While many businesses scummed to the deadly pandemic, several however have managed to sail, and in fact, witnessed massive business growth.
No one was prepared for the Covid-19 and it has thrown normal working off the track.
Thus, in order to survive, businesses took it as a challenge and resorted to innovative ways and technology to get through it.
Scroll down as we share the 7 Positive impacts of Covid19 on businesses across the globe. (Wait for point 3, it’s the most exciting.)
Positive Implications of Covid19 on Businesses
1. A chance to optimize the existing workflow
The pandemic has given us the chance to pause, revisit and readjust our way of working, which otherwise not many businesses ever prioritize.
While ongoing projects were put on hold, not many clients’ meetings were happening, the business owner got a chance to streamline the process- be it sales, marketing, customer service, etc.
Many leading business software such as Kapture CRM reported 2.5X growth during the pandemic as company’s realized the need for efficient software for customer support and other business roles.
Similarly, pandemics also demanded the marketing team to produce relevant content, improvise the existing communication methods, and much more.
2. Paced up the Digital Adoption
In the pre-pandemic era, not all businesses were enthusiastic about adopting the technology in their several workflows.
But as the pandemic hit hard, the majority of businesses geared up and implemented much-needed software and solutions to ensure smooth working.
Not just this, with work from home option/remote working, came issues such as data security, collaboration, project management, communication, and most importantly, to keep an employee motivated at work.
Businesses have to find robust solutions to fix these challenges.
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Optimise Your Workforce
3. Continuous Learning got its due importance
- The continuous learning of employees helps them to focus more on their strengths which ultimately increases the profits for businesses.
- Businesses don’t have to hire new resources with new skill sets. And as a matter of fact, hiring is costlier than employee retention.
- The business initiating upskilling programs also makes the employee feel valued at work, hence they feel much satisfied working with such companies.
4. Acceptance to remote working
Companies in India, especially in the non-IT industry, were less open to adapting work from home or remote work culture.
But now that work from home and remote working has proven to be an effective way of working, many companies have decided to continue these options for employees.
Moreover, Mc Kinsey’s report shows that employees prefer remote and hybrid work culture over returning to full-time work from an office option.
The businesses are also at an advantage here as they can hire remote talents at much better packages.
5. Lesser limitations in talent hiring
Businesses always hunt for talented resources.
The remote work culture has blurred the demographic boundaries and businesses are taking the first step by hiring top talent without constraint.
The problem of talent shortages is solved through remote working as employers can hire talented and skillful resources now, without any limitations.
6. Businesses can save on few costs
Do you really need to spend deftly on office spaces?
With the unclear picture of when offices could resume work in full swing, many mid-size/small businesses chose to give up the leased office spaces and opt for co-working spaces.
Now businesses have embraced hybrid work-culture with a mix of hiring more remote employees. In that case, businesses are able to save on rent and invest the money in other revenue-generating efforts such as marketing and sales.
Plus, with zoom client meetings, the business travel cost and reimbursement claims have also come down, which is an additional saving.
7. Think about employees’ needs
In the last 2 years, everything has changed drastically. The internet, our careers, how we work, where we work, and where we live.
Thus, the employees’ expectation from their employer has also changed; as fair promotion, an amazing workplace, or monetary rewards are not the only things your employee expects now.
Employees demand flexible working, health-related benefits, and better work-life balance.
So, Businesses need to rethink how they invest in their employee’s growth and well-being, so that their employees are happy working with them.
Pandemics have taken an enormous toll on people, businesses, and economies around the world.
But it has shown how creative thinking, readjusting, and persistence efforts can help any business to sail through tough times.
Hope you liked this post and learned something? And, if you did, make sure to share it with your colleagues!
Written by: Madhvi