It's a new business normalJuly 2022
We’ve made it through months and months of uncertainty and upheaval. Across the nation, businesses have had to make their way by trying to plan for a future that is, even now, uncertain. We’re all ready to move on even though the unprecedented COVID-19 outbreak is not yet over.
The new business normal demands strength, courage, determination and resilience. Here are a few ways the global pandemic has fundamentally changed the way U.S. companies do business:
Being prepared for the unexpected has taken center stage. In good times, it’s easy to let the process of identifying and effectively managing potential risks slide. Pre-COVID, the U.S. was experiencing the longest economic good times on record — starting in 2009 — until it was abruptly stopped short by the coronavirus. The outbreak once again put the spotlight on being prepared for the unexpected and making organizations more resilient. As companies have worked to get back on track, they have had to beef up contingency plans, develop risk management and asset protection programs, re-evaluate insurance coverages, study alternative ways of doing business, diversify supply chains and make plans for a host of unexpected events.
Telecommuting has taken hold. The percentage of people working remotely increased dramatically with the recommendation of social distancing. There’s traditionally been a lot of skepticism among business leaders about telecommuting, and many had been reluctant to invest in initiatives that support remote work. But during the COVID-19 pandemic, many companies found that remote work was a success — employees not only are happier working at home at least part of the time (as countless studies have shown), they are as productive, or even more productive. Remote work is something research has supported, but experiencing it firsthand has made all the difference.
Companies are making innovation a priority. There are so many examples from the past two years of companies trying innovative new strategies to stay afloat — and succeeding. There are the local distilleries that shifted to making hand sanitizer, the fitness studios that developed online classes, the grocery stores that expanded into grocery and hot meal pickup/delivery, and scores of other businesses that found new revenue streams and customers by getting creative. Companies had to learn — or revisit — how to be adaptable, nimble and innovative. And many succeeded in ways they never would have imagined. Innovation will continue to be a focus for growth.
The job market has changed. And it has changed rapidly. What worked to attract candidates in the past may not work now. Job seekers don’t just want a job; they want a job that is a good fit. Hiring talent that is a good fit is good for businesses too. Let us help.