I have been wondering over the past few weeks about what life would look like after the dreadful COVID-19 pandemic is over. To me the current situation seems nothing short of a Sci-Fi movie, one that depicts a futuristic world with radical changes in the environment and society as we know today. As a viewer, it always seemed like a remote possibility likely to take placed in the distant future. Except only now it is actually happening. It is happening for real. The future that these movies depicted is actually here.
The shock of the pandemic that has literally put away people in the confines of their homes will make fundamental change possible. Will the definition of change really change? Maybe the paradigm itself will change. Or will humans bounce back to business-as-usual with the sense of relief and a search for community?
Given the 21-day lockdown and plenty of time at hand to indulge any thought that comes to my mind, I have been thinking about what really is the future of businesses, big and small alike? What does this pandemic mean for businesses and what may become business prerogatives in the times to come? I feel the following would prove to be the hallmarks of Work 3.0-
3.1 Technology– Any analytics or business intelligence tool will become a necessity to survive, whether built orbought or leased. Regulatory norms will be redefined. So far, our systems have been designed keeping in mind a steady state of normalcy. The key for longevity of any business would be the efficient management of disruptions. Tools ensuring data recovery, data privacy and control mechanisms will become the most sought after.
3.2 Supply chain management and Logistics– Re-engineering distributions and reaction to disruption would define the survival of any business. Businesses would have to re-evaluate the costs and benefits of a globalized supply chain system versus building the robustness of domestic supply chains. Technology in logistics and infrastructure might provoke a complete rehash from the factory to doorstep delivery systems.
3.3 New and sustainable ways of Brand-building– Strategic steps taken to foster change and adaptation while showcasing a sense of responsibility towards the environment and society will become necessary for business growth. Adoption of new responsible technology, ethics & integrity and ability to respond in times of crisis will leave a lasting impression on employees and clients alike.
3.4 Remote working/ Work from home– In the event of the widespread illness, there will a massive change in a sector that has been ripe for innovation for a long time. This fallout of this event might prove to be the biggest one-time execution of the work from home model. Looking at the uncertainties that this event brings for the future, it might actually be harder and more expensive for organizations to deny this option. The remote working model might also help further a company’s policy of Inclusion and Diversity and can be a means to put the biggest unused talent (women, retired professionals etc.) back to work.
The only question that will remain is then how can organizations ensure employee engagement and loyalty? The execution and management of the work from home model and the employee engagement would have to undergo a metamorphosis. Setting clear expectations for communications on a day-to-day basis, preparing oneself with ready-to-go suite of tools for remote working, high speed internet, target based goals and achievement matrix, managers to try and sustain a semblance of normalcy and camaraderie in unconventional ways, decentralizing technology for training & learning and more nuanced focus on productivity would in fact bring in cost and operational efficiency.
3.5 Rebirth of social media– This event might prove to be the single most important event responsible for breathing new life into social media. Having being criticized by many as the disease plaguing the society, social media in the time of coronavirus has been a blessing for some of those in isolation. It presents a huge opportunity to all social media companies to now scale up but with responsibility. However, businesses that can provide tools and technology to filter out fake & unwarranted content, ensure data privacy and protection could be the next fortune 500. The obituary of social media might have to be rewritten.
I would love to run a marathon but looks like it’s a new 100 m sprint! We have to learn to enjoy, breathe & relax while being on a treadmill. This is the new truth and new reality. This is the new paradigm.