Across the U.S., businesses are repurposing their products and services to help fight the pandemic and individuals are stepping into action to shop for their neighbors and set up support systems all while celebrating those on the frontlines of healthcare and emergency services each night. We’ve already seen this group come together to encourage solidarity and altruism during this time. ![]() I also believe that this catastrophic event will force a greater partnership on a national level between governments, businesses and individuals. If they want to attract and retain the next generation of top talent, companies must get more in tune with societal movements to attract younger generations and strengthen the meaning in their actions with a clear vision that has a reinforced long-term impact. We’re already seeing younger generations less attracted to capitalist values, according to a study published last year. Will the consequences of this crisis permanently mark the business world? Will we see a paradigm shift in the way businesses transform their strategies and priorities? A shift in business valuesĪs we shift into a post-pandemic world, will the traditional drivers of a capitalist society (productivity, profit and growth) be re-evaluated by businesses? I believe the answer could be yes. The question we are faced with now is what the aftermath will look like. What’s more, the number of business bankruptcies is expected to increase by 25% and unemployment is likely to surpass 20% in the next few months.Īs governments, leaders and industries around the globe grapple with the effects of the pandemic, one thing is certain: the fragility of businesses has been exposed. economy is expected to see a sharp recession for the first half of 2020, likely to be followed by a U-shaped recovery. ![]() The COVID-19 pandemic is having a dramatic impact on the global economy and reshaping businesses in lasting ways. The movement toward unity is what the country needs to emerge stronger post-pandemic. The future of business and the extent of this paradigm shift remains to be determined.
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