Adapting to New Ways of Working: A Courageous Start
2020 presented the greatest challenge most of us have ever experienced, bringing uncertainty and despair to people around the world. From an organizational perspective, small businesses bore the brunt of the bad effects of the pandemic, even as some global conglomerates made heaps of money due to the constraints put forth by the situation (and partly because of their inherent business models).
Data from the International Labour Organization (ILO) shows that working hours fell 14% globally during the second quarter of 2020, equivalent to the loss of 400 million full-time jobs. The Americas have been hit the worst by far, with working hours reduced to 18.3%, according to the latest ILO Monitor report. A rebound in economic activity based on existing forecasts projects a decrease in working hours of 4.9% (equivalent to 140 million full-time jobs). Does this mean that the post-pandemic phase is all doom and gloom?
Not necessarily. Certain industries that adopted brilliantly during the pandemic will be a beacon for new growth opportunities in the near future. The education, pharmaceutical, banking and medical industries not only survived, but displayed absolute resilience in creating new ways of doing business without substantial impact on their business models.
From a workforce perspective, employees will need to be prepared for organizations’ desire to shift to
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