COVID – 19 Changed Global Business Management

13 May, 2021 18:46 IST|Sakshi Post

The global health crisis has tried the resilience and adaptability of businesses. Response to COVID 19 has led to a rapid transformation of the workplace. Working remotely from home has emerged as the new normal for companies. In the past, organizations focused primarily on digitizing their relationship with their clients. The pandemic has made it necessary for employers to digitize their relationship with their employees. Research into the effects of the pandemic on businesses reveals that company executives are shifting their priorities. According to the studies, up to 92% of executives are prioritizing workforce safety and security.

Accelerated Digital Transformation

Digital transformation has been part of business strategies for many companies. The global crisis helped companies that initially faced resistance when implementing their digital strategy to fast-track the process. According to studies into this area, 59% of companies have accelerated their digital strategy. Additionally, the studies revealed that 66% of companies had completed the digital strategy that had initially experienced resistance.

Before the pandemic struck, many companies did not focus on their technological capacities, including the skills of their employees. The approach has changed after the pandemic as more executives appreciate what they can achieve with technology. Research reports suggest that over 60% of businesses have shifted to more cloud-based operations.

There Is a Need for a Multilingual Workforce

The globalization of job opportunities has changed the workforce requirements. Now that companies can hire talented people from across the globe, the only challenge would be language barrier. Job seekers have acknowledged this fact because the global demand for languages is on an upward trend. Many people are looking to learn an additional language to take advantage of the emerging opportunities.

Research data reveals that some of the most marketable languages are English, German, Spanish, French, and Chinese. The data shows that English is the most marketable language with over 300 million native speakers. It is also the official language for 20 of the most relevant global organizations. Most internet users, almost a billion users, use English, making it a critical language for global businesses.

If you can speak Chinese, then you can interact with around a billion other Chinese speakers globally. This is approximately 14% of the global community. In the last few decades, the Chinese economy has experienced considerable growth. These numbers make Chinese a language worth learning. The language you choose to learn is also dependent on your industry. Some industries are doing well in certain regions than others. As you pick a different language to learn, you must do it wisely.

Working Remotely Is the New Normal

Industry experts argue that work will never be the same. They stated that, while it might be difficult to tell how it will be, all evidence points to the fact that it will be different. There is a consensus that the pandemic has provided a unique opportunity for companies to reimagine how everything is done.

Businesses have to look at which parts of office culture to retain and how to free themselves from poor habits and inefficient processes. For example, they can rethink how they hold meetings and get rid of unnecessary red tape. This is the chance for all business leaders to improve the efficiency of their systems.

For the employees, the shift is massive and comes with substantial consequences. Individuals have to decide where they will live and have new expectations about flexibility. Studies have revealed that 72% of employees prefer a hybrid system that blends remote and office working.

According to the blog this working model has also emphasized the need for a multilingual workforce where organizations are looking for more and more for individuals that can speak at least two different languages. The new way of working means that organizations have a bigger pool of talent to choose from. Remote working removes geographical barriers and allows employers to look for skills from worldwide. To work for such an organization, you would have to be multilingual.

What the Future Holds

The biggest takeaway from the COVID-19 pandemic for businesses is the need for more agile strategies. In the future, companies will create proper systems that allow for quick problem solving, and remote teams will have more authority to make decisions.

Organizations also have to invest in their telecommunications to ensure they remain agile and competitive. Technologies such as VR and AR will enhance face-to-face communications between employees from various regions. Digital technology will no longer be used as a support luxury; it will be critical for survival and competitiveness.

The future is also for individuals who can speak more than one language. As job opportunities go global, you must know an additional language to benefit. This new phenomenon has also led to an increased demand for language learning. Online tutoring sites that offer language learning online have experienced an increase in users interested in learning a new language.

You should expect to see most of the measures adopted to circumvent the effects of the deadly virus become the new normal. For example, remote working, multicultural workforces, and more efficient working models will shape the future of global business management.

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