Future of the economy: Will businesses be the same once things settle down


It’s been almost half a year that coronavirus has shaken the world, and we are witnessing a shift in all the sectors of life.

Our social lives have stirred, businesses are in turmoil, and economies are taking a plunge in despair. Amid all these changes, we can only hope that things will get better soon. But besides this hope, there is a dangling question: how will our future look like?

We know that we are expecting a major shift in our public interaction protocols, education system, lifestyle, and ways of survival. But what about businesses?

No one ever expected that while living in the 21st century, we will see all the major corporations forced to dismiss their employees and businesses shutting down. But now, it has happened, and deep inside, we all are wondering what if it never gets better or what if it happens again?

While we don’t have answers to these questions, what we can do is to plan how we can change our business landscape to prevent any similar economic collapse.

COVID-19 experience of various countries on the economic front is likely to change how we used to conduct business once. And we can only hope that these changes will save us from falling into the pit of any similar situation where we can only hear news of shattering economic indicators.

Financial Security of Employees:

According to a report, the UK’s unemployment has soared to around 70%. And these stats are alarming.

It raises questions on the pitfalls of the financial security system of our employees. It shows that we need a better system that doesn’t leave employees helpless in times of crisis.

Amidst this chaos, the paint industry is setting better examples for us.

Recently, India’s paint industry has stepped forward to put forth an example of how we can manage the financial difficulties of our employees and contractors when there isn’t any business.

The company has given contractors the opportunity to bring betterment in their financial condition by merely using the mobile app. The trick is simple: they can get cash in return for all the star points and incentives earned through the app.

It is just a small example, but it puts light on a bigger picture: we need better plans and policies that ensure the financial betterment of employees in such a crisis in the future.

Need for an Improved Infrastructure:

One of the biggest issues that forced businesses to shut down was the problem with the infrastructure. Many factories shut down because there wasn’t any space to maintain social distancing while continuing operations. Had there been a better infrastructure in factories and offices, our economic condition might have been different.

Once this pandemic settles down or at least slows down, it is expected that businesses will revisit their infrastructure and operational system.

Will the offices make more spacious rooms? Will factories make bigger and separate rooms for every operational unit? Only time will show how our business infrastructure will change, but we can only hope that this change will be for the better.

Is Online Business Compulsory for Survival?

Surprisingly, online businesses, like digital media houses, e-stores, and businesses with an online presence, have somehow managed to survive the blow of the financial crisis. These businesses are operational, though the business’s condition is not the same; still, they are operational.

Can we predict that things would have been different if other businesses also had an online presence? Though it is hard to predict whether things would have been better or not, at least this situation does highlight that businesses should maintain their online presence to prevent any similar blow in the future.

Besides wondering whether masks and hand sanitizer will be permanent parts of our life or not, we have bigger issues in question. Only time will tell how the world and different sectors of life will respond to these emergent questions. We can just hope that our future will be better than our present!