Description
MGMT 478 Writing essay
Question:-
How long will we see economic downturn after this pandemic?
There is some data out now that shows that the U.S. unemployment rates are already going down and the stock market is looking up. However, some data and inferences suggest that this economic state could last years after a vaccine.
It doesn't take much to understand that things can't just go back to normal after this pandemic. The article below compares this economic downturn to the 2008 bank failures, as they suffered and continued with layoffs till early 2013. Do you believe this may be the case after 2020?
Source: https://www.nytimes.com/2020/05/11/upshot/virus-lasting-economic-effects.html
Sample Answer:-
Yes, changes will stick but we won't know the full impacts for a long time.
There is no doubt work from home will be more common post COVID-19 but it will take a long time to fully understand the impacts of work from home. I think you make a good point asking about its affects on culture. Currently, the majority of employees are working for the same company as when the pandemic started, so they've already been integrated into the company culture at the office. What will happen to culture in 5 or 10 years when those employees may be at a new company or haven't been immersed in the culture in the same way they once were. The Forbes article linked shows a few ways to communicate and keep the culture alive but there is no substitute for face to face interaction. I know some companies have been looking into a hybrid model where employees won't have a permanent workspace, instead they will build more collaborative areas that employees could come in a few times a week to use.
Explanation & Answer
Attached. Please let me know if you have any questions or need revisions.
Running head: MANAGEMENT
1
Management
Institution Affiliation
Date
MANAGEMENT
2
Introduction
The COVID-19 Pandemic has affected economies worldwide as countries battled to
instill containment measures to reduce the spread of the virus among its citizens. Most
governments created policies and guidelines, which helped in the containment of the virus. Such
guidelines included shutting down industrial areas and corporate offices while allowing only
operations of firms offering essential services such as hospitals and emergency-responsive firms
such as firefighters. Other essential businesses that were allowed to operate include supermarkets
and food banks. The guidelines also urged most citizens to remain at home and isolate from the
public and leave their homes when the need arises. The United States so far has recorded 8.3
Million cases, which close to 222,201 deaths since the virus was discovered in the country. Some
states saw a total lockdown b...