Coping with the New Normal: Digital Transformation Post-COVID-19
Worn to the point of cliché, but change is, indeed, inevitable. The world as it thrives and rapidly evolves within the dynamic landscape comes under the fold of digitization, often making it compulsory to adapt.
This certainty of change is profound even more so today as we grapple with the previous, current, and unprecedented changes of the pandemic. Today’s workspace in every aspect of the business is no stranger to these implications and effects of COVID-19.
The future of work for the “new normal” for a post-COVID world has changed irrevocably for the majority of 2020. What has, and will, matter in the future is businesses’ ability to cope with what lies ahead as a consequence.
Understanding Pre- and Post-COVID19 Changes
As it is with any major, global economic change, this pandemic also triggered a multitude of changes within the corporate environment. One of the main observations many experts have made is that this pandemic has accelerated the speed of change within patterns and trends that were already emerging.
For instance, Jack Dorsey, Twitter’s CEO has already rolled out his allowance for indefinite remote work for all employees. Following the same path, other tech giants such as Facebook and Square have allowed their employees to work from home at least until the end of 2021.
What Does the Future of Work Hold?
1. The Need for Digital Transformation
Digital transformation has become the hot buzzword in the last few months. While it was underway for many organizations under the guidance of chief digital officers, it became the need of the hour during this pandemic.
Instead of simply advocating for efficiency through digital transformation, companies are more likely to aim for resilience. It has become apparent that businesses need to plan for flexibility and agility to face disruption.
One important consideration here is that to retain talent, employees from different backgrounds and proficiencies should be considered.
2. Accelerated Work from Home
When the orders for lockdown commenced in March 2020, businesses except “essentials” were forced to work from home. With physical events shutting down around the world, more employees and employers started collaborating online.
From CEOs and executive management teams to field salespeople and HR professionals, remote work became reality for many. With over 48% of employees preferring the flexibility and convenience of remote work for post-COVID19, this trend is likely to leave a prominent impact on the future of work.
The Future of Work shows signs of transition to remote-first models. This will allow employers to attract more talent from outside local communities and promote their adoption of remote-first models to do so.
3. Rapid Technological Advancement
To reiterate a previous point, technological advancement is a reality that was already underway prior to the pandemic. While there was already a need for burgeoning technological advancements, it has become more amplified in the recent past.
It will become the driving force enabling companies to meet the challenges their workforce experiences as they adapt to how the workspace changes in the future. In fact, Statista reported that the average global expenditure on facilitating digital transformation will increase by 10.4% by the end of 2020.
4. Contingent Workforce Expansion
This pandemic has exposed modern employees and employers to inconsistent work models. While companies started out by reducing contractor spend, they have now expanded to employing more part-time employees with a contingent workforce.
This allows them to save money and have enough flexibility to manage their employees’ performance.
As for the type of talent/employees, companies will look for in the future, there is a growing importance of STEM. With digital transformation at the center of the new normal, candidates specializing in areas of artificial intelligence, machine language, cybersecurity, cloud technology, lean supply chain, data science, and virtual reality, etc. are all in high demand.
The Bureau of Labor Statistics further suggested that more than 9 million STEM jobs will be created by the end of 2022.
5. Increased Importance of Learning and Development
L&D often goes unaddressed when pandemic-led conversations concerning the future of work are taking place. Trends such as upskilling and reskilling are critical for growth within existing employees’ and potential candidates’ skill sets.
Continuous learning, skill development, and knowledge sharing using e-learning and microlearning principles are becoming more widely adopted to facilitate digital transformation.
When it comes to L&D, focusing on critical skills that go beyond the execution of role-related tasks is important for overall career development. Microlearning, specifically, has been observed to support continuous learning and increased employee engagement that is necessary for coping with emerging and abrupt changes.
6. Where We Do Business is Changing
An urban exodus is on its way. Even more so, it is already beginning.
As the pandemic hit the lockdown stage, many people chose to move outside of busy cities to bear the first wave of COVID-19. As the ripple effects of the pandemic are still not expected to wrap up until the end of 2022, people will continue making use of the work-from-home model and move to find cheaper accommodations. Some of the areas being impacted by the dynamics of the pandemic are:
- Unemployment rates
- Hiring patterns
- Recruiting challenges
- Changing employee needs
- Growing pool of overqualified candidates
- Digital transformation rapidly changing the workplace
- Jobseeker expectations
- Employer requirements, etc.
The future of work as an employer and as a job seeker is now based on how both build up their adaptability to face unprecedented change.
With remote work and flex hours/days becoming the norm in the corporate world, companies are on a journey of transformation across recruitment and HR landscapes. Future-proofing the company through the acquisition and retention of a skilled workforce and increasing operational agility and resilience for the “new normal” is essential for the way forward.
