionally, there have been numerous preventive measures announced by the Indian Government to reduce the spread of this deadly virus. One important practice that Vebsigns is practising is avoiding group gatherings.
Avoiding Business Travel
No matter how imperative business travel is for your company, it must not be permitted until Covid-19 is completely alleviated. If it is extremely essential, companies must offer additional support to their employees.
Encouraging Sick Employees to Stay at Home
Sick employees can be carriers of CoronaVirus, and if they enter the official premises it can be difficult to stop the spread of disease. Don’t just call sick employees to work because they have no leaves pending.
It is better to encourage them to work remotely or from home. If necessary, introduce a non-punitive policy for leaves. Vebsigns has introduced a new leave policy for its employees to offer them support during Covid-19.
Most importantly, if any of your employees show minor symptoms of illness, fever, or cold and cough, suggest them staying at home and come only after 24 hours of symptoms disappearing. Make it mandatory for all your employees to report about their illness to the HR and team leader immediately.
Impart Necessary Training
One major challenge most IT companies are experiencing is the lack of discipline among leaders or managers working remotely. In such a scenario, it is essential for team leaders to define sensible rules for their team workers to be available and when to not.
For this, the leaders can also impart training to the employees to let the business run smoothly. The employees must be trained for using the latest technologies and tools to work efficiently from home.
Make Best Use of Digital Technologies and Tools
We are a leading web development outsourcing company in India, and just like other companies, we are adopting online conferencing portals such as Skype to let employees work remotely consistently.
However, the most efficient tool that has helped us work seamlessly with all our employees is Webinar. It is a highly interactive platform offering the ability to discuss, receive and send details in real-time.
Live chat, sharing presentations and videos, surveys and polls, desktop sharing, whiteboard, and recording are some of the prominent features of webinar.
Furthermore, people working from home are looking out for innovative online games to get rid of boredom and spend some relaxing, leisure time. There is a hike in demand for gaming apps and we can offer you the best gaming apps for your employees, customers, and others.
As a reputed web development and iOS Development Company, Vebsigns would love to lend you a helping hand in the form of awesome apps and digital solutions for your business to run smoothly online. Just contact us now!