Business
SMEs and entities serving domestic and foreign markets worst hit in COVID-19 crisis
By Lynn Ockersz
SMEs and businesses serving domestic and foreign markets were the worst-hit sectors at the height of the COVID-19 pandemic, a survey titled ‘An Initial Assessment of the Impact of COVID-19 on Employers’, carried out by The Employers’ Federation of Ceylon (EFC) reveals.
‘While the hospitality and food service sector recorded the highest economic losses in terms of revenue, foreign exchange earnings and investment, exporters employing more than 250 employees lost all their earnings, the survey report goes on to disclose. Commenting on the latter finding, the assessment states that, ‘Since large scale companies account for about 95% of total export earnings, the impact on the balance of trade will be devastating.’
The survey report was presented to the media on July 30 at the EFC auditorium, Rajagiriya by a panel of experts headed by Director General EFC Kanishka Weerasinghe. The survey period was April-May 2020 and covered 100 firms, employing 125,000+ employees. Highlights of the report were presented by Advisor HR & Coordinator Research of the EFC Dinesh Ruwan Kumara. The EFC intends using the study findings to ‘inform policy makers about the interventions necessary to help companies to manage the crisis and grow out of it.’
In his opening remarks EFC DG Weerasinghe said, among other things, that the pandemic was ‘like shifting sands’ and that the world needs to ‘prepare for future pandemic waves’ and their aftermath. He added that the adverse fallout from the crisis on local companies was contained by the EFC-formulated Tripartite Agreement on Wages. The latter ensured that local livelihoods were retained and helped guard against ‘mass unemployment’. The EFC has submitted a 10 point policy to the government on issues growing out of the pandemic and their containment.
Some other crucial findings of the survey are:
* More than half of all responding companies were faced with serious cash flow problems in meeting day-to-day expenses. The cash flow of about 18% of the companies was sufficient only for one month while another 39% stated that they could survive for about three months.
* Subjective estimates of job losses by responding companies averaged at 7% and 9% for executive and non-executive staff respectively, across the sample. The highest job losses among non-executive staff were reported in the finance and insurance and manufacturing (15%) subsectors, followed by hospitality and food services (11%), agriculture (6%), and wholesale and retail trade (5%). Among executive staff, the highest job losses were reported in manufacturing(10%), finance and insurance (8.3%) and information and communication (7.5%).
*All responding companies identified workforce protection to be the most important coping strategy at organizational level, while Work from Home(WfH) was the second most important measure, particularly in sub-sectors dominated by office-type occupations in the service sector.
* Labour market-related policies were identified by respondents as the most important area that the government needs to address. Sri Lanka’s existing labour laws do not provide for pandemic-like situations, leaving a huge gap in institutional mechanisms to manage crises of this kind.
* Among monetary and fiscal policy remedial measures, employers suggested the reduction of interest rates, extension of debt moratoria and granting credit and other financial support for firms to re-start operations.
The John Keells Group is set to open doors to Cinnamon Life at City of Dreams Sri Lanka, on 15th October 15, 2024. Developed at an investment of over USD 1.2 billion by the John Keells Group, this is the largest and most ambitious private investment in the country which will redefine our tourism landscape, catering to a diverse clientele creating South Asia’s most dynamic destination for business, leisure, and entertainment.
“Cinnamon Life at City of Dreams Sri Lanka will encompass 687 luxurious rooms, and offers multiple entertainment venues, including ballrooms, high-tech event, and conference facilities, with the capacity to host over 5,000 guests in multiple locations across its various unique spaces. This makes it the largest event venue in Colombo, setting a new standard for gatherings, hosting international conferences and large-scale events, positioning Colombo as a premier destination for global MICE travel.
“With a dedicated team of over 1,500 professionals, including 250 chefs, Cinnamon Life promises an extraordinary culinary journey. Guests can enjoy diverse dining options, from a chic French bistro to an American grill, and the most extensive selection of wines at the exclusive wine bar, complemented by a sophisticated two-tier Champagne and cocktail bar. Over the coming few months, Cinnamon Life will continue to elevate its culinary landscape with the opening of more dining experiences. In addition, the resort’s diverse spaces and picturesque settings, make it an ideal location for destination weddings and events right in the City, offering a unique blend of modern elegance and local charm for those seeking unforgettable experiences and celebrations.
“While Cinnamon Life at City of Dreams Sri Lanka opens on October 15, 2024, the shopping mall and entertainment areas, including the gaming facility, and the 113-key ultra-luxury ‘Nuwa’ hotel are scheduled to open in mid-2025, marking the final phase of this landmark project.
Krishan Balendra, Chairperson of the John Keells Group, described the project as transformational for the Group and the country. “‘City of Dreams Sri Lanka’ is an iconic project that was conceived over a decade ago; a one-of-a-kind venture that will undoubtedly convert Colombo into a preferred destination for leisure and entertainment in the region, offering best in-class lifestyle, shopping and entertainment spaces. The Group is confident that the convergence of all elements in the launch of ‘City of Dreams Sri Lanka’ will unlock its full potential as a transformative development in South Asia and be a catalyst in creating tourism demand, foreign exchange earnings for Sri Lanka and generating employment. The ‘City of Dreams Sri Lanka’ project, once all components are in full operations, is expected to generate over 20,000 direct and indirect employment and community engagement opportunities. This landmark development is part of the Group’s broader strategy to position Sri Lanka as a leader in the regional and global marketplace. By pioneering large-scale projects such as Cinnamon Life at City of Dreams Sri Lanka, John Keells reinforces its commitment to fostering sustainable economic growth.1}
Strategically located in the heart of Colombo’s evolving urban core, Cinnamon Life at City of Dreams Sri Lanka houses a living gallery of over 1,000 commissioned, museum-grade artworks crafted by renowned Sri Lankan artists. This collection not only reflects the diversity and depth of Sri Lankan art but serves as a testament to celebrating and preserving artistic heritage in a contemporary setting.
More than just a place to stay, Cinnamon Life at City of Dreams, Sri Lanka, aspires to become Colombo’s pulse, offering a dynamic space for entertainment, art, music, fashion, and culinary exploration. It is set to be a destination where both locals and visitors can experience the finest the city has to offer, with exceptional service as guests are welcomed from the 15th of October onward. (JKH news release)
Commercial Bank of Ceylon Ltd has chartered the Toastmasters Club 10 years ago to enhance the communication and leadership skills of its employees to provide a better service to its customers.
Past International President, Mr Arunasalam Balraj, who addressed a recent gathering was delighted to see the high performance of the Toastmasters of Commercial Bank and he invited more members to join the club.
The installation ceremony of Commercial Bank Toastmasters Club was held on Sept 20 at the bank’s Staff Development Centre Auditorium.
An eight-member delegation from Ceylinco Life recently completed a purpose-designed seven-day training programme in Agency Management in Malaysia themed ‘Next Move Towards Agency Building.’Conducted by a team of experts from Great Eastern Life Insurance Company led by the legendary life insurance personality K. Haridas, the training programme comprised of a series of presentations as well as office visits.
The Ceylinco Life delegation made up of six members of the sales team, a representative of the agency administration team and a member of the Training Department, comprised of Mr Peter Marasinghe, Mr N. T. Senevirathne, Mr Udaya Fernando, Mr Rohitha Lakmal, Mr Dhammika Liyanage, Mrs Jenagan Meera, Mr Sujeewa Garusinghe, and Mr Milinda Peiris.
The training sessions were titled ‘Coaching & Communication,’ ‘Awaken the leader in you,’ ‘Entrepreneur mindset,’ ‘Recruiting more women in to your agency,’ ‘How to get into affluent markets,’ and ‘How to build a million-dollar agency.’ The training was conducted by two distinguished trainers and supported by six highly accomplished Group Sales Managers from Great Eastern Life Insurance Company.
Equipping, training and motivating employees to excel and recognising and rewarding their achievements are a key element of Ceylinco Life’s 20 years of unbroken market leadership in Sri Lanka, the Company said.
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