Covid-19: Adapting to a New Revolution in Business Strategies.

The outcome of the Covid-19 crisis could be experienced throughout every layer of the present and future economic, political, and social fabrics. The pandemic has resulted in a new revolution on how large companies will come up with strategies and approaches to enable their businesses to go forward with their daily operations. The Covid-19 situation has forced the organizations to improve their adaptations on managing their workforces and, at the same time adhering to the government directives (Bloom, 2018). The pandemic started as a small health pandemic that was predicted to end shortly, but the outbreak might result in long-lasting impacts on the way people work and live. The explosion has led to the closing of non-essential businesses, schools, and forcing the citizens to remain housebound. With directions from governments and states, forcing employees to stay indoors, online working is the only medium that facilitates contact between the workers, friends, employees, and management. Eventually, when the world overcomes the pandemic, it will take time to normalize lives.

Is your time best spent reading someone else’s essay? Get a 100% original essay FROM A CERTIFIED WRITER!

Save 25%

Large business organizations will be forced to change their strategies and to come up with short-term policies to improve their operational efficiencies to maintain their customer relationships and needs. The world will struggle with specific pre-Corona virus standards, including the changes in cost allocations, hotel stays, and the minimization of unnecessary spending on extravagant (Kostova, 2019). Employees might develop a feeling of fear, especially when flying, taking meals at crowded restaurants, and staying at busy hotels. There will be drastic changes in the job markets, the way people perform their day to day duties, the interaction of businesses with customers, the nature of company resources, industry, and the environment of competition. However, there is a need for the government and professionals to intervene and create resolutions that will facilitate the regaining of previous business trends.

Post Covid-19 Effects on Companies and How They Should Respond

Despite the efforts of the technology community to help employees adopt technological services to help them overcome some of the Covid-19 associated challenges, most companies have suffered stagnation. The tech services allow companies to continue with their production functions in the face of the current pandemic, but still, the companies will look entirely different shortly after Covid-19. Currently, the chain supply of products and services has been interrupted as a result of the Covid-19 pandemic (Kostova, 2019). There, there is a demand for some companies to shift production. Most of the companies are focusing on product reserves and the need to secure more sources of supplies for inventory. As a result, most companies are taking their businesses closer to consumers to prevent local production, which could pose a prolonged challenge. For future company success, the companies should be more mobile in the usage of technology, more cloud-enabled, and should encourage flexibility of the workforce

According to (Bloom 2018), large companies, including Multinational companies, should come up with adequate measures to navigate the demise to enable their survival, their customers' survival, and the whole industry's survival. The companies should adopt new strategies of workforce planning that will facilitate the issuing of flexible contracts, improving human resource policies, and encouraging employee efficiency. The companies should also adapt the strategies of crisis management and respond to future unexpected events to ensure business continuity in the face of unpredictable pandemics. In companies, any shortages of related global supplies are a challenge to their existence and competitiveness. Organizations will be forced to create new policies, especially on deciding matters relating to resource sourcing, employee issues, business growth issues, and the sales team needs. The post-Covid-19 forecasted company issues would have long term effects on the priorities of companies' owners

Competition

As the world is struggling with Covid-19 pandemic, some parts are getting through, and they are identifying marketing opportunities for their companies. While some of the business's known competitors are still mulling over in the epidemic, some other businesses are taking chances to restructure and re-establish (Kostova, 2019). Businesses should adopt marketing and sales policies and strategies to start or continue sailing ahead in the competition. Before the end of this pandemic, businesses that would want to continue with their operations should be adequately equipped with health requirements that facilitate detection and response to various causes, and this will affect competition.

Adjusting policies and strategies in the field of sales and marketing to target a particular customer when they are still in recovery could increase the chances of dancing ahead of other companies. The companies that will restart first might gain a competitive advantage over other companies (Kostova, 2019). Without the companies coming up with new norms and structures, it will be difficult to stay or remain ahead of the competition. Companies that have suffered during this epidemic are those that provide services physically, and to remain ahead of the competition should reinvent them to get the best out of the situation when the other businesses are closing down.

Customer Interactions

Soon, once the Covid-19 pandemic comes to a halt, customers will start flooding the markets, and the streets and organizations that will be in operation will experience a huge number of consumers (Kostova, 2019). The entertainment industry, including tourism, movie theaters, hotels, and clubs, are forecasted to receive higher numbers of customers as compared to other industries. Without the right strategies, the business might receive more customers whom it cannot handle, and in the end, it will develop a bad image and lose customers.

Also, previous organizations without online marketing services should restructure and consider developing these services to reach customers despite their locations. In contrast, previous organizations with online services should focus on improving and upgrading their service delivery (Kostova, 2019). They should offer websites of high quality that facilitate interactive online availability and upgrade their applications to improve communication. The customers will become more selective because of the amount of information surrounding them, and the epidemic is a good chance to test and come up with new styles and tactics. Businesses will also be required to come up with working strategies to train their workforce to deliver proper services while enhancing new styles of improving virtual communication

The Job Market

Post Covid-19 pandemic will experience a big change in the job market. There might be an increase in the number of jobs relating to the fields of technology, e-commerce, and medical hygiene. There might be job opportunities in the field of virtual medicine because people will need psychological services to facilitate quick therapeutic recovery and faster healing from the pangs of Covid-19 (Kostova, 2019). There will be an increase in the demand for employees, especially those on contract basis in the contact centers and the delivery services, to help in managing and supporting disaster activities, including the delivery of sanitization services. In the technological field, there will be demand for full-time employees to upgrade online marketing services in companies.

According to (Bloom, 2018), soon, people will prefer short-term jobs where most of the people will concentrate on self-employment, and they might be picking up small duties for pay. Also, companies will focus on hiring the employees with the right talents to aid in utilizing the remaining resources for continuity and survival of the business. The field of biotechnology is expected to show demand for more short-term employees to offer sensitization services to different organizations on how to handle related infections, and some of the bio-technologists will be needed to help in conducting research (Bloom, 2018). Most of the businesses ranging from start-ups to large companies have been negatively affected by the epidemic, and most of them have not shown interest in hiring. As a result of the Covid-19 pandemic, some jobs have completely slowed down while others including medical services continue to show higher demand for labor

Skills Needed to Be Successful

Currently, most of the people are wondering how post-Covid-19 life will be. Most of the workplaces might change, and different organizations might require certain skills from aspiring employees (Bloom, 2018). The following are some of the qualities that an organization may demand in the post-Coivid-19 world;

Adaptability and Flexibility: Because of the few jobs soon, companies will require people that will succeed in the post-Covid-19 world. People will need to adapt to different evolving work environments and be in a position to update their skills in the process

Technological skill: In preparation for future a post-Covid-19 job, one should equip themselves with technical skills. The epidemic is causing changes in various organizations because every company is trying to track technical transformation to become more resistant to future epidemics

Creativity and Innovation: Most of the businesses have shown creativity through delivering virtual services. For these companies to recruit, the employee must be ready to invent and come up with new products. The prospective employees should also be ready to embrace change

Leadership: Organizations will require people who will lead others towards a common goal despite the circumstances. Professionals in possession of good leadership skills including inspiring skills and encouraging skills will have the upper hand during the hiring

Conclusion

The post-Covid-19 world will look different from any other preceding period. The epidemic has changed a lot of norms ranging from social, economic, and political. These briefing notes aim at providing graduates with a future perspective on business changes and expectations. Once the epidemic has relented, the outcomes may not seem favorable to most of the business organizations because of the changes in consumer behavior, nature of competition, and unfavorable trends in the job markets. The businesses should begin to plan for the near future

Recommendations

This Covid-19 period is the appropriate time for businesses to prepare through planning to make a difference

During this pre- Covid-19 period, graduates should improve their technological, leadership, innovation and adaptability skills for post-Covid-19 jobs

Graduates should use technology to take extra courses to improve their knowledge and employment chances soon

Business organizations should come up with strategies such as portfolio initiative and proper crisis management measures

References

Bloom D. E., Cadarette D. and Sevilla J.P., 'The Economic Risks and Impacts of Epidemics', International Monetary Fund, F&D Magazine, June 2018. https://www.imf.org/external/pubs/ft/fandd/2018/06/economic-risks-and-impacts-of-epidemics/bloom.htm

Fan V. Y., Jamison D. T. & Summers L. H., Pandemic risk: how large are the expected losses? Bulletin of the World Health Organization, 2018. doi: 10.2471/BLT.17.199588

Kostova D., Cassell C.H., Redd J.T., Williams D.E., Singh T., Martel L.D., Bunnell R.E., 'Longdistance effects of epidemics: Assessing the link between the 2014 West Africa Ebola outbreak and U.S. exports and employment', Health Economics, August 2019. doi:...