How Uncertain Times become Certain: The Rise of Paradigm Shifts in Business
“Advanced economies have faced very substantial slump inactivity as they grapple with the far-reaching consequences of the pandemic. As a result, advanced economy’s output is now projected to slow dramatically, from an expansion of 1.6 percent in 2019 to a contraction of 7 percent in steps toward gradually relaxing restrictions in some countries, activity remains very weak.“
This data was published by the World Bank’s Global Economic Prospect last June 2020. The figures from this data have alarmed people across the world. Although the local government has exercised fiscal and monetary support to countries affected, it is frightening in thought if Covid-19 will continue to propagate in 2021.
Interestingly, behind all economic recessions and financial contractions, businesses, and executives are still optimistic to get a rebound in the remaining months of 2020 and believe to gradually overcome by 2021. In the recent survey conducted by McKinsey and company last October 2020, many executives have a favorable outlook for better business improvement in 2021. There are around 2000 global leaders respondents participating in the survey. Although many businesses are positive in their assumption, the fact remains unchanged as uncertainty is still marked as speculation.
The new normal has settled structures and paradigm shifts to businesses which are essential, to begin with. Some of the few changes are seen in the workplace, consumer trends, and even employment opportunities. These new structures are carefully conceptualized in order to back up the loss of profit and sales in businesses. Most businesses are utilizing different strategies to achieve certainty in these uncertain times.
Change of Working styles
The aftermath of covid-19 is a change in working styles. At present businesses and employees are already back in their physical offices. However, some of them are still working at home. In fact, some of the offices are operating once or twice a week and the remaining weeks are dedicated to working from home. The effect of change in working styles welcomes opportunities for remote workers.
Consumer Trends
From buying essentials to non-essentials, consumers’ interest has changed in the market recently. Based on Klaviyo’s global data, there are added essentials that are popular nowadays, especially on e-commerce. These new essentials included: Apparel and Accessories, Electronics, Hardware, and Home Improvement, Health and Beauty, Housewares, Home Furnishings, Garden, Office Supplies, Specialty, Sporting Goods, Toys and Hobbies, Education, and Telecommunications. Few of these essentials are new because consumers are staying home.
Employment Opportunities
One of the influences of having a new normal structure is outsourcing. This is ideal for businesses to cut costs and strategize their master plan. Virtual Assistants also are known as Online Professionals have drastically become adrift in employment opportunities. The best and economical VA’s are hired from the Philippines. Millions of talented Filipinos are hired from freelancing sites and Virtual Assistant Agencies. Filipinos are hardworking, resourceful, skillful, proficient in the English language, and competitive in terms of education. This is vital for businesses or business owners who wish to avail quality work on a tight budget.
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Sources:
https://www.worldbank.org/en/publication/global-economic-prospects
https://www.mckinsey.com/business-functions/risk/our-insights/covid-19-implications-for-business
Contributor: Princess Mae Alonto
