There isn’t anything that will remain the same as it was before the pandemic Coronavirus outbreak happened. The virus has hit every layer of business and every aspect and part of life there is. From simple eating habits to buying and stocking stuff, from going to work like a normal day and traveling in public, from buying groceries from a nearby store to shopping in the malls and watching movies. Everything has changed and has put us in a challenging and completely disrupting normal lifestyle.
The Coronavirus (COVID-19) is not just going to impact the global economy with a downfall but lives are at stake too. The whole business structures and lifestyle of people have been thrown back to many years and there is no coming back to the technological and development era unless we do the same things again to reach where we were before the pandemic hit the globe.
Also Read : The Impact of Corona Virus on Global Economy & Healthcare
How Business and Economy is changing
The impact of the virus is not just changing the business today but it will change the business in the future. The businesses are trying to figure out ways to tackle this challenging situation by building business continuity plans. As for other businesses that are in retail and supply chain, the course of work in these industries have changed the whole pattern in which they work. The price of crude oil has dropped like never before and is still on the verge of going down from its lowest level signifying how poorly its situation is and how the Coronavirus has impacted the oil industry.
The Altagamma in association with Boston Consulting Group predicted that the corona Virus can bring down global luxury sales between 30 billion Euros to 40 billion Euros. This phase will definitely leave the customers going for the essentials only and respecting the things they have for many people are deprived of their jobs and homes.
There has been an increased demand for part-time and temporary jobs as many companies are hiring people for the time being to cover the work that is delaying the business. These people are looking for such opportunities to go through this threatening situation with jobs that are being provided by huge companies such as Amazon, FedEx, Walmart, etc for satisfying huge product demands.
As per the Economic Policy Institute, nearly 20 million workers are to be kept on furlough or will most likely be laid off till the end of July. These types of jobs that lack stability status and many benefits will be more in demand in the future and that’s how the businesses are planning to go through the pandemic
The corporate sector, on the other hand, has been engulfed in its own affairs, the businesses are rapidly changing with the consumer buying behavior amid Coronavirus. People have come across such a situation where the availability of products is more valued and preferred than the branded ones.
With all this going on people are no more considering or looking for celebrity updates, however, the frontline doctors, the journalists, and the store owners are of more concern for the common people. The journalism industry as it is looking to update people with the current situation and lockdown, how the doctors are handling the surge of COVID-19 patients, are they equipped with the right protection and preventive masks and gloves.
The leadership values are tested by the government and of all business owners, the people and the market are gauging of how these owners are acting like true leaders by being sympathetic and considerable of their employees’ mental health and economic status. True leadership is witnessed by being there for your people and by helping them fight this situation.
The whole level of going through television, daily products, and life has changed and will impact life even after this pandemic ends.
Also Read: The Rapid Change in the use of the Internet Due to Coronavirus
Where will the work lead us in the future?
The future is to change a lot of things for us. People are getting used to working remotely at their homes, the usage of internet is increasing with technology and digital adoption is at the top priority. Similarly, businesses are trying to adapt to this current situation by topping their leadership qualities.
With the global economy and healthcare getting severely impacted due to Coronavirus, the globe has been dragged to a couple of years back with its developments and economy. As per experts connected with High Beam Global, it will take more than months or even a year to recover and get at the usual track that everyone was on before Coronavirus happened.
High Beam Global is a market research firm that has access to experts in various fields in the market. To know more about how the work culture is changing and is going to change due to Coronavirus, contact us at email@example.com. .