Coronavirus outbreak impact on process improvement professionals & industry.

NOTE:  The Management and Strategy Institute will continue to update this section with information regarding the impact of the Coronavirus on the process improvement industry as more information becomes available:

The Management and Strategy Institute has been in close communications with industry leaders regarding the impact of the Coronavirus.  While we believe this virus will be a short-lived ordeal, economic indications point to a slowdown of some sectors for the next two quarters.  This impact was worsened when President Trump announced plans to suspend travel from some regions of Europe to the U.S. for the next 30 days.
While any economic downturn is worrying, several indicators actually prove to be good news for process improvement professionals.

1. There are no indications that companies are planning layoffs or work-stoppages during this downturn.  After a long period of economic gain, most healthy organizations have the financial resources to withstand a short-lived downturn in business.  There may be some sectors that suffer, such as travel and hospitality.  Even these sectors, however, are expecting a fast turnaround once the virus runs its course.
   
   
2. It is during times of economic stress that professionals with process improvement skills are most in-demand.  Several industries have already indicated they are putting “continuous improvement” practices in place to help remove excess processes from within their organizations.
   
   
3. The underlying economy is still very strong.  Nonfarm payrolls rose by 273,000 in February 2020 vs. a 175,000 estimate, while the unemployment rate edged lower to 3.5%.  This smashed job growth expectations, and there is no indication of a change in growth.

Now is a good time to assess your resume and look to fill any gaps that may exist.  This includes experience, education, and even your professional and personal affiliations.  MSI will continue to monitor the situation and report any findings to our members as they become available.