The New Business Landscape: Keeping Your Distance

The New Business Landscape: Keeping Your Distance

The new business landscape that we are in, has an awful lot of us separated in our togetherness. Working remotely is the  new norm, rather than the luxury or rarity it once was. But how do we prepare for this new reality?

Key Learnings

In this April 26, 2020 article, there are two things of note:

1) A Norwegian economist study estimating that about 36% of jobs can realistically be performed from home.

2) A recent PWC study showed that about half of businesses expect a dip in productivity during the pandemic due to a lack of remote work capabilities.

Additionally, 56% of companies worldwide allow remote work (to whatever degree). A recent survey of 5,700 Harvard Business School alumni found that 52% believe the typical company will employ fewer workers three years from now.

Many of us are still in shock in the wake of this huge human tragedy. At the outset of the pandemic, stock markets plunged to dizzying depths. A global recession was in the making and our future is still uncertain. We are still feeling the ramifications of Magna International Inc.’s 2020 outlook, withdrawn because of the “high degree of business uncertainty” caused by the COVID-19 pandemic.

The New Business Reality

Many businesses are now almost unrecognizable in how they operate in this fast-changing and uncertain time. Working remotely creates a need for new processes. This is to adjust and adapt to a world in a digital-first economy with new efficiencies. Along with the changing processes, new experts will have to coach people on adapting to the new technology that will be part of their day-to-day.

“Because the tech world has the highest saturation of knowledge-based workers and due to the type of tasks that they complete, they’ve been able to accelerate and incubate remote work at a higher saturation level than other industries,” remote-work strategist Laurel Farrer said in a recent article, So what we can now do, says Farrer, is take the best practices and strategies of those fully-distributed companies, and adapt and share them with other industries.

Even tech experts need advice for best practices in our ever-changing world. The new business reality is that we so dependent on tech, demands have become greater and business strategies will need to adapt.

The new business landscape makes this a challenging time for you and your company. Would you like to create a plan and develop the right strategy to help your business thrive?

Contact me to learn more!