What Will the Future of Business Look Like Post COVID-19?

COVID-19 shows no signs of slowing down anytime soon and businesses are scrambling to deal with the effects of the pandemic. Uncertainty is high in all aspects of our lives right now and businesses are feeling the brunt of the effects. Although COVID-19 began as a health pandemic, there’s no doubt that it will transform the way we live and work. All nonessential businesses have been closed and employees are working remotely for the indefinite future. Given that we’re currently in the middle of the pandemic it can be difficult to imagine when it will be over and how it will change the future of business. 

Businesses have been forced to have internal discussions around the challenges coronavirus has imposed. Many businesses have had to think of a new strategy and rely on a trust-based system to overcome these obstacles. Companies have realized that many employees are able to work from home pretty easily and it’s likely that this will be encouraged even after businesses are allowed to reopen. Companies will start to realize how much overhead cost can be saved by reducing the number of employees that work in an office. Allowing employees to work from home will save large amounts of time and money and increase work-life balance for workers. Those with 2 to 3-hour roundtrip commutes no longer need to commute to and from work and employees will be able to watch over their young children or elderly family members. Working remotely allows workers to enjoy a better quality of life and it will be difficult for many to go back to the confines of an 8-hour office day.

Many businesses will take advantage of the power they hold over workers as many are struggling to find jobs. They won’t feel the need to pay well or offer good benefits because so many people will be competing. Businesses who were severely impacted may not even be able to afford the salaries they offered in the past. Hiring managers will be swamped with hundreds of resumes from those that were displaced by COVID-19. The unemployment rate will continue to rise as companies start to downsize. 

Eventually, we’ll return to some level of normalcy and pre COVID-19 standards will start to be reevaluated. Things like flying across the country or the world to meet clients will start to be questioned. Businesses will find the cost of travel, hotels, car rentals, etc. too expensive and will start to recommend video calls instead. Businesses will be saving thousands in travel expenses as it starts to become deemed as unnecessary. Employees may not even want to travel as often as they consider the potential health risks associated with traveling. The feeling of fear COVID-19 has imposed on us will be present much longer than the actual virus. 

Employees and the buildings they work in will be much healthier. There is a strong possibility that something like this can happen again. As a result, many companies will start to invest more in the health of their employees and buildings by doing things like improving indoor air quality and monitoring temperature. Employees will be increasingly aware of their health status and work towards changing that by eating healthier, exercising, etc. 

No one can truly predict what will happen after the COVID-19 pandemic is over, but it’s safe to say that life and the way we do business will forever be changed.