Pandemic has Changed the Way Business is Done


There is no doubt that the COVID-19 pandemic disrupted the way how, where, and when people worked. With lockdowns in force, companies had to become remote overnight. Businesses that were skeptical about work from home scenarios gradually understood that people could still be productive during remote working. Though the vaccine rollout is now in plans, there is still time for businesses to return to full-fledged operations. Hybrid workforces are what companies are trying these days; it means employees are given the option to choose what is convenient for them.

Companies have already dealt with a wide variety of problems since the lockdowns were imposed, including stalling supply chains, keeping employees safe, slumping sales, and maintaining business continuity. The pandemic challenge offered senior management a great opportunity to build a trust-based culture quickly. When service provision becomes a true partnership and consumers are pitching in, the result is a more productive workforce, improved service outcomes, and enhanced experience for everyone.

The research from IBM Institute for Business Value depicts that executives are now changing their priorities for an uncertain future. Competencies like cost management, enterprise agility, crisis management, and workforce resiliency that were not considered more important are now being prioritized. The COVID-19 pandemic has accelerated digital transformation at 59% of the organizations surveyed by IBM, and 66% believe that they were successful in completing initiatives that previously encountered resistance.

More emphasis is now placed on employee training as well. Businesses have realized that they need to train their employees with digital skills so as to remain relevant in the technologically advanced landscape. The Department of Learning and Development (L&D) is making learning more accessible to employees through online programs. With a cloud-based learning platform, employees are able to take various online courses remotely and upskill themselves. Some of the most sought-after training programs include digital marketing training, ITIL 4 Foundation online course, data science training program, and PMP certification.

Economic recovery will slowly gain pace, and companies that reimagine their operations will perform better in the new normal. COVID-19 has changed the office-centric mindset, and leaders can expand employees’ ability to work from home to achieve business goals. As companies conduct more business online, they should rethink technology, employee training, vendor contracts, and other important controls to mitigate potential business risks.

Companies are also reevaluating how contact centers are leveraged, how digital channels can be used to support business continuity through the crisis, and how employees deliver relevant customer experiences. The pandemic is fundamentally changing the customer’s buying behavior and accelerating immense structural changes in the business operations. This acceleration has compelled businesses to reimagine their digital strategies and capture new marketplace opportunities and digital customer segments effectively.

Technology advancement is estimated to bring a large effect in the decade to come. Promising technologies like artificial intelligence, blockchain, the Internet of Things (IoT), and quantum computing will further change how societies and organizations operate. More frequent market disruptions are expected to emerge, and businesses must be prepared to face them. One of the best ways to do so is to focus on employee training. Reskilling and upskilling initiatives will allow employees to survive in the changing work scenario and help thor organizations stay ahead of the competition.

There is going to be a talent shortage in the post-COVID-19 world as growing automation will lead to a number of jobs becoming obsolete and the emergence of new job roles. So, businesses need to reconsider what types of skills will be needed and begin to increase their upskilling programs during downtimes. They need to introduce agile learning as a core management philosophy and think about ways to widen the talent availability pool by exploring gig economy options.


Leave a Reply

Back To Top