It is an undeniable fact that the ongoing Covid-19 crisis has bestowed many lessons upon the world. As the pain of this pandemic is real, the philosophy of ‘this too shall pass’ will wake us up in a new dawn of a new era. The world is still struggling to surpass the obstacles caused by the pandemic, we all can also use this opportunity to prepare ourselves for these forthcoming changes. For many of us, the entire experience is bringing out the best is us. The sense of gratitude for being alive with the access to essential resources. The working culture in India will change extremely. In this blog, we will learn about the teachings of the Covid-19 era and how the working culture in India will implement it. In our previous blogs about the Covid-19 outbreak and its effect on e-commerce and the adworld, we have covered the present grounds. Here, we will assess and presume a possible future which has implemented the fundamentals born from the Covid-19 era.
The irreversible changes have shaped a new outlook. As this decade started, no one imagined that the entire world would succumb to four walls and work would still go on (in most cases). The work-from-home became the new normal and everyone got accustomed to it. This has shed light on the importance of work from home. Initially there were a handful of organizations who practised and provided its employees with the option of work from home. After the lockdown is over and things get back on track, the organizations will have an open mind about those who are in need of work from home. As per the below chart that only covers January 2020 covers the mention of work from home in public company transcripts. The WFH will be normalised and company management will be less skeptical about deadlines being met as the employees seldom choose to work remotely.
Chart source: VOX
When the lockdown ends, the pre-covid crowded places will not be the same. The initial hesitation in people about engaging in larger crowds in malls, cinemas and street markets will affect the retailers. The e-commerce sites may see a surge as people will be more comfortable in buying items online rather than stepping out. The e-commerce industry boomed after SARS and MERS. As the time passes, then maybe gradually people may move out for the weekend stroll and the friday movie. We may see and hear the eagerness in shoppers to run to the markets as soon as it is safe, but when the time arrives the situation will be much different. Social distancing may have very well condition us to institutionalize this practice for a longer time. Soon the service of the e-commerce industry will start but only for essentials. According to a report from BCG Henderson Institute, Boston, following are the sectors and their patterns. The undeniable paradigm shift will cause some long term changes in consumerism.
Chart source: BCG Henderson Institute, Boston
Organizations can use this time of crisis period to inflict their strategies and prepare a scheme that can help them to develop a blueprint for the entire year. It is very clear that the situation will not be getting any better in Q2. But, with certain sectors opening, it can provide a window to leverage all possible mediums to stay afloat. The consequences will reciprocate as opportunities will present itself, but as of now everything is at a standstill.
This social and economical shift will bring forth many new opportunities that can cater to the current frustrated customer, so hold on and carefully listen to what your customers need. If your foresight is strong and you can understand the emerging needs of the consumer before they are aware, then you can turn the identified consumer patterns into profits.
The global crisis has exposed the flaws of individuals and organizations. As and when this period is over, the companies will have detailed policies for work, salaries and insurance. Speaking of insurance, the sector will see some booming results as more working class people will be serious about having health and life insurance. For organizations that are already providing it, will consider to opt out for better plans to cover more diseases.
The employment sector has also exposed its flawed segmentation in hierarchy and pay. Post the pandemic outbreak the front liners who are risking their lives everyday. The law enforcements, doctors, lab technician, nurses, cleaners, delivery personnel and other essential professions. Their training and pay will be better.
There are many more learnings from the ongoing crises, but every cloud has a silver lining. It is important to stay put and focus on what could be done? rather than what will be done?. Whenever we all return to our office spaces, the world will be a different place. The work culture, the company perspective, the short term and long term goals, all would have been changed and modified. This is the time to come up with modified strategies and business models that can help you reinstate your business. We all will walk into a world that will believe and work even harder to make a comeback. But as our nature is healing in the absence of humanity and its chaos, so can we. The importance of healthcare and a well equipped nation to fight and prevent such crises is the only defence technique we will need. The future will see governments investing more in public healthcare and hospitals rather than making questionable choices. In the meantime, make the most of this enforced break and reflect.