From a declining economy to a rising unemployment rate, the Coronavirus pandemic has made a major impact on all industries. This change left businesses with no choice but to either adapt or close down. In fact, a survey conducted by PricewaterhouseCoopers (PWC) shows that business leaders expect their company to recover only three months after the virus recedes.
While the state of the economy is still at a standstill, one promising result from PWC’s report shows that the pandemic is causing a ripple effect on how companies plan to operate moving forward. Two-thirds of the surveyed companies are confident that they will be able to create safe workspaces for their employees, with 68% of CFOs believing that transitioning to remote work is a better long-term business continuity plan.
As companies are pushed to act at an unprecedented speed, this raises a question to all business leaders worldwide: How will the new normal look like for your company?
Medium has published an article which lists three things to consider for helping companies to create an effective business continuity management plan.
1. Redefining business & employee management
As social distancing becomes heavily encouraged, remote work may now be the new norm. Hayden Brown, President and CEO of Upwork, said that the pandemic opened the eyes of people to what is possible and that the demand for digital talents will only accelerate. The global freelancing platform’s rise in revenue further proves that their solutions are now more relevant than ever and that an impact on the way people work will be one of Coronavirus’ legacy worldwide.
A company that recently announced a major post-pandemic shift is Twitter. The social media networking company was one of the first companies that transitioned to remote work for its employees. However, Jennifer Christie, Twitter’s Vice President, announced that they foresee this change will become a permanent setup. They plan to open doors to their offices but the decision to come back to traditional on-site work is completely up to their staff members. Otherwise, the company more than welcomes a permanent remote work setup to any employee who wishes to do so.