IDEAS TO HELP ORGANIZATIONS AND THEIR MEMBERS TO MITIGATE COVID 19 CHALLENGES

Covid 19 pandemic has hit hard all the sectors of the economy. This has pushed some businesses to closure and prompted change of strategy for the rest.

Here are some suggestions of strategies that Organizations can brainstorm on, with a view to mitigate the Impacts of Covid-19 Pandemic, now and in the near future.

• Restructure payments schedule for those members who may be struggling – People have lost jobs, businesses closed, hospital bills increasing, and this means some people may not be able to pay for products/services and loans as timely as they did before. Organizations can consider increasing the period of payment and decreasing the interest rates if any, for members with these kinds of challenges.
• Use of Technology – There is need for organizations to adopt technologies like e-commerce and teleconferences to sell their products and maintain close relationships with their customers. These digital platforms can even help in educating customers on how to deal with the changes in the economy, new businesses to start, covid 19 cautionary measures and vaccination among others.

Other digital transactions platforms like; online purchases, mobile money transfer, mobile/internet banking among others should be adopted, to reduce physical contact.

• Introduction of special products by financial institutions, for example short term loans and advances to cushion members – This should be specifically with the intention of helping customers who are experiencing major challenges, but they still have another loan to repay.

These special loans/advances, unlike the normal ones which have some complicated requirements; could be of smaller amounts, easier to access, and with less conditions.

• Use of financial & risk experts to advise on new products, investments, lending and extra mechanisms of loans recovery. This is to avoid a wrong move that may end up bringing financial crisis, especially with the current scarcity of resources.
• Corporate Social Responsibility – Due to the challenges faced by many people; cases of stress, depression, mental illnesses, suicides, divorces, crimes among others are rapidly increasing. Organizations could devise ways to keep in touch and offer counselling services if need be, to not only their employees, but also customers as a CSR activity. Other ways to help the urgent cases could be devised, such as reaching to the public for support. This will in turn strengthen their relationships with the members.
• At last, lets all aim to follow the safety protocols already established, so as to make the world Covid 19 free, as well as a better place tomorrow.

#Covid19RisksMitigation #HSWcares

 Author: Grace Thumbi;

Training Manager;

Henry Smith & Wilson CPA

THANK YOU !