This archive report was first published on 7 July 2021.
As the COVID-19 pandemic took hold in 2020, businesses across the globe faced unprecedented challenges. Reduced purchasing power and government-imposed measures to slow the spread of the virus led to a significant decline in revenue streams for many companies.
Devki Steel Mill, a leading steel manufacturer in Kenya, was no exception. To mitigate the effects of the pandemic, the company's chairman, Narendra Raval, implemented cost-cutting measures, including reducing the cost of operation and investing in modern machinery and technology.
"We reduced our debt, such as loans, thus getting rid of hefty interests. We also cut on unnecessary expenses," Raval explained in an interview.
Despite the challenges posed by the pandemic, Devki Steel Mill was able to maintain its workforce of over 6,500 employees without laying off a single staff member.
Another company that adapted to the changing market conditions was Brighter Monday, a job market services provider. With the pandemic leading to a decline in hiring, the company's CEO, Emmanuel Mutuma, decided to offer free services to its clients for six months.
"We called the move 'Unity in Adversity'. For the first six months, April to September, we let our clients post jobs and recruit through our systems for free," Mutuma said.
The move proved to be a lifesaver for the company, leading to an increase in sign-ups by about 300 per cent and a client retention rate of 90 per cent.
As the economy slowly picks up, companies like Devki Steel Mill and Brighter Monday are emerging stronger, with lessons learned from the pandemic that will shape their strategies for the future.
