In fact, telephone interviews that complemented the questionnaire indicated that layoffs are already occurring, affecting mainly those lacking a formal contract with the companies, those hired on a fixed-term basis, and those with the shortest seniority in their jobs (Figure 6). Actually, another transmission channel is the effect that the emergency will have on employment and labor income. The need to prevent contagion has led to the halt of activities highly intensive in personal interaction, 1  “Unidad de Fomento”—inflation-protected unit. 3  such as retail, education, restaurants and hotels, among others. Although some of these activities can be partially done remotely (e.g. education), in other areas this is not possible and uncertainty about how long the shutdowns will last puts at risk the employment and income of many households. The government has announced a package of measures that aim to ensure that, without losing their job, workers can resort to their employment insurance funds to cope. Initiatives have also been announced to supplement people’s income, including transfers and postponement of payment of utility bills of lower-income households. The magnitude of the erosion of the workers’ employment and income, particularly for the self-employed or employed without a formal contract, will determine the extent of the impact on consumption and the overall performance of the economy. Investment projects’ development is also being affected by the emergency. Some of the country’s larger-scale projects under way have announced that they will stop work for a few weeks to prevent the spread of the virus among their workers.
This brings us to the second part of our event today – the launch of one of ICLIF’s research studies which has been written by Mr. Rajeev Peshwaria, the CEO of ICLIF, published globally as a book entitled “Too Many Bosses, Too Few Leaders” by Simon Schuster of New York. The book illuminates on what it really takes to be an effective leader. The book extends beyond the advice on the distinct behaviors and attributes required of leaders to providing “a clear path”, “a road map” to achieving leadership excellence at every level in the organisation. In my own experience, the core foundations to achieve superior performance set out in the book is essential. Defining with great clarity the purpose and values of the organisation and articulating it throughout the entire organisation is key towards achieving these desired results. Then, it is sustaining the high level of energy and talent at all levels of the organisation is what will ignite the motivation to achieve the breakthroughs – that will achieve the ground breaking results – that will bring the organisation to the frontier of the business. Energy is the one thing you need heaps of in order to lead. Such energy to stay on course despite the most formidable of obstacles needs to be sustained. Not only must you find your own sources of energy, but you also have to energise others around you. The book discusses how to find that personal energy and how to energise others in an intrinsic way.