Getting Through the Immediate Crisis Is Just the Start

COVID-19 grew into a global pandemic in less than three months, during which time we’ve experienced rapid and unprecedented developments. One day, it seems, we’re hoping it will all be over in a couple of weeks; the next, we’re stressing over running low on canned food (which was never our staple of choice by the way). It’s safe to say, I think, that most people finally are taking it seriously indeed. We are all finding the balance between shielding ourselves and protecting others. But speed to get there does not warrant the podium. What is also becoming apparent, even for the optimists among us (and I am one), is how quickly this painful health crisis is spreading to the economy. According to a survey I read this weekend, a majority of people surveyed in a dozen countries believe this crisis is going to negatively impact jobs and businesses, and most expect to sustain a personal financial blow. So, at a time when all efforts are being made to protect people’s health and stem the rate of infection, we must also be doing everything possible to stop—or at least lessen—the economic impact of this rampaging virus.

Elected officials, business leaders, and individuals alike are finding themselves toggling between the various concerns. Paramount, of course, is our health security; nothing matters as much. But jobs security and income security and retirement security and housing and food security also are on most of our radars.

Every day, we read headlines about layoffs, salary cuts, and mandatory furloughs. And that’s only news from companies that are visible and still have the resources to make public announcements. The number of small businesses—brick-and-mortar retail, cafés, restaurants, fitness centers—that have closed, temporarily or permanently, is incalculable. Many of our neighborhood spots that have gone dark, with perhaps just a small sign in the window to say goodbye, don’t have enough cash to survive. And the consequences are devastating for all the people who are dependent on these jobs for their living, including the young working to finance their education—our future. Scary.

Scientists, we trust, will ultimately find a treatment or even a cure for COVID-19, but the patient—in this case, the global economy—will be a long way from healed. If history is anything to go by, we also need to worry about the risk of finding ourselves in a vicious circle whereby rapidly deteriorating economic conditions lead to another health crisis.

As a COO, I know how crucial it is for business continuity plans to go well beyond near-term survival. I’m grateful I work for a company and with a wonderful bunch of colleagues that take that seriously, even when skies are sunny. We’re seeing that pay off now. Businesses of all sizes and in all industries need to plan for the long term and a vast swath of eventualities. And nations need to take tangible actions now, giving priority to those who are suffering most in the immediate term but also putting in place measures that will protect us as new crises arise. And we all know they will. If this current situation teaches us nothing else, it should be the necessity of laying out a map of how to navigate possible and probable challenges well before they have taken shape on the horizon.

I’ve been relieved to see that many governments are reacting quickly and boldly to the current crisis. My fear, though, is that these efforts risk being wasted in the absence of true collaboration by all the relevant stakeholders. This global pandemic and economic tsunami require a global response—with governments, scientists, businesses, NGOs, and individuals working in unison and toward a common goal of widespread economic well-being. Many hatchets need to be buried. Now is not the time for unilateral action. If anyone doubted last December just how intertwined our new world is, I suspect they’ve found the recent evidence hard to ignore. What happens in China is felt in Italy. What happens in Italy is felt in the United States. That holds true for highly contagious viruses and for economic malaise.

And more importantly, beyond healthcare and economic measures, we need to rebuild confidence quickly—and not just of investors and companies, but of our planet’s 7 billion inhabitants. That will require listening to them and understanding their challenges, while ensuring fast action, clear communication, discernable results, and, perhaps most of all, total transparency in operations and communications. Nothing builds trust and confidence better or more quickly than feeling that everyone at the table is showing their cards.

Equally as significant, we must look beyond the headlines and even beyond our immediate concerns to consider what opportunities this tumultuous time offers. What do we now know society and governments can accomplish when they put their minds to it—and money behind it? What’s preventing us from coming out of this crisis and into a more equitable and sustainable world?