Impact of lockdown of economy

INTRODUCTION

On December 31, 2019, a strange new pneumonia of unknown cause was reported to the Chinese WHO Country Office. A cluster of these cases originally appeared in Wuhan, a city in the Hubei Province of China. These infections were found to be caused by a new coronavirus which was given the name “2019 novel coronavirus” (2019-nCoV). 

It was later renamed “severe acute respiratory syndrome coronavirus 2,” or SARS-CoV-2 by the International Committee on Taxonomy of Viruses on February 11, 2020. It was named SARS-CoV-2 because the virus is a genetic cousin of the coronavirus 

The unofficial name for the virus is “the COVID-19 virus.

Purpose:-  

Covid-19 is the biggest health, social and economic emergency.Our first responsibility is to save lives.Do not attend any gatherings. Avoid places of worship. Pubs, clubs, gyms, cinemas and theatres should all now be closed. Restaurants and cafes must be takeaway or delivery only. Leave your home only if you really have to – to buy food and other essential items, to take a walk or exercise at a safe distance from others.

Life has changed and we all have to learn to live very differently for a while. We all have to learn how to use technology to keep in touch with loved ones. We’re going to become experts on the latest must-watch TV series!

Work from home: Challenges n prospectus:-

Flexible workplace: To the extent possible, the employer should rotate its staff, reduce the number of people who need to be in the office, and try to implement a "work from home" policy for those employees who can manage their duties remotely. Also, if any employee expresses concern in attending the office, the employer should try and mitigate the employee's concern, failing which the employee should be permitted to work from home, if possible.  

 But many challenge face a employer work at home:

Another challenge faced by the financial services industry is that cash is still the primary means of payment. Managing ATMs and maintaining them cannot be done from home. Cash logistics is another challenge because replenishing ATMs with cash requires the employees to be present onsite. Despite these hurdles, organisations & teams have coped up very well during this lockdown period by ensuring continuity of service & cash across India.

Security is also a concern. The finance industry, by its nature, stores valuable information about clients. While such data is secure in an office, when it is accessed at home, the chance that it might fall into the wrong hands increases significantly. Most home-based networks are not as secure as those in offices; hence data stored on home computers has a higher likelihood of falling into the hands of cybercriminals. Furthermore, data stored at home is vulnerable because visitors or family members may find and misuse it. This is a severe challenge.

Another challenge faced by the financial services industry is that social distancing measures have made it extremely difficult for Feet On Street (FOS) to attract new merchants. Also, other critical functions like treasury, risk assessments etc. are difficult to execute from home.

Client meetings at home are neither recommended nor appropriate. For financial services professionals, meeting clients at home does not help bridge the trust deficit that arises when face to face meetings in offices are impossible. The consensus view is that a house is not an environment where professionals strike deals.

While employees have often worked from home in the past, companies as a whole are still adapting to this new mandate since the lockdown announcement. Companies need to become better prepared to execute Business Continuity Plans during emergencies. The infrastructure necessary for BCPs needs to be put in place.

Employees need to be oriented to work from home. At the same time, employers also need to trust their employees that they will work with the same efficiency from home as they do in the office and have confidence that the data shared with them will remain secure. 

Conclusion

Work from home is an ideal solution when there is a lockdown. With a work from home infrastructure in place, the nation’s economy is not adversely affected, and citizens’ health is not compromised. Learning from the present situation, Indian organizations will be ready for such eventualities in the future. This will lead to the creation of a better infrastructure which will, in turn, make working from home more manageable for many more people in the near future.

The way the digital ecosystem has advanced in India, many financial services can be done online without the need to visit the bank branch, the office of an insurance company or a mutual fund house. Workers and professionals in India are highly skilled, motivated and ambitious to succeed. Given the fast-growing digital transformation in the public and private sector, the businesses are expected to run without much hindrance and interruption even in difficult times such as these.

AUTHOR:

Prachi

Roll: 49170111

Impact of lockdown of economy