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How Covid-19 Has Shaped The Way Companies Do Business

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By now we are aware of how many governments responded to the Covid-19 pandemic. From lockdowns to travel restrictions, it has affected just about every aspect of our life.

Businesses have also had to respond which is apparent by how many people have been laid off or are now working remotely. Some businesses and even entire industries have disappeared and may not make a comeback. Those that have survived have had to take measures like social distancing that Dennis Bonnen suggests should stick around.

Many have had to adjust to the new realities and adapt in ways that they may not have planned for previously. What does this all mean for the near term or long term for businesses?

In this article, we will take a look at how many companies have responded and what may be in store for later.

1 – More reliance on technology

The most obvious way that businesses are adapting is that they have taken on more technology as a response by making their workers remote. Since high-speed internet is more reliable and available than ever, companies have sent their workers home to avoid a contagion sweeping across an office or job site.

Beyond using tech to keep the work going by doing video calls and things like that, they are also using it to be more efficient in general.

There is software for everything these days so many processes that were wasteful in terms of money and personnel are being done automatically. Human resources now rely more heavily on digital signatures and are using apps to take care of things that normally would require many people signing off on things.

These processes may put people out of work for good since there won’t be much of a reason to change If AI continues to develop as it is these days, then many office workers will have to switch careers.

2 – Foreign outsourcing

As offices go remote, the next logical step is to create teams that will always work this way. As the current workers are either laid off or retire, then there may be a surge in foreign hiring and going far more remote than before. Since many companies are seeing that work they are now doing with a virtual team can be done successfully, then they will likely want to continue. And if they can save money and still get the work done then it is inevitable that much more work will be outsourced abroad.

Low cost of living countries have a more highly educated population than ever before thanks to the internet and distance learning so they can do the work well and for much less money.

3 – Focus on worker’s health

While many companies will still push some of the workers to the limits. Others are taking a more humane approach. Seeing how an unhealthy workplace can affect business will open their eyes to the measure that they should take to keep people healthy.

It is likely that people will be working less hours and will also allow them to focus on their well being.

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