How COVID-19 will shape our future has yet to be explored but its lasting effect on our society and economy is undisputed. As an optimist, I do believe that crisis is a great catalyst for positive change.
Here is how I believe COVID-19 will change our economy:
I am expecting 2020 to be the year of digitalisation
More companies than ever will introduce new digital tools, foster digital literacy and equip their employees with everything they need to work from home. The pace at which companies adapt a digital mindset is unprecedented, innovation is happening rapidly and with it we are entering a new era.
Glocal is the new global
The term is a composition of global and local. It describes the act of thinking globally and locally at the same time. I am expecting that many production companies will start producing more locally. This allows them to monitor and adjust production constantly, be in close contact with local authorities and respond to the growing demand of society for locally produced goods.
Survival is also a matter of mindset
Growth has been at the forefront of our minds for many years now. From one week to the next it seems we have switched into survival mode. Almost all companies are struggling, many SMEs are expected to declare bankruptcy within the coming year. What can save us now is creativity, adaptability and a positive attitude towards change.
Digital literacy is key
Working from home is technically possible for a large number of people. But what about those, who aren’t as digitally literate? It is our responsibility as a society to continually educate ourselves on digital topics. Ask for help if you need it. We are all both students and teachers.
New skills for leaders
In terms of leadership the skills that will matter going forward are empathy, compassion and trust. If you are a manager of a team: stop micromanaging and let your team show you what they are capable of. Model discipline, communicate openly and show compassion. This is a tough time for all of us and we’re all doing our best. Going forward, leaders will be the ones who are able to motivate their teams in times of crises. Those who are able to cultivate a sense of community, purpose and belonging.
The next few months, maybe even years, will be tough. Possibly the toughest many of us have ever lived through. But they also hold great learning opportunities – after all, crisis is a great catalyst for creativity. Not only for businesses or employees but for us as a society, as citizens of the world. We will emerge out of this crisis stronger, more resilient and connected than ever.
Please reach out to me if you have anything to add, want to prove me wrong or would like to share your thoughts. This is just the beginning of our conversation.