How COVID Has Changed Business: Has the COVID experience changed the face of business for good? Even in the sectors where recovery is underway, there’s no doubt of the dramatic effects this pandemic has left on businesses. Here are three game-changing ways I see COVID impacting how we do business in the future.
Productivity has taken a whack
Firstly, the obvious fact that with lockdowns across the globe, our economy just lost over three months of productivity. Of course, some sectors were more affected than others but either way, this is a devastatingly huge number and will take years to recover from. But going forward, there are other side effects. We all know that our mental health has a massive impact on our productivity when we are at work. The long-term effects of the COVID lockdown and the economic aftermath could really impact productivity on a global scale. Many people experienced loneliness, anxiety, or depression and this can have far-reaching and long-lasting consequences that may haunt business for many years to come.
A new level of responsibility
The sanitation and cleanliness measures that are now being implemented to contain the spread of COVID-19 have introduced a whole new level of responsibilities to business and business leaders. It’s now imperative to recognize that future crises will be less exceptional than what we have just experienced. Six months ago, it may have been unfair to expect any business or government to have a flawless plan to see their organization through such an event. But now that we have experienced a pandemic, there is no excuse not to be prepared for another. Therefore, leadership responses must be well prepared, very proactive, extremely responsible, and more quickly implemented.
The pandemic lockdown and the negative consequences of it really highlighted businesses and industries interdependence on one another and the clients/ customers. We’ve seen firsthand how we are all part of the social fabric that keeps the wheels of commerce turning and how damage or dysfunction in one area has repercussions for all areas. This has already led to many new collaborations between companies, associations, governments, etc. I think this is something that will continue to see well into the future and a significant way COVID has changed the face of business.
For more Executive Insight, visit UAS Blog regularly