Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of the Economic Times – ET Edge Insights, its management, or its members

shutterstock_1723428592

Many years down when we look back at history, there are high chances that we divide time in two new eras – Pre Covid and Post Covid. It is true that every time a major event has struck the world – it has altered how the world functions. It has brought about groundbreaking creations – in technology, science, medicine, literature and every other sphere of life.

Yet, this pandemic is one of a kind. It is difficult to recount another global incident of similar nature, which has brought the entire world to the same position, same crisis, same disruption.  Corporations across the world has embraced technology, digitalization, and work-from-home like never before. Business strategies, continuity plans are being rewritten. Innovations and research are accelerated with the aim to achieve results in a matter of months, which traditionally would have taken years.

So, what according to us, are some of the key tickers for the new normal?

Digitalization

Digitalization holds the key to success for the coming chapters of corporate operations across the globe. During the pandemic, we saw how remote working enabled by technology and the use of bots in business processes become more and more commonplace, just to name two examples.

Digitalization had been the game changer and will continue to be so in the times to come. However, complete success through digitalization can be achieved when Organization Culture is primed and made ready for digital transformation; ‘digital first’ has to be adopted as a mindset not as a KPI target.

Reduce carbon footprint

One of the key lessons that the pandemic has taught us is to take care of mother earth and our ecosystem seriously. It has been made clear that mankind cannot survive by destroying the environment. According to a report by McKinsey, more that 25 percent of global greenhouse-gas (GHG) emissions came from industry in 2014. Unless industries can lower their emissions, the world will struggle to reach the GHG reduction targets of 80 to 95 percent that governments set under the Paris Agreement of 2015. Innovative carbon-neutral technologies and comprehensive technological change would be instrumental in helping industries reduce their carbon footprint and reduce GHG emission.

Safety

Another key lesson that the pandemic reinforced was the importance of safety.  Business processes and rules need to be redefined and redesigned to ensure that the employees, staff are safe are protected– specially for the frontline workers. On a larger scale, businesses need to do their best to safeguard the partners, stakeholders and the community around their operations.

Promote diversity and inclusion

Statistics reveal that a more diverse workplace yields higher revenue, more innovation, and better decision making. However, many companies have yet to consider aspects of inclusivity. Diversity in the workplace does not necessarily lead to inclusivity in the workplace. While diversity is important; creating a culture where people from all backgrounds feel included is even more important.

With the rise in more flexible working options, there will be options for wider hiring opportunities across genders, generations, geographies and backgrounds. Diversity and inclusion will be a vital success factor for organizations.

Ethics and Integrity

One of the biggest lessons of the year was upholding human values and championing humanity – fostering greater compassion towards ones’ family, friends and the community at large. In terms of the corporate world, this translates to upholding the basic values of ethics and integrity.  Perhaps this may sound like a cliché, and oft repeated in rule books, but this year taught the significance in making integrity the foundation of all corporate activities – a lesson that transcends time.

Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of the Economic Times – ET Edge Insights, its management, or its members

Leave a Comment

Your email address will not be published.