18 May Will COVID-19 Forever Change The Way We Do Business?

Will we ever return to working from vast office spaces – or is working from home (WFH) here to stay? As companies start mapping out their COVID-19 exit strategies, one thing is clear; this pandemic has changed the business world forever.

4 min read

COVID-19 has a lot to answer for. Firstly, for its health implications and secondly, for its ability to turn up the anxiety dial for all of us, as employers and employees alike.

As the world economy gasps for air, the business casualties will be many. Even Australia’s second largest airline, Virgin Australia, has been forced into voluntary administration.

But through the doom and gloom, there is a light at the end of the COVID-19 tunnel. And the companies that make it there can expect a much evolved business landscape on the other side.

The question is, how will business change after COVID-19?

The Working from Home Revolution

Suddenly, the picture of a super-sized Homer Simpson wearing a giant muumuu and working from his couch, is speaking to us more than ever, as we battle the complexities of working from home. Unlike the TV episode, the real life working from home (WFH) revolution hasn’t been a failed experiment. Not yet anyway.

You can bet that scholars around the world will spend years analysing the impacts of this model on our productivity and creativity throughout this pandemic. Beyond it, WFH will become a permanent fixture for more businesses than ever before.

Telco giant Optus plans to encourage Australian-based call-centre staff to continue working from home even after lockdown measures are lifted. And global social media giant Twitter has told its employees that they can work from home “forever”, while Google and Facebook staff can work from home until the end of the year.

For employers looking to recoup their losses, the benefits of cutting down on office space will be tempting indeed.

A Trusting Team

Traditionally, not all employers have felt comfortable giving their staff control over their own schedules. It explains why the shift to working from home has been so dramatic. But there is a lesson to be learned here. For your most reliable employees, mutual trust pays off in spades.

We know when people feel they are being monitored too closely at work, it signals distrust. On the flip side, if they are allowed to make choices themselves, they start to feel a greater sense of loyalty.

Most employers know deep down that having the right people around them can make or break a business. The COVID-19 experiment will remind them that investing in a team, while difficult, is vital to success.

Work-Life (Im)Balance

While working from home can grant us more flexibility in our professional lives, a permanent shift to this model will make the line between work and home blurrier than ever. The concept of ‘work-life balance’ already eludes most of us as it is, but will get even harder to conquer if our whole life plays out in one virtual office.

Being online all the time will change the typical workday. Employers run the risk of expecting longer hours and feeling like their employees are always available. It will be crucial for employees to personally set clear boundaries for family time, life admin and sleep, or kiss their work-life balance goodbye.

Mission (No Longer) Impossible

Some businesses will be so shaken by this pandemic that it will prompt them to change the status quo for good. Suddenly the notion of impossible or impractical changes no longer exists.

The city of Amsterdam has already vowed to emerge from the COVID-19 cloud with a new purpose; to look at the impacts of how it does business, both on its staff and the environment. It is the first city in the world to commit to the so called ‘doughnut model’, which essentially means balancing the needs of people and economics without harming the environment.

Despite the tragedy caused by this pandemic, businesses will find their adversity unlocks innovation. Post coronavirus creativity will have no limits and companies that can tap into that potential will prosper.

Role Reversal

The scars of COVID-19 will run deep in our employment sectors for a long time to come. While the pandemic has emphasised how important frontline employees are in a crisis, it has also reiterated how vulnerable businesses can be.

Companies will be reluctant to add full-time positions in the near future and will likely advertise flexible roles on a casual or part-time basis instead.

The Real Deal

While this pandemic is one giant drain on business, it is also forcing us to be more authentic. This shared experience, especially when paired with working from our familiar, safe home environment makes us more open, I believe.

Think back to the last conversation you had with a supplier, team member, or customer. I bet it wasn’t just your average ‘hello’ before diving straight into business. Instead, we are opening up about the difficulties each of us faces.

COVID-19 is not just something that is happening to other people.

We are in this together, and discussing the hurdles we face on a human level is what will get us across the finish line.