The Coronavirus Outbreak Will Change the Business Landscape Permanently!

Must Read

Free Netflix in India: A Result of Slow Growth In Q3 2020?

Netflix is testing a new strategy that could lead to free Netflix in India. The online streaming...

Reliance Jio Set To Blitz The 5G Smartphone Market With Jaw-Dropping Price

Cometh the revolution, cometh Reliance. This time the price of 5G smartphones under the radar of Reliance.

Apple iPhone 12: Not For India And You Must Not Fall Prey To Apple’s Marketing Machine

The cat is out from the bag, finally! Apple iPhone 12 has launched in the most sophisticated...

Make no mistake, the events of the next few days, weeks, and months will have a lasting impact on the global economy and society as a whole. Indeed, it’s naive to think that after Coronavirus security measures are dropped things will “go back to the way they were.” In other words, business leaders and professionals alike are going to have to adapt to a new normal thanks to the coronavirus. Here, we’ll outline some of the ways that this unprecedented occurrence will likely influence how businesses – and lawmakers – act in the foreseeable future. 

The Rise of Remote Employment

Even before the coronavirus pandemic, remote employment was prevalent across the American workforce. In fact, a gallup poll from 2017 determined that over 40% of professionals worked from home at least some of the time. Expect that number to rise. Not only is remote employment benefits for employees – since they enjoy more flexibility and comfort working from home – but it’s also a net positive for businesses. A study from several years ago found that if businesses allowed employees to telecommute merely half of the year, they would save, on average, $11,000 per employee. 

Naturally, the increased regularity of remote employment will cause ripples that many other industries will feel. Already, investors are seeing a boom for telecommunications companies, as well as businesses that offer digital communication solutions. What’s more, it’s reasonable to expect plenty of professionals to refurbish or improve their home office setup as a result of working from home for an extended period of time. 

Advertisements

Still, we haven’t even touched on the challenges that managers will face coordinating team members who only communicate remotely. While this could prove problematic for some businesses, remote employment will almost certainly take a massive step forward in the months and years to come. 

Compensation & Benefits

Universal basic income (UBI), once considered a political non-starter by many experts, has enjoyed a renewed surge in interest because of the coronavirus. What’s more, the federal government is even implementing a form of UBI – albeit a limited one – in the new $2 trillion stimulus package. (Most Americans will receive a  $1,200 check from the  government within the next few months.)

Whether or not UBI eventually enters mainstream politics is still a matter of conjecture. However, what’s more likely is that workers will begin to push harder for certain compensation and benefits from their employers. Roughly 25% of American workers currently don’t have access to paid sick leave from their employer. It’s almost unthinkable that that figure will stay so high in the wake of a global pandemic.

Furthermore, unions and workers’ rights organizations are going to insist on expanded healthcare services. This is something that was happening before the coronavirus, but the events of the last few weeks will act to catalyze movement on it. 

Customer Behavior

Up until recently, many modern consumers had never struggled to gain access to basic household supplies or groceries. Thanks to industry giants like Amazon, order fulfilment on virtually every imaginable product or service had reached a zenith. Now, though, customers are seeing firsthand just how difficult it can be to purchase products that they need. This is going to alter the way they spend money and shop. 

Advertisements

Plain and simple, businesses will need to learn how to connect with a consumer base that understands the difference between essential and non-essential products. Given that fact, it behoves companies that survive the coronavirus lockdown period to conduct studies to gain crucial audience insights regarding new customer perspectives. The nature of the customer-business relationship has been dramatically altered over the past few days and weeks. And it’s not done evolving either. It is important to note that consumers are also going to remember how companies reacted during this difficult time!

Conclusion

Some events are so monumental and disruptive that they change the very world we inhabit. Sometimes these are geo-political occurrences like World War II or the fall of the Berlin Wall. Or, in our case, a pandemic. Nevertheless, it’s important for business leaders to understand that old practices and ideals are not going to function with the same level of effectiveness in the past. This means new ideas and fresh approaches are required. The coronavirus isn’t going to cause the end of the world, but it is going to change the way we see it. 

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

Can Facebook Be Trusted For Newly Announced Hosting and Shopping Services?

Every coin has two sides. For Facebook Inc. (NASDAQ:FB), the positive side says that it has launched...

When the Going Gets Tough, the Tough Gather Online

Tech shows; we all know them, love them, and wish we could get to them. Unfortunately, that's not always possible. Or is...

Flipkart, Amazon Hurtle To Secure Their Slice in Aditya Birla Fashion

The battle conch for the festive season has already been blown. Now in a bid to take control of a new frontier,...

Jio Pages: The Indian Browser Reliance Is Betting On Now!

Looks like Reliance wants to establish Jio as a synonym of technology. After launching a fleet of Jio products in the last...

Less Than 5% Internet Users In India Have Netflix Subscription

The third-quarter earnings report of Netflix is out; The streaming giant beats the Wall Street expectations in terms of revenue but fell...

Free Netflix in India: A Result of Slow Growth In Q3 2020?

Netflix is testing a new strategy that could lead to free Netflix in India. The online streaming giant is exploring options to...

In-Depth: Dprime

Will ‘TikTok By Microsoft’ Be A Winner?

For the last two years, TikTok has been in the public eye for all sorts of reasons. First, it was the exploded...

Facebook Subscription Model: Looking Beyond Ad Dollars?

Seldom do job listings create a stir this gripping. However, when the job listing in question is a stealth post from Twitter,...

Will The Online Food Delivery Market in India End Up Becoming A Two-Horse Race?

It's pretty much evident that the food delivery space in India is all set to get riled up soon enough as one...

More Articles Like This