CONTINGENCY STRATEGY

CONTINGENCY STRATEGY

Every corporate organisation has a strategy with which it intends to penetrate the market or gain a competitive advantage.

However, at times the organization may find that the strategy is unworkable either due to changed business environment caused by government policies etc. the corporation may have to switch to a contingency.

Just now, many organisation, with had to switch their tactics during the Covid 19 lock down by asking their employees to work from home. Equally, there was an exponential use of soft wares used for on line and virtual meetings.

With this contingency plan, it was possible to continue in business despite government’s lockdown policies.

Planning for alternative strategy is simply good planning as there are always unexpected contingencies.

Elsewhere, it has been argued that contingency planning is all about having a plan ‘ B’.

Today as it stands there is massive youth unemployment and underemployment, which has now become an existential threat to the survival of the nation .Therefore; it is incumbent for the government to reconsider its unworkable policies by considering the contingency policy and strategies.