Businesses have been turned upside down in almost every way since the Covid-19 pandemic struck the world. Many were forced to send a significant part of their work force home, while others had to shut down except the critical service providers.
They not only have to worry about keeping their staff, consumers and suppliers safe but also have to deal with organizational and financial problems, stalled supply chains and declining revenues. It is now haunting everyone including those that were already prepared for crisis management that this is more than a crisis and might stay with us forever.
No doubt that after the pandemic, corporations will all be different and the improvements we will see are as follows.
Flexible Working Hours
Social distancing is one of the mandatory measures recommended to stop the spread of the deadly virus. Having said that, many organizations had to adjust to working from home. Employers try to encourage their team members to work synchronously and train them how to use interactive tools to make sure that no one’s left behind.
While work from home has been around for a long time, not many were accustomed to it. It has become the new norm now, with those who considered it as slow are now getting comfortable with it. They are also learning that when employees work with flexible timetables, the productivity increases.
Employees have now realised that in order to get their work done, they may not necessarily have to be in the office. So we are guessing that after the pandemic, many sectors will follow the new rule – that is – work from home. The working hours will be flexible and employees may also need more than just two days off in a week.
Growing Need to Foster Global Presence
The market and supply chain has largely been affected by regional shutdowns. Since then, companies that have consolidated their activities in such regions have had to deal with a shortage of significant supplies for their company and reduced revenues.
This is a learning phase for many organisations, and as they continue to reopen, there will be a need to catch up with some extra pace. They will need to diversify their reliance from working in limited regions to expanding to a global level. Those brands that have avoided establishing themselves in international markets for fear of legal repercussions would be more open to the idea.
A Turmoil in the Real Estate Industry in Big Cities
With so many people working remotely, the idea of a physical workplace is likely to become a thing of the past. This will lead to a shakeup in the real estate market as so many buildings will be forced to convert to residential spaces.
There is also the risk that people would change drastically after discovering that they can actually operate from anywhere. An influx of square footage for residential buildings would be faced by major cities and it will drastically cut down rental costs.
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