As the world grapples with the challenges unleashed by the COVID-19 outbreak, corporate leaders are under great scrutiny to exercise critical foresight for risk assessment while simultaneously executing operational reorganization.
As of June 11, over 44 million Americans filed for initial unemployment benefits. The job losses are widespread, especially in industries where operations have come to a screeching halt.
Leading hotel operators, including Hilton and Marriott, have undertaken massive layoffs and furloughs, affecting “tens of thousands” of employees. Scandinavian Airlines temporarily laid off 90% of its workforce, while Uber, Lyft, Zipcar, and other rideshare services have been hit hard. More than 150,000 retail workers have been laid off, and it is anticipated that approximately 25,000 retail stores will permanently close in the United States this year.
