Covid-19 has been a game changer for several sectors. It has shown the world that a pandemic can affect the world and reduce decades of economic growth in a matter of months. If we look at the previous major economic crisis that have plagued us be it the 2008 Sub-prime crisis or the 1997 Asian financial crisis, neither of them required a kind of lock-down that we have witnessed in this case. In fact, most of us are either working from home or travelling to work with the panic of getting infected. Amidst all of these, there are few permanent changes that have occurred which are here to here to stay. In my view the following 15 changes will now be an integral part of our lives in the post covid world:
#1 – Organisations will become leaner and flatter : The pandemic has increasingly indicated that large organisations are extremely top-heavy implying there are too many hierarchies . In the post-covid scenario, organisations will like to keep their structure lean and flexible.
#2 – Virtual calls are here to stay : Working from remote locations is not only feasible but also provides higher productivity in many cases. Microsoft Teams, Google hangout and Zoom calls are going to continue in the post-covid world.
#3 – Freelancers will increasingly be in demand : Employees working from remote locations are not much different from freelancers, isn’t it? Companies will increasingly prefer to hire skilled individuals over short term contracts rather than full-time employees. Welcome to the Gig economy !
#4 – Salaries will increase faster – smaller teams will imply higher profitability : Team size will increasingly become smaller with focus on growth and higher profitability per person. This will also lead to higher salary growth as teams will be leaner and flatter with more margin.
#5 – Hospitality sector will focus on rented apartments: Travel and Tourism will reduce by an unprecedented level in the post covid scenario. The additional capacity of the hospitality sector will however be used as rented apartments and vehicles on lease. This in-turn will cause a significant downfall in the rent levels and tenants will have plenty of options.
#6 – Physical office buildings and outlets will be very limited: The world will increasingly become more digital and e-commerce transactions will have rapid growth. The impact on physical outlets and stores will also be adverse as people will prefer no contact delivery.
#7 – Startups will become more competitive than market leaders: Startups will be best suited to adjust to the changing environment owing to their optimal size whereas large corporate firms may struggle to meet their overhead expenses.
#8 – Education will increasingly become online: Online certifications and degrees will continue to flourish and will be regarded at par with classroom programs. Education will also become cheaper and affordable. Initiatives like rural education will get a boost owing to online mode and easier connectivity.
#9 – Cyber security, Data Protection, AI and Robotics will become the buzz words : As more and more people will work from remote locations, concerns over data security will be raised. Organisations will be more keen to take assistance from AI bots and robots than hire human employees.
#10 – Digital payments will reach peak levels : Paper money might become redundant as more and more individuals agree to transfer money using digital modes. Mobile money will become the preferred currency.
#11 – Sharing resources such as HR functions and physical assets will become common across companies: Companies will increasingly partner with other firms including rivals to lower their fixed costs.
#12 – Mental wellness will become a mandatory aspect to fulfill for any employer: The lockdown has impacted most of us adversely. Going forward, ensuring proper mental health of employees will become a compliance requirement.
#13 – Companies will function 24×7: Firms will prefer to service clients through different timezones or prefer to have multiple shifts in production. Employees will be expected to be available round the clock.
#14 – Cab aggregators will shift towards last mile delivery: Players such as Ola and Uber will increasingly focus on logistics for food delivery or even transport of cargos as passenger rides will be limited.
#15 – Coding will become a mandatory skill: Just like mathematics is taught from a young age, coding as well will be considered a mandatory skill. In fact, for many other jobs, human beings have already been replaced by AIs. Hence the ability to code well will be considered as the differentiating factor.
What do you think will be major change factors in the post-covid world ?
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