COVID-19: Implications for business: Evolving perspective

The coronavirus presents an astronomical challenge — first, as a humanitarian crisis; and secondly, doling out an unprecedented impact on global economics. As of publishing on March 30, 2020, more than 175 countries and territories reported cases, ranging from early community transmission to uncontrolled, widespread transmission. The response is an evolving situation, so McKinsey’s editorial team curated the most relevant topics for senior business leaders to consider, including:

Epidemiological swing factors that will shape the pandemic over the next year: Growth of transmission complexes and evidence of seasonality; Impact of physical-distancing measures; Efficacy of health-system surge; Readiness of the health system to navigate recurrence; and, Emergence of herd immunity.

Think and act across five horizons: Resolve, Resilience, Return, Reimagination, and Reform.

An increase in communication balances the needs of the business with expectation setting and morale building.

Focus on these important steps to take now: Support and protect employees in this brave new world; Monitor leading indicators of how and where the pandemic is evolving and conduct scenario planning; Think about the new horizons of COVID-19: and Evolve the new center to plan for the next phase.