The COVID-19 pandemic has drastically altered how we work and do business. For some, it may even be synonymous to downsizing and lay-offs, while others have experienced a shift in careers. In the course of a few months, it has transformed all human interaction into virtual communications. Zoom meets have replaced Monday boardroom meetings; video conferences became alternatives to in-person business presentations. Work arrangements transformed homes into remote offices while businesses shifted from in-house to online. E-commerce soared while deliveries became everyday staples. In as little as over a year, people have embraced digital work and business as the new normal.
While a sense of normalcy is beginning as stores and offices reopen, working and doing business in the post-COVID era is all the more challenging. Given the threats of coronavirus to businesses and workers, many business owners are now faced with the impossible task of restructuring to thrive amid the crisis. Now more than ever, companies require strong executives and a talented, diverse workforce to ensure growth. Apart from these critical personalities, leveraging technology is also instrumental in jump-starting various businesses and ensuring growth for the overall economy.
Jump-Starting Jobs And The Economy
As businesses are slowly recovering from the crippling effects of the pandemic, essential measures have been created and implemented to jump-start the economy again. While person-to-person contact remains restricted, the use of people skills and other valuable resources ensure companies will progress after the crisis.
Below are some ways businesses are jump-starting jobs and the economy during the pandemic:
- Investing In Strong Executives
Strong leaders are crucial in helping companies last throughout the pandemic, and ensuring their longevity in the business. Executives are influential personalities that can lead a business towards growth and prosperity. Their wealth of experience can help companies enforce strategic decisions such as protecting business interests, reducing expenditures, implementing strategies that can help the businesses adjust with the pandemic challenges, and many more.
Moreover, their leadership qualities, a combination of ‘soft’ and ‘hard’ traits, are very desirable as these can inspire teams to work together for the company’s success despite the uncertainty brought about by the COVID-19 pandemic. Using their experience and skills, they can come up with ways on how to retain jobs, keep the company afloat, and contribute to the recovery of the economy during the pandemic.
That said, companies need executives at this challenging time, but they may seem out of reach. However, with the help of reliable experts at M&A Executive Search, businesses can find suitable candidates that exemplify these leadership traits and can transform the company amidst the challenges brought about by the pandemic.
- Hiring Local Or Sourcing Local Products
With everything that’s going on nowadays, including travel restrictions, quarantine orders, and other safety measures, working with international business partners may be difficult for local entrepreneurs to keep up with their business costs. Not to mention the impossibility or difficulty of buying supplies internationally, which have to undergo multiple processes such as disinfection requirements, customs duties, and many more before they arrive at your locality.
Thus, in order to provide more jobs and jump-start the economy again, many businesses and companies have started to hire local or source local products from local suppliers and vendors. When they source locally this pandemic, they’re able to support their local economy and promote community pride in the long run.
Also, sourcing products locally allows business owners to build long-lasting trustworthy partnerships with the vendors they meet and interact with. Due to this quick and easy process of sourcing local products, businesses and organizations can efficiently run operations, offer continuous employment to workers, and significantly contribute to the growth of economy amidst the pandemic.
- Embrace Digital Transformation
Businesses use technology to gain leverage. They use various digital tools in day-to-day operations to streamline internal processes and provide efficient solutions. For example, digital communication tools have allowed companies and organizations to operate despite the travel restrictions, social distancing measures, and other regulations that prohibit face-to-face interactions and meetings.
With the use of project management apps, video conferencing platforms, and other various messaging apps, employees can still work from the comfort of their home, thereby retaining the jobs they had even before the pandemic. This means businesses can take advantage of various technological innovations to manage their operations while continuously providing a source of income to many employees. Moreover, they leverage the power of technology by allowing their workforce to adjust to the pandemic by having a different work setup that’s completely digital.
- Repurpose Factories To Cater To More Essential Goods
As the COVID-19 pandemic continues to affect the world, one of the critical problems being faced is the shortage or lack of essential goods like masks, alcohols, disinfectants, test kits, ventilators, and many more for the population, as well as healthcare front liners. This is where the idea of repurposing factories and other manufacturing plants come in to address the problem.
By temporarily repurposing production for more essential goods, business owners don’t only help increase global production capacity of these supplies, but they’re also able to help jump-start jobs and the economy once again. With the increasing demand for these essential goods in the market, they can hire more people for the manufacturing process and thus provide them with a livelihood. Also, with this repurposing approach in place, many manufacturing firms will be able to operate, providing high-value employment and boosting the economy by patronizing local products instead of importing expensive essentials abroad.
Reviving The Economy
Businesses are at the core of an economy whose revival can have a domino effect on the economy. Thus, if you’re a business owner whose company has been affected by the pandemic, keep the information mentioned above so you’ll have an idea how to jump-start and help the working sector and the economy recover again. By doing this, you’ll be able to support your existence and growth in a post-COVID environment.
Charity Arnold is a business blogger who regularly publishes article on digital marketing, provide development and employee retention on her blog. Charity also submits business-related articles to other blogs and websites.