Document Type

Article

Publication Date

Summer 8-18-2020

Abstract

The Economist noted that just as the financial crisis in 2007–2009 has highlighted the role of talented Chief Financial Officers (CFOs), the COVID-19 pandemic has emphasized the role of Chief Human Resource Officers (CHROs). (The Economist, March 24th, 2020). Coronavirus or COVID-19 pandemic is new and is expanding in rapid progress at the time of writing this policy brief. COVID-19 shattered people’s life realities and professional constants. It disrupted the existing forces of the global economy in all continents, countries and cities, due to the shock of lockdown, the experiences of uncertainties and fear of unknowing what the future beholds. Initially most of the early studies of this crisis were biomedical focusing on individuals’ physical health and promoting safeguards inside and outside workplaces to ensure employees’ wellbeing. However, it was acknowledged by the business environment that said pandemic has created both new challenges and future opportunities for human resources (HR) to re-engage with the workforce and reinvent their workplace. The days of traditional policies of HR serving as personnel or people administration became numbered and the return to the old ways of managing workforce strategies were no longer realistic or needed in post COVID-19 world of work. Banks are the wheels of a country’s economy, and so is the banking sector in Egypt. It remains to be one of the most booming and reliable industries in the country. With an eye to ensure the stability and security of Egyptian banking sector under these unusual circumstances, the Central Bank of Egypt (CBE) instructed all state-owned and private banks operating in Egypt to take several banking measures to alleviate the economic disasters of this pandemic, to state some examples: 1 • Lowering Key interest rates by 3%; • Facilitating access to online banking services and reducing cash transactions; • Launching an initiative for retail customers with non-performing loans; • Ensuring that the banks’ call centres continue to operate in order to respond to the customers’ inquiries.

Comments

This policy brief aims to address three main questions: - A- What were the HR role(s) in state-owned and private Egyptian banks during the outbreak of COVID-19 pandemic till the present? B- What were the HR challenges whilst dealing with COVID-19? C- What are the future HR strategies for future recovery?

Download

Included in

Business Commons

Share

COinS