As Myanmar catches up with the rest of the world with the spread of COVID-19, it becomes apparent that the effects of the ‘Great Lockdown’ will soon be felt across the nation. Unlike many crises before, this once-in-a-century pandemic tests the humanity in many ways that have never been experienced. In addition to the devastating loss of lives being the worst consequence of this catastrophe, the indirect cost to society is still unaccounted for. Nonetheless, in these unsettling times individuals and businesses are presented with complex challenges, as well as an opportunity for change.
After being in Myanmar for 6 years providing corporate advisory, outsourcing, and payroll services with nearly two hundred clients across different industries ranging from international MNCs to local SMEs, we have put together a framework based on current market situation and industry responses to the outbreak in Myanmar. Now more than ever, leading through crisis and managing change become crucial to help us prepare for what may be the new normal.
In all stages, human capital is crucial to propel out of this crisis. It is best to communicate with the employees to discuss solutions on how they can help the business in short-medium term. But, if you must resort to redundancies, please let us know and we can provide you with consultative advice around the local employment law.
FocusCore can also discuss with you how to reduce fixed costs through outsourcing finance and human resource departments. With outsourcing, it will allow you to increase your margins and reduce the fixed expenses.
Since 2014, FocusCore has been working closely with local and international companies to bridge a gap with relevant government ministries and to facilitate the process of setting up companies in Myanmar. Please contact FocusCore if you have any questions or require further assistance. We would be happy to setup a video call with you to discuss your business needs in more detail.