Coronavirus: Leading through the crisis

Insights on how organizations can respond, and what happens next
Executive Briefing

COVID-19: Implications for business

– The coronavirus outbreak is first and foremost a human tragedy, affecting hundreds of thousands of people. It is also having a growing impact on the global economy. This article is intended to provide business leaders with a perspective on the evolving situation and implications for their companies. The outbreak is moving quickly, and some of the perspectives in this article may fall rapidly out of date. This article reflects our perspective as of March 30, 2020. We will update it regularly as the outbreak evolves.
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Getting ahead of the next stage of the coronavirus crisis
– First the virus, now the economic fallout—you need to launch your plan-ahead team.
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Safeguarding our lives and our livelihoods: The imperative of our time
– We must solve for the virus and the economy. It starts with battling the virus.
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Beyond coronavirus: The path to the next normal
– The coronavirus is not only a health crisis of immense proportion—it’s also an imminent restructuring of the global economic order. Here’s how leaders can begin navigating to what’s next.

Economic impact

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How to restart national economies during the coronavirus crisis
– By recognizing differences among regions and sectors, governments can get people back to work faster and safeguard our livelihoods.
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An instant economic crisis: How deep and how long?
– Analysis of a range of economic data tracks the worsening effects of the pandemic in the West—and the cautious reopening of social and economic life in China.
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Lives and livelihoods: Assessing the near-term impact of COVID-19 on US workers
– Up to one-third of US jobs may be vulnerable—and more than 80 percent are held by low-income workers.

COVID-19 ACTION PLAN

Leading the response

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A former European defense chief offers leadership lessons for tackling coronavirus
– The former chief of defense of the Netherlands armed forces, Tom Middendorp, describes his approach to crisis management amid... a complex situation like the coronavirus outbreak.
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Applying past leadership lessons to the coronavirus pandemic
– Three seasoned leaders describe what they learned from managing through past crises.
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Leadership in a crisis: Responding to the coronavirus outbreak and future challenges
– For many executives, the coronavirus pandemic is a crisis unlike any other in recent times. Five leadership practices can help... you respond effectively.
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How China’s consumer companies managed through the COVID-19 crisis: A virtual roundtable
– During a virtual roundtable, China-based executives discuss their experience managing operations at leading consumer companies... during the coronavirus crisis.
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Responding to coronavirus: The minimum viable nerve center
– Amid the coronavirus pandemic, companies need a crisis response coordinated by top management that gives experts and managers... the autonomy to implement creative, pragmatic solutions.
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Decision making in uncertain times
– The timeline for companies to react to the coronavirus has shrunk dramatically. Here are five principles that leaders can follow... to make smart decisions quickly during the pandemic.

Region in focus

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Tackling COVID-19 in Africa

– An unfolding health and economic crisis that demands bold action

Consumer Insights

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Global surveys of consumer sentiment during the coronavirus crisis
– Consumer optimism varies by country depending on what stage each country is in the coronavirus contagion cycle.
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Cautiously optimistic: Chinese consumer behavior post-COVID-19
– Brands are preparing for a “new normal.”

C-suite issues

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Customer-care organizations: Moving from crisis management to recovery
– The COVID-19 pandemic calls for a focus on six imperatives to rapidly adapt to this new environment.
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Adapting customer experience in the time of coronavirus
– Care, creative thinking, and new tools can address customers’ acute needs today and forge stronger ties in the post-COVID-19 era.
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Demonstrating corporate purpose in the time of coronavirus
– Companies will define what they do in the crucible of COVID-19 response—or be defined by it. Here’s how to frame the challenge.
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The CFO’s role in helping companies navigate the coronavirus crisis
– Strong, steady leadership from the finance organization is critical for addressing immediate concerns about safety and survival, stabilizing the business in the near term, and positioning it for recovery.
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When investors call: How your business should talk about coronavirus
– As the next earnings season approaches, CFOs and other senior leaders will need to focus on addressing immediate concerns associated with the pandemic while resetting expectations.
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Supply-chain recovery in coronavirus times—plan for now and the future
– Actions taken now to mitigate impacts on supply chains from coronavirus can also build resilience against future shocks.
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Cybersecurity tactics for the coronavirus pandemic
– The pandemic has made it harder for companies to maintain security and business continuity. But new tactics can help cybersecurity leaders to safeguard their organizations.
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Cybersecurity’s dual mission during the coronavirus crisis
– Chief information-security officers must balance two priorities to respond to the pandemic: protecting against new cyberthreats and maintaining business continuity. Four strategic principles can help.
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The CIO’s moment: Leadership through the first wave of the coronavirus crisis
– It’s already clear that CIOs during the coronavirus outbreak are playing a central role in navigating the crisis, even as companies grapple with the implications.

Remote working

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A blueprint for remote working: Lessons from China
– As home to some of the world’s largest firms, China offers lessons for those that are just now starting to embrace the shift to remote working.
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Adapting workplace learning in the time of coronavirus
– Managers can’t push the pause button on capability building, so the moment belongs to virtual learning. Some tactics and strategies can help.

Healthcare in crisis

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Returning to resilience: The impact of COVID-19 on mental health and substance use
– As governments race to contain COVID-19, it is important to know the actions society can take to mitigate the behavioral health... impact of the pandemic and economic crisis.
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Critical care capacity: The number to watch during the battle of COVID-19
– Since the explosion of COVID-19, most countries have put in place public health measures to “flatten the curve” and... accepted the concomitant economic pull back. But there is another number everyone should watch now: the capacity in hospitals to deliver critical care in intensive care units (ICU) with ventilators. It is the metric that indicates whether hospital systems will be overwhelmed.
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Helping US healthcare stakeholders understand the human side of the COVID-19 crisis: McKinsey Consumer Healthcare Insights
– Healthcare stakeholders on the front lines of the COVID-19 pandemic must understand not only the disease itself, but also consumers’... questions, concerns, and behaviors. Our recent rapid-research effort in the US provides some early insights.

Banking

Lessons from Asian banks on their coronavirus response
– Financial institutions in countries initially affected by the pandemic moved quickly to safeguard their employees, transform their operations, and serve customers in new ways.

Leading a consumer bank through the coronavirus pandemic
– The implications of the COVID-19 crisis are profound for consumer and small-business banks, and the steps they take now will shape operations long into the future. Here is where to start.

Addressing the needs of customers in delinquency impacted by the coronavirus
– As banks respond to disruptions in their operations, they can plan their credit risk management strategies around three customer-centric best practices.

Leadership in the time of coronavirus: COVID-19 response and implications for banks
– As the effects of the COVID-19 pandemic continue to reverberate, banks have a role to play as systemic stabilizers.

Public and Social sectors

Coronavirus: How should US higher education plan for an uncertain future?
– With American campuses largely empty of students, higher-education leaders need to shift their thinking to what happens next.

US coronavirus relief funds: A guide for state and local governments
– State and local leaders can consider several steps now to capture the full humanitarian and fiscal benefits of the roughly $2 trillion federal relief package.

COVID-19: How American states can manage the surge in unemployment services
– State government leaders can proactively streamline service delivery to the public amid a quickly evolving situation—and maintain the improvements.

Crisis nerve centers: Supporting governments’ responses to coronavirus
– A centralized response system can help set up government leaders for success in managing a crisis.

Coronavirus and the campus: How can US higher education organize to respond?
– Although most students have gone home, colleges and universities still have decisions to make. An integrated nerve center can help.

Retail and consumer goods

Building an e-commerce business: Lessons on moving fast
– With consumers moving online in reaction to coronavirus restrictions, companies will need to learn how to launch new e-commerce businesses quickly.

Five actions retail supply chains can take to navigate the coronavirus pandemic
– Retail supply chains are grappling with the humanitarian impact of the outbreak, as well as new operational risks. Five actions can help retailers bring goods to communities and help employees.

A perspective for the luxury-goods industry during—and after—coronavirus
– In these uncertain times, luxury-goods companies must take action to “navigate the now,” plan for the recovery, and shape the future.

At the heart of a crisis: How consumer-health companies can lead in the time of coronavirus
– As consumer behavior continues to shift with ever-changing conditions, consumer-health companies must respond to the coronavirus pandemic with key stakeholders in mind.

Perspectives for North America’s fashion industry in a time of crisis
– Apparel retailers, department-store chains, and cosmetics stores employ millions of people. Industry leaders must take quick action while also planning for postcrisis realities.

What food retailers should do during the coronavirus crisis
– The food-retail industry plays a critical role in these uncertain times. Here are six actions food retailers should take to help their communities, their employees, and their business.

Other Sector perspectives

How private equity operating groups are taking on the challenge of the coronavirus
– Value-creation teams are grappling with the COVID-19 pandemic and its implications for their portfolio companies. Our interviews reveal the steps they’re taking.

Coronavirus and technology supply chains: How to restart and rebuild
– As COVID-19-related restrictions begin to lift in Asia, how can organizations resolve supply-chain issues at pace?

How payments can adjust to the coronavirus pandemic—and help the world adapt
– The challenges are immediate, with long-term implications for global, regional, and local economies—and for the payments industry itself. Here’s what to expect.

Coronavirus: Five strategies for industrial and automotive companies
– To rebound from the coronavirus pandemic, industrials must undertake a journey that begins with resolve and ends with fundamental reform.

Economic Conditions Snapshot, March 2020: McKinsey Global Survey results
– As the coronavirus outbreak unfolded at the beginning of March, the survey elicited sobering early appraisals, with expectations of significant business risks and stifled growth prospects for the months ahead.

Wealth management in Asia: Navigating the impact of coronavirus
– To adequately respond to the COVID-19 pandemic, wealth-management firms can implement four measures.

Coronavirus: A response framework for advanced industries companies
– As the coronavirus causes worldwide challenges for healthcare systems and economies, advanced industries companies are looking for strategies to navigate the difficult, evolving situation.

Private equity and the new reality of coronavirus
– Sponsors and their portfolio companies need to adjust quickly to the COVID-19 outbreak. Here’s the new playbook.

Business Resilience

Article - McKinsey Quarterly

Bubbles pop, downturns stop
– Economic downturns are impossible to predict and sure as sunrise. Build resilience now, because when the sun comes up, you’d better be moving.
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Building resilient operations
– In the face of rising uncertainty, get ready for the unexpected. To build resilience, accelerate productivity improvement and operational flexibility.
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A primer in resilience: Maximizing value beyond earnings
– Empowering the finance organization to take decisive action to strengthen the balance sheet is critical to achieving organizational resilience.
See the full Business Resilience collection

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