Paradigm shift in doing business after Covid-19
Flexibility needed in goals, profit margins; job loss fears; work-from-home gaining ground
COVID-19 has thrown a wrench into all business predictions and all 2020 plans. Anything that any business wanted to do this year, or likely even planned for 2021, will have to be changed, or require a completely new approach.
That is the view of the founder and chief executive of The Business Exchange (TBE), David Seinker.
“Even the smartest minds around boardroom tables in many corporate companies could not have predicted that businesses around the world would be facing a crisis of this nature and magnitude.”
Seinker said: “One of the biggest ways in which businesses need to be flexible right now is with their 2020 business goals. For many, profit margins will be smaller than predicted and their client base will decrease, with negative consequences for income. To safeguard themselves into the future, businesses should relook at their goals for the next few years and rework their business plans accordingly.”
HR consultant and MD of Phetogo Consulting, Basetsana Magano, said: “Despite the onset of technology, many companies did not want to change how they worked, now they’ve been forced to change and adapt.”
Magano said: “All of a sudden employees have the freedom to work from home, but because it was probably not what their managers would have wanted, there is pressure on many to prove that they can be trusted to work without constant supervision and they will go the extra mile just to prove this to their managers.”
Prof Renata Schoeman, psychiatrist and head of MBA in Healthcare Leadership at the University of Stellenbosch Business School, said: “Scores of employees suddenly experiencing the ‘freedom’ of working from home may also be experiencing anxiety sparked by a lack of supervision and direction, having little time to adjust to a new way of working, fears of job losses, along with challenges of managing technology, keeping productive, staying connected and juggling family and work responsibilities.”
Chief executive of Whole Person Academy, a training company focused on employee engagement Cheryl Benadie, said: “What used to be one-dimensional work realities for most (driving to an office, sitting at a desk, signing permanent work contracts) has splintered into a kaleidoscope of alternative workforce iterations: contractors, freelance/independent workers, gig workers and crowd workers. While younger generations will be quicker to adapt due to digital proficiency, more support needs to be provided to mature workers who will find this new world almost impenetrable.”
Tertius Wessels, labour advocate and legal director of Strata-g Labour Solutions, said: “I don’t think working life will ever go back to what it was like even with the lockdown and the national disaster over. You might find businesses restructuring and introducing new technology to make their operations more efficient.”