MGNT949 - The Spread Of COVID-19 Commonly Referred To As The Corona Virus - Nursing Assignment Help

Assignment Task

The spread of COVID-19, commonly referred to as the coronavirus, is an exceptional circumstance, with ongoing consequences for organisations, individuals and society at every level.

In particular, the temporary closures to limit prevent spread of the virus have had a widespread socioeconomic impact. All industries have been negatively impacted: quarantine and self-isolation policies have decreased the demand for and consumption of , products and services; there has been a decline in global stock markets; over 100 countries imposed nationwide closures of education facilities all levels of the education system from pre-school to tertiary education, impacting over 900 million learners; and conferences have been cancelled or postponed. As working from home generally is not possible for manufacturers, production has fallen. Much of the hospitality, tourism and aviation industries either have been temporarily closed or operations are very restricted (Nicola et al. 2020).1

According to the International Monetary Fund (IMF), for the first time since the Great Depression for the 1930s, both advanced economies and emerging market and developing economies are in recession2 (https://blogs.imf.org/2020/04/14/the-great-lockdown-worst- economic-downturn-since-the-great-depression/#post/0 )

Consequently, there has been increasing discussion about the impact on employee and executive remuneration strategies3

During an economic recession, remuneration strategies are important. Many companies are likely to consider changing their current remuneration strategies. For example, in order to reduce remuneration expenditures, they may consider deferring merit pay increases; introducing temporary or even permanent decreases in base pay; make no incentive payment or defer incentive payments; and more.

The senior executive managers of Company ABC have asked the Human Resources Director (HRD) to advise them how to best manage employee remuneration over the next 12 to 18 months. As you are a remuneration expert, the HRD has requested that you prepare a

1 For information about the impact on Australian businesses, see: https://www.theguardian.com/australia-news/2020/apr/07/coronavirus-crisis-has-had-staggering- impact-on-australian-businesses-data-reveals
2 A recession is a macroeconomic term that refers to a significant decline in general economic
activity in a designated region. It had been typically recognized as two consecutive quarters of economic decline, as reflected by Gross Domestic Product (GDP)and monthly indicators such as a
rise in unemployment. The US National Bureau of Economic Research (BNER) defines a recession as a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales 

position paper which explains some alternative options, the advantages and disadvantages of these, and which offers some recommendations.

Using your knowledge of remuneration theories and practices write this position paper

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