The coronavirus outbreak is dominating headlines worldwide – and the construction industry is no exception to the pandemic.
Economists predict that the global health crisis will see growth of the world’s economy slip to its slowest rate for more than a decade.
The Organisation for Economic Cooperation and Development has stated that an “intensive” outbreak could halve growth to as little as 1.5%
It goes without saying that all sectors will be feeling the squeeze.
Here in the UAE the government is taking all necessary steps to stifle the contagion, including advising residents against travel outside of the country, completing medical analyses of passengers at airports, and temporarily closing schools so that facilities can be subjected to extensive deep cleans.
A raft of events all across the GCC have been cancelled or postponed as part of preventative measures, including the Big 5 Saudi event that was due to take place at the beginning of March.
However, more than half of firms globally do not have a contingency plan to fall back on if the outbreak begins to accelerate in an even more aggressive manner.
According to consultancy firm Mercer, 51% of firms are rolling the dice on the short-term capabilities of their organisation.
Many employees rely on employers to monitor and assess the situation and share key findings with them, so the first port of call for bosses at a time of panic should be to open the lines of communication and keep information flowing.
There are plenty of measures that can be taken to mitigate risk, starting with a simple conversation.