the economic impact of covid-19

As the Covid – 19 situation continues, employers and employees are figuring out how to adapt and somehow stay ahead of this huge curveball. From triggering widespread uncertainty and posing the biggest threat to the labour market since the financial crisis almost a dozen years ago, the challenges faced by workplaces have become a new front in the battle against this virus.

The measures that companies are taking in response to the virus and the scale of its disruption are increasingly likely to shift how we work in the long term. However, this kind of disruption is also likely to help a new wave of innovative ways of working:

A rise in telecommuting

Remote working has been on the rise over the past decade and looks set to spike again as it becomes more commonplace due to social distancing.

It is worth spending the time now to build your company’s capability to offer remote work by providing your employees with the equipment and know-how they will need. Providing employees with the opportunity to work remotely will also allow you to attract top talent and earn more loyalty from your staff.

Creating a new culture 

Whilst providing the right the tools and technology is vital to creating a successful remote workplace – businesses will also need to find new ways to maintain a company culture. Leaders and managers will need to work hard at building trust with their teams or units; make sure you have open communication channels, clear deadlines and guidelines, and a system of accountability that can rely on a level of trust.

The innovative business model

It is momentous situations like these that will inspire innovators to create new technologies for businesses that will inevitably create new business models and disrupt some sectors. Consider already existing technologies, such as artificial intelligence, virtual reality, and advanced machinery that can troubleshoot and solve issues.

In the short-term, the global economy will be affected, however, more developed systems of communication between business leaders, their employees, and clients, will result in new ways of doing business and the way in which we conduct our day-to-day operations. As Benjamin Franklyn said, ”By failing to prepare, you are preparing to fail.” If anything the present situation teaches us that we need to remain reactive and proactive.

If you’re looking for new opportunities, Ceek is here. We are doing our utmost to support our clients and candidates through the present challenges we face. Feel free to contact us and visit our website for our latest vacancies.

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