The consumer needs and preferences have hugely changed due to the COVID-19 pandemic and the most important trait that businesses need today to remain operational and growing is digital savviness. The impact of social distancing recommendations to prevent the spread of virus has been pronounced and the world turned to digital tools to continue living a somewhat normal life. Companies have accelerated their digital transformation initiatives and are now rethinking their business models and operational strategies not just to survive but also to stay ahead of the competition. While we are still uncertain when the pandemic will be over, the digitalization is increasingly taking the centre stage in the global business dynamics. Now the focus is not just on embracing the enabling technologies but using them in new and improved ways to build digital capabilities and ensure operational efficiency amid the most unprecedented changes.
People all across the globe are struggling to adjust to the sudden changes that the COVID-19 pandemic has brought to the world. The changes have been so drastic that many businesses are still finding it hard to cope with the unprecedented scenarios followed by the economic recession. However, the path of entrepreneurship is always dotted with uncertainties and crisis and those who can turn the difficulties into advantages are the ones that succeed in the long run. The environment all around is quite tricky and terrifying and many businesses are facing enormous losses. Keeping the company afloat is the prime concern for entrepreneurs today. But it’s during these difficult times, companies can spot great opportunities and implement some valuable changes in their organization that would not only help them survive the crisis but also emerge stronger from it.
The COVID-19 crisis has drastically impacted the business world on multiple levels, leading to operational disruptions, job losses and many more unpleasant scenarios. Numerous industries all across the globe have suffered a severe dip in demand and liquidity shortages, and many businesses had to permanently shut down their operations. The majority of workforce began working remotely and the companies witnessed a colossal workplace transformation overnight. With the pandemic still continuing, the firms are now reinventing their efforts to adjust to a “new normal”. The modes of communication and work have hugely changed and ‘business as usual’ has now an entirely new definition. The economic recession and the concerns of public health are further adding to the challenges. Undoubtedly, it’s one of the most difficult times and with the changed conditions, the businesses need to rethink their strategies to attain their former glory in the market. The HR department has a key role to play in this. Aspects like managing business continuity, implementing organizational changes, supporting workforce and talent management require heightened focus now. To help the organizations adjust to the new normal, HR teams are now re-evaluating their policies and best practices for informed decision making and helping the organizations recover.
Building a strong brand is essential for business success. Often business owners think that having a great product and offering excellent services are enough to carve out a niche in the market. Unfortunately, in today’s business scape that is often not the case. One of the key factors of success these days is building and maintaining an impactful brand. Brand building isn’t just about the right placement of advertisements; it is more about shaping the customers’ perception of your business. Effective branding strategies comprise consistent and strategic efforts to create awareness and a long-lasting image of your company in the marketplace.
Your company’s competitive advantage is best defined by answering the question “what makes your company better from your competition?” It could be a unique range of products and services that your company offers or just a spin on the way they are offered which makes customers prefer your company over others. Knowing your competitive advantage is extremely crucial so you can strategically place your organization ahead of others. For this you need to analyze the strengths and weaknesses of your competitors and understand how your company can bridge the gaps to improve the system. Another important aspect is understanding your target customers and building strategy to attract them towards your products and services. Successful companies focus much on making their offerings unique to create an advantage that is sustainable over time and helps them outperform their competitors. Many organizations, however, misidentify their competitive advantage and focus on the unimportant factors, which eventually leads to their decline in the market. Correctly identifying and clearly defining your competitive advantage is essential to better develop strategies that support company growth.
The world today is adjusting to a new normal. There have been drastic changes in almost every aspect of life and the COVID-19 crisis has forced us to find as many alternate ways as possible. Employees are working remotely, doctors are practicing telemedicine, retailers are facilitating online shopping, and all of these are quite new and challenging scenarios for the those in leadership roles. Talking of workplaces, many employees are perplexed and still struggling to acclimatize to the new normals. And, most of them are looking up to their leaders for support, answers and guidance. In the current scenario leadership is extremely important as well as hard. Today the businesses that are toiling to survive amid the crisis and are hoping to establish systems that create long-term success need leaders that can demonstrate the capabilities to navigate the uncertain times and find out approaches to developing new business models and strategies that work.
Over the last few years, the cases of discrimination in the workplace have considerably increased. Discrimination can be of varied forms based on race, religion, sex, color, national origin, age, disability and more. There are numerous federal laws as well as state and local laws that prohibit discrimination in the workplace. It’s the responsibility of the employer to strictly implement such laws and take appropriate actions against offenders. Dealing with the complaints of discrimination, properly investigating them and developing anti-discrimination policies are of utmost importance. There are two vital aspects of dealing with discrimination in the workplace as an employer – staying updated about the laws and regulations, and keeping a close watch on what’s happening in your organization. Discrimination complaints negatively impact the organization in multiple ways and may result in work disruption, costly lawsuits, government investigation, etc which damage the entire work environment. However, there are a few strategies to create a discrimination-free workplace. Take a look:
The world is chaotic today and people are facing unprecedented challenges. The businesses are struggling hard to stay afloat as the market trends and priorities of the customers have drastically changed. In such trying times, making a real connection with your customers using the conventional marketing techniques could be quite difficult. Today the brands need to be more responsible and compassionate to earn credibility and customer loyalty which could even outlast the ongoing crisis. American author Zig Ziglar had said “Stop selling. Start helping”, and now is the time to adhere to this more than ever. As the times are so uncertain, many companies aren’t sure how to frame their marketing messages or if they should really promote their product and services now. However, as the new normals are surfacing amid new challenges, it’s important to focus more on compassionate marketing. Adding value to the life of people, initiating positive changes within communities, caring for human needs and being responsible while doing business is the need of the hour.
The COVID-19 crisis has posed unprecedented challenges to the business world. Organizations are already struggling with business continuity, workforce management and talent acquisition as all these now are to be taken care of remotely. Over the last few months, the entire market scenario has drastically changed and it looks like it will remain so for a while. And now, with the arrival of summer, there is one more challenge which the companies need to address – managing virtual internship programs. There are a number of companies that believed remote work would be the future, long before the crisis began, and have a proper infrastructure in place. But there are many others that are still adjusting to this new normal. Several companies already have a list of selected interns and now they are wondering how to engage them remotely. Or, some were about to launch an internship program this summer for the first time and now they have no clue how to make it work. This is especially true for small businesses which now must rethink their strategies to recruit top talents as interns, remotely, so they can consider them adding to their talent pool in the future. It isn’t very tough though. A few changes and some creative problem solving could easily help you develop an effective virtual internship program. Here are a few tips to help you design one.
Remote work has emerged as the new normal in the COVID-19 crisis. A number of organizations have recommended their employees to work from home in an attempt to encourage social distancing, a vital aspect of fighting the pandemic. Although the idea of working from home sounds fascinating as there are no dress codes, no daily commute, more family time and you can work right from the comfort of your couch, there are a few downers as well which can make your entire experience quite disappointing. Focusing on work could be a real challenge when you’re working from home. Be it the household chores glaring at you, the chattering housemates or just some cacophonies on the nearby street interrupting your train of thoughts, sometimes staying productive while working from home could be quite a job. Also, for those who are habitual of socializing in the offices, the isolation at home can quickly trick their mind into boredom and depression.
It’s a common misconception that working from home is somehow easier than working from the office but in reality the former, in fact, requires a little extra effort to produce the desired outcome. The biggest challenge of remote work, which is managing yourself, could be turned into your greatest advantage using the right strategies. If you can master the art of managing your time, focus and accountabilities while you work from home, it can enhance your professional skill set in multiple ways.