The COVID-19 pandemic has presented governments, companies, and individuals with an extraordinary global health and humanitarian challenge. The pandemic has also caused deep dislocations across the global economy, creating an inverse correlation between government actions to “flatten the curve” of infection rates and the depth of economic disruption.
All around us, the world is roiled in change, transforming before us. And this is true of our organizations too. New technologies, new business models, new acquisitions, and new markets will all have a significant impact on the organization and on employees. There may be profound uncertainty about the future, but one thing is for sure – the way people work will certainly change. The key to sustained economic growth is not just finding workers but also transforming how they work.
That task has become a more urgent priority as the COVID-19 pandemic has forced an unprecedented drop in economic activity. The pandemic is also accelerating a shift toward digitization to reduce the spread of the virus while enabling more people and processes to move online.
In a survey conducted among 1000+ industry leaders, 63% of all respondents took a glass-half-full view, and opined that employers now have the chance to bring about massive historical change that reshapes organizations.
The pandemic has presented us with a chance as much as a challenge: a chance to segue from a growth economy to a value-based economy, marked by prioritizing long-term value and the needs of multiple stakeholders over short-term growth.
Companies were already under pressure to act responsibly pre-pandemic, and this crisis has only accelerated that pivot. They will need to demonstrate they deliver benefits to society and the environment, not just the bottom line.