On March 11, 2020, Corona-virus was declared as a pandemic by WHO, which affected countries and their economies disturbing the plan of companies’ future during the pandemic. It has spread through 213 countries in just a few months. The consequences have made the economies go towards recession, business shutting down, and millions of lives being affected. COVID-19 hit the world at a time where it was already making way through technological advances.
The focus has now been shifted to combat Corona-virus while maintaining health and financial stability. The main question is whether we will ever go back to our lives before COVID-19? Do we have to settle down with the concept of new normal? Whichever option we choose, there are certain steps needed to be taken for us to survive through a crisis.
Strict lock-downs were imposed throughout countries as the number of cases started increasing. Many offices adapted a ‘work from home’ lifestyle but change doesn’t come easy. The level of productivity decreased. The complete shutdown helped with maintaining the graph of cases, but it was never a solution to be pursued in the longer run. Is there any middle ground where the government can consider the well-being of its people and increase the GDP to help the economy simultaneously?
Therefore, several governments are planning lock-down exit procedures that will permit them to reboot economies while limiting anticipated danger to human lives. Organizations should plan beforehand about how they would restart their tasks and proceed with organizing the health of their staff. This expects them to consider how to advance when staff comes back while keeping up with social distancing conventions.
The factor of uncertainty has made the government take every step with thorough analysis of economic conditions. Governments have taken steps to save jobs and businesses. These measures have come at an enormous monetary and social cost. Governments around the world released more than 15,000 legislation in order to reinforce and strengthen the global financial system.
Due to these implications, an organization needs to make sure how its business model and strategies for future growth are being affected. The government has been working on fiscal intervention, and we might see short-term nationalization of a few industries. We expect to see changes to the tax assessment framework as governments hope to recover a portion of their ongoing expense. The system is also likely to shift towards “e-government” digitalizing the state’s health care and role.
Technological advancements enabled us to reevaluate the ways to perform daily business activities during this crisis. From stock exchanges operating without any physical location, contact centers working remotely, to millions of people switching to work from home. The shift to a whole new era has been rapid with people still trying to adjust and work accordingly.
The main aim of the businesses at this time should be to encourage their workforce to work along with the advancements and not to replace them completely. Due to the major shift in the practices of professional work, it should be used to increase productivity. This time is a door to opportunities for business pioneers to investigate how they can utilize innovation to help individuals achieve greater efficiency gains and improve the working experience of their employees.
The growth of the technology sector has been increasing. Businesses found it easier to connect to their customers and provide them services at home. While this helped the demand curve of the economy, hundreds of people worked at the office in the background. This pandemic has resulted in them being stuck at home without any physical contact and working behind the screen. Numerous organizations are now reevaluating how to bring more virtualization into the business while planning for more significant levels of remote working than before.
While few companies are still struggling because of COVID-19, many others are now considering exploring another direction for growth. The goal is to come with strategies that give a priority to the well-being of the employees. After that working on the productivity of their organization to plan the company’s future during the pandemic.
There has been a complete social, economic, and technological transformation that demands the workforce to walk along with the changes. Going back to the old ways is not an easily available option right now. Every day comes up with different challenges and the only solution is to focus and plan from today only.