In the middle of the economic crisis created by the COVID-19 pandemic, the business world is reeling under a huge disruption. Our lifestyles have changed in a short span of time due to the fear of getting infected and the need to maintain social distancing. At the brink of one of the largest recessions of our time, the economic world is making a lot of adjustments to keep its head floating above the water. Web.com Reviews looks at how the business world is about to reset itself.
- Digital workplace– Although work from home is not a new concept, a complete transformation in the workplace is as novel as the novel Coronavirus. New tools, rules, and norms are established with the digital world helping us all at each step. We are participating in virtual meetings, virtual sessions, and virtual strategy discussions without meeting ‘in real’. Setting up an open workspace is the order of the day, something which was not a priority just a few weeks ago.
- Resetting budget– The economy has taken a nosedive and the implications are well evident on the structure of the budget. Quite naturally, the budget has to be as low as possible but should still be justifiable. It also means redefining what you do for the basic survival of your business. It may also mean a smaller team and more responsibilities to shoulder on an individual basis. Ironically, in most of the cases, it also means more simplification of work as the complexities involved with more workforce means more channels to go through to get the work done.
- Resetting the meaning of leadership- The new leader is more compassionate and understanding. Though the focus is still financially driven, the empathetic nature is also obvious. A leader understands that health and safety come first, and businesses can take a back seat when well-being is at stake. This crisis is teaching everyone an important lesson. The principles of management now encompass more listening and empathy along with growth-related strategies.
- The HR Department has a new role– The pandemic has brought forth a kind of reinvention of HR. They are the front-line leaders in the company now, aligning the work structure of the company. In the process of transformation, they are acting fast and making relevant use of every skill of the employees. Taking care of people, customers, society and the environment is not only stated on paper. It is being executed as well and almost to perfection by giving people a sense of belongingness. Companies have to genuinely care for the safety and well-being of their employees.
The big reset is a huge surprise for everyone as nothing of this scale has happened in the modern era. This period of crisis has helped people refocus their priorities and bring people closer in a new way; physically distant but emotionally closer. Web.com Reviews suggests we take it all in a positive stride and learn the good things that this big resetting in the business world is teaching us.