Organizations worldwide were negatively impacted by COVID-19, but at the same time, have also had the opportunity to build strategic organizational resilience. Now, they can tap into valuable data and insights learned, to make informed decisions when external risks arise, giving them a marketplace advantage.
Let’s talk more about how the pandemic has impacted businesses.
Long-Covid Impact on the Workforce
Long-covid symptoms like brain fog, confusion, and fatigue have been difficult for employees, forcing them to stay at home and take care of home affairs or making them unable to contribute to the workplace. To accommodate employees and maintain high staff retention, leaders have had to adapt accordingly and manage employees to mitigate risks to business operations. For example, employers have had to work with them to define an appropriate level of work, offer any downtime needed and make any adjustments to their role.
How Have Businesses Had to Deal With This?
- Create a safe environment for open communication
- Offer remote working conditions
- Job flexibility and being open to change
- Collaborative work systems and online communication
The Way Business Has Changed
- Remote Work
From a global survey, 51 percent of respondents state that the upsurge of COVID-19 has accelerated remote work, with a preference for hybrid work arrangements.
Teleworkers say they’re choosing to stay home for better work-life balance and productivity. Communication has become more streamlined, and people find they get more work done which assists businesses to meet their objectives faster.
- New Technologies
Covid accelerated the use of online tools like never before. People can communicate and do business from anywhere in the world, expanding business opportunities, and allowing many industries to grow astronomically.
Other mentions include the significant surge in online shopping, streaming entertainment, drone usage, data collection, and much more.
- Opportunities
It has been an incredible learning experience for aspiring entrepreneurs, while businesses have had to get creative with solutions and stay relevant to meet consumers’ needs. Businesses have developed resilience to external threats and developed better coping strategies making them stronger overall.
How Can Businesses Adapt to the New World?
- Rebuild operations
- Rethink the organization and find ways to improve its structure
- Develop risk strategies to prevent a crisis
- Become more innovative
The pandemic brought about a change in the way we do business and in working conditions globally. To remain resilient through a crisis, businesses are encouraged to re-invent and rethink their business models to obtain a competitive advantage and stay innovative in a growing digital and modern landscape.
