May 21, 2020

Preparing for the post-pandemic economy

How we work, communicate and consume has been transformed and will continue to transform even in the post-pandemic economy

The Covid-19 outbreak has affected many countries in different ways. It has slowed down the economy and forced businesses to fight for survival. Many organizations have reacted quickly, overcoming the challenges, while many others struggle to stay afloat.

The lockdowns imposed as a response to the pandemic have exposed the urgent need for digital transformation in organizations. The usual way of working is no longer feasible. Organizations must cater to physical distancing or remote work situations.

Five months into the pandemic, we have learned that even after we overcome the crisis, nothing will be the same anymore.

Are we prepared to face the new normal and the new challenges of the post-covid-19 economy? Here are some things we might need to watch out for.

The change in consumer behavior

We have already seen a big shift as Covid-19 forces people into predicaments — unemployment, pay cuts, work-from-home conditions, social distancing, and so on. As a result, consumer behaviors are changing. There will be further changes once the pandemic eases and people attempt to get back to normal, but some of the recent habits they have adopted may endure for longer, or even permanently.

Demand and supply for different products and services will shift

The demand for travel may go up while deliveries may stay the same due to their proven convenience. Additionally, social settings such as restaurants and malls may see an increase in demand. These kinds of fluctuations are the things we have to watch out for in our organizations post-pandemic.

The transition in the way of working and serving our customers after the pandemic

As the outbreak affected many organizations and the way they worked, the same will happen once we emerge from the crisis. But conditions will never be completely the same again. Many organizations may have found new approaches during the pandemic that worked effectively for them and may want to continue them.

Many industries and jobs will face a huge difference

We may not know what our world will be like after the pandemic but we can take a couple of guesses. For instance, industries such as hospitality and airlines may boom up again once everyone feels it’s safe to travel.

What can we do today as business leaders or individuals to prepare ourselves and our teams for the new challenges after the pandemic? The key may be in the skills we can quickly develop today. The time and effort spent on helping the business stay afloat should also be spent on preparing yourself for future change and crisis.

Here are some skills we may need to develop now more than ever to face the post-pandemic economy and succeed in the future.

Emotional intelligence

This can help contain your emotions and reactions to various changes and situations, and also help you understand and react to others’ emotions. This is important because we cannot avoid or control change, but what we can control is how we react to it.

Crisis management

The reality is that Covid-19 isn’t the only crisis we’ll be facing. Business leaders and their people should be prepared for crises in the future. This is to make sure the organization can survive all types of changes.

Creative problem-solving

We will continue to face problems in the future, and no matter how big or small they may be, solving them in the most creative way won’t just help your organization win, it will also help the business stay competitive among other talented rivals.

Digital skills

Some level of digital know-how is required for you to get the job done effectively. As many of us have been pushed to work virtually, going all-digital was one of the many challenges we faced.

Agility

To survive and achieve success, we cannot just learn how to adapt. We need to learn to adapt quickly — both as an individual and as an organization.

There are many more useful skills to develop to prepare for the post-pandemic economy. But, the ones outlined here apply across various industries, businesses, job levels, and titles. Ultimately, the key to survival is to be aware and agile to adjust to the challenges.


Arinya Talerngsri is Chief Capability Officer and Managing Director at SEAC – Southeast Asia’s Lifelong Learning Center. She can be reached by email at arinya_t@new.seasiacenter.com. Explore and experience our lifelong learning ecosystem today at https://www.yournextu.com