Contemporary Issues on Business Management: Impact of Covid19 on TESCO

Contemporary Issues
on Business
Management

Table of Contents
INTRODUCTION...............................................................................................................................3
TASK....................................................................................................................................................3
Analysis of contemporary issue of Covid19 in the field of business, management and leadership....3
Impact of covid19 on leadership.................................................................................................4
Impact of covid19 on Management............................................................................................5
Evaluation of the impact of contemporary issues on organisations....................................................6
Impact of contemporary issue of Covid19 on TESCO..............................................................6
Impact of the approaches taken by organisations on stakeholders’ views..........................................8
Approaches taken by TESCO and their impact on its stakeholders’ views............................8
REFERENCES..................................................................................................................................11

INTRODUCTION
Contemporary issues refer to the problems or opportunities that are pertinent to
today’s life and politics. These issues exist in the field of business, management and
leadership as well. The present day contemporary issues of business include economic effects
of commodity/stock markets, growth and decline of economies, etc. (Westman, Moores &
Burch, S. L. (2021)). Management of company also faces contemporary issues like company
culture, regulation and compliance etc. Leadership contemporary issues include the
compliance with artificial intelligence by the leaders, rate of change etc. These business fields
have their respective contemporary issues in present world but the common contemporary
issues that all fields are facing today include Covid19 issue, Motivation issues and Change
management issues. They need to eliminate their impact in the organisation so as to increase
its productivity (Hassan (2021)). This report is based on contemporary issue of Covid19
faced by a retail company i.e. TESCO on its management and leadership. It is a UK based
multinational public limited company in retail industry headquartered in England, UK and
dealing in the products like grocery, clothing home and food products. The report will
analyse the contemporary issues in business, management and leadership with their impact on
organisations. It will also discuss the impact of approaches taken by organisations on
stakeholders’ views.
TASK
Analysis of contemporary issue of Covid19 in the field of business, management and
leadership
Contemporary issue of Covid19 is a major issue that is being faced by today’s
business organisations. This pandemic has spread worldwide and has impacted every industry
in terms of employment, business operations, profitability etc. and has left a big impact on the
economy of every nation as a result of which Global GDP has also been impacted in a major
way. Covid19 is posing various financial as well as operational challenges to the business
organisation in terms of human resources, customers and suppliers. As with the coming of
pandemic, the businesses had to comply with the restrictions of government in the premises
such as social distancing norms due to which many operations of business like production,
material management, supply chain management, marketing management have been
impacted. Also, the UK government had imposed lockdown due to which the human resource
management of big as well as small organisations got impacted in a major way as the

employees were made to work from home that led to many hurdles and disruptions in their
work. Due to lockdown, many organisations have shut down their business due to low
business operations and operational as well as financial losses (Joshi & Gupta (2021)).
In retail industry also, the impact of Covid19 can be seen in a great manner as it led
to closing of the stores of retail business worldwide due to which many employees have lost
their jobs that led to increase in unemployment rate as a result of which economy of UK has
seen a great impact. Although there is reduction in offline sales because of covid19, but the
online businesses and sales is now being improved a people are preferring to purchase the
products online so as to avoid the fear of covid19. So, the retail business that have strong
online presence and effective digital channels to serve their customers in an online mode are
able to face this major issue of covid19 but those businesses that are new or are not having
strong online presence and have low and recognition have been impacted by covid19 in a
great manner and are still making efforts to increase their sales through offline selling. But
still, the cases of covid19 are being observed in UK as well as other parts of the world and
government restrictions have also not been removed yet. So, covid19 has posed many
challenges to businesses in terms of operations and employment as well.
Impact of covid19 on leadership
Covid19 pandemic is posing an enormous challenge for the leaders worldwide. The
uncertainty factor of this issue is making the leadership challenge more and more complex. It
is the great principle in relation to leadership that the great leaders prioritise human resources
over their businesses. The effective and prudent leaders stay committed to the principles of
empathy and well-being of employees in the organisation. Covid19 has changed the
perspective of leaders in terms of employment of human resources to avoid heath related
issues. The pandemic has changed people’s attitudes for institutions in general and for
employers in particular (Burgos & Ivanov (2021)). So, the leaders are required to respond by
reframing their approach towards human resources to put emphasis on individual as a whole.
Covid19 has shifted the values of individuals as well as organisations. Covid19 has reshaped
the relationship of individuals with the institutions including government, healthcare and
employers.
For example, due to covid19 impact, many leaders have adopted transformational
leadership style so as to ensure high degree of coordination, communication and cooperation
in the organisation to achieve compliance with the imposed restrictions due to covid19 while
ensuring effective productivity in business. By following transformational leadership in the