TIME TO ADAPT TO THE ‘NEW NORMAL’
Q: What is the outlook for jobs and employment in the medium term? And how should the authorities address the prospect of rising unemployment?
A: I believe the outlook for jobs and employment in the medium term will change, with better prospects for those who can adapt to the ‘new normal’ in the economy and job market, which is expected to follow the COVID-19 outbreak.
With remote working becoming part of the new normal, the profile of jobs in the medium term will change from working full-time for one employer in its office to independent contractors offering their skills and services to several employers at the same time. This will offer employers greater flexibility in getting their work done from varied resources without being stuck with one individual who may not have the skills to meet the different needs of a business.
This indicates a shift to more lean and mean organisations paying higher salaries for the specific services they need to conduct business. With the increasing importance of digitalisation however, issues such as maintaining confidentiality and data privacy are matters that businesses may need to address.
Q: What lessons have we – the business community – learnt from this crisis?
A: The coronavirus crisis has exposed the lack of preparedness of some of the world’s major business entities. While many of us in the business community draw up business continuity and disaster recovery plans, it is rare for these plans to be pressure tested to see if they can withstand a crisis of this magnitude.
The online platform and supply chain logistics of most organisations have failed miserably although several of the larger businesses have made remarkable progress in getting their act together subsequently. The crisis may be a blessing in disguise for corporate houses to leapfrog their business practices using technology to cater to the new normal.
Q: How do you see the ‘new normal’ for business panning out?
A: I see the new normal incorporating many new business practices and ways of working, which were screaming to be adopted but weren’t resorted to because of a lack of clear incentive to do so. Quit often, events such as the COVID 19 pandemic become drivers of change and shape the way businesses operate in the future. I foresee a huge increase in online activity and platforms for most needs, and a major push towards a cashless economy.
Remote working will become a norm with less demand and lower costs for office space. The demand for apartments, driven by the need to reduce commute time, may become more elastic; and this could affect cities and consequently, the cost of living.
However, as online platforms are adopted, the horrors associated with hacking, ransomware and cyber security threats will become increasingly evident, and businesses should take the necessary steps to protect their operations.
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