In a bid to continue business operations amid these difficult times, employee training and development has taken a backseat in many organizations. The work culture has undergone a major shift with remote working becoming the new normal. Economic recession has forced many organizations to trim their budgets and employee training is no more a priority. Businesses are focusing more on productivity and customer acquisition and retention. However, training and development needs to be viewed as an investment rather than a cost, more so in these uncertain times. The COVID-19 crisis has adversely affected business operations in multiple ways and it is now that employees need to upskill themselves to keep up with the changes and be informed enough to innovate for better navigating the murky waters.
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.
The COVID-19 pandemic has impacted the world in numerous ways and is still presenting new challenges every now and then, some of which are pretty hard to cope with. Business owners and marketers are dealing with a drastically changed market and many are clueless how to navigate their businesses effectively. Physical offices have been shut down, there is a dearth of resources, and engaging and acquiring customers is becoming increasingly troublesome. Marketing teams are particularly struggling to reach their targets.
The COVID-19 crisis has severely impacted businesses all around the globe but it’s the small companies that are hardest hit. Large enterprises have a better chance of surviving this crisis as they have more resources whereas for many small business owners the situation could eventually turn out to be devastating, considering the fact there is no certainty when this all will be over. A number of small companies have closed their operations temporarily and some fear that the closure might be permanent if the pandemic continues for long. Business owners are uncertain how to navigate their businesses in this turbulent time and the employees are fearing unemployment. However, the good news is that this stressful time can be used as an opportunity to drive creativity and innovation which, in turn, can help your business survive.