The pandemic is causing leaders to navigate a broad range of interconnected issues that span from keeping their employees and customer safe, shoring up cash and liquidity, reorienting operations, and navigating complicated government support programs. Add to this the effects of fluctuating global financial markets, increased competition across multiple sectors, and recent unrest caused by political and social tensions, and it becomes clear why businesses are currently under extreme pressure from all angles.
As a result, many companies are reexamining their operational costs and are considering making some difficult decisions to shore up the balance sheet. These decisions will cause short-term pain but will be deemed necessary by those in charge for the long-term health and overall survival of the company.
