Most of us are overusing the term ‘new normal’ just because we miss the days that have passed. Sure, they were quite different and in many senses better than the present, but now that we are here, we need to get over our nostalgia. The normal isn’t new anymore. It’s here, in all its glory, real as real could be. And what are we going to do as businesses and individuals? Deal with it.
In a recent interview, Leadership Capital Group’s Managing Director and Global CFO, Jason Hall, shared compelling thoughts on the global economy’s future. Let’s have a look at the three tips Jason shared that will shape the months and years to come.
Embracing reality and regulating your pace
2020 has been a historic year with colossal events affecting the medical, social, cultural, political, and ultimately corporate spheres of the economy. A year ago, we wouldn’t have imagined the developments we have witnessed over just months that would ideally take years to take place. Amazon, for example, increased its eCommerce retail in March 2020 from 18% to 28% in just eight weeks—growth that would have taken at least a decade to sprout. Apple took 42 years to reach a 42 trillion dollar market capitalization, but it went from 1 trillion to 2 trillion in just 20 weeks during the pandemic.
In our daily lives, too, we have adapted ourselves to a lifestyle that would have been unimaginable if not for the coronavirus outbreak. Sans geographic limitations on work schedules, companies are now allowing their employees to work from home. Students carrying on with their academic activities online, officials gathering on video conferences, people working out from home, and businesses going digital are just a few among the many changes that have taken place this year. And although we did find it uncomfortable at first, we are here, aren’t we? Nothing stopped.
This discussion brings us to the necessity of relentlessly charging forward. With everything going online, processes have gotten faster. We can get more work done in a small amount of time, which brings us to the importance of speed in our daily lives. While we took time to adjust ourselves to the changing situations, we are now in a position to make peace with reality and plan our next move.
Getting creative with technology
Companies planning their ascent need to invest in their technology, partner with the right people and find solutions to the present problems through their services. With Amazon branching into the healthcare sector under the banner of Amazon Pharmacy, the issue of accessing healthcare under restricted mobility has been effectively tackled. Not only did the tech giant expand its target audience, but it also managed to upgrade the technological infrastructure of the healthcare industry.
The pandemic has had a strong emotional impact on people, alongside inviting medical consequences. What people seek right now is reliance, support, and trust. A company that promises to fulfill these needs is bound to succeed, and today that is only possible with the help of technology. A key element is offering assistance that can overcome the restrictions created by the pandemic. Amazon has targeted that very pain point by offering healthcare services to those who might hesitate in going to the hospital.
The ability to quickly adapt comes in handy in unprecedented situations. Brands such as Netflix and Amazon Prime stepped up their marketing strategy during the pandemic as people were spending more time at home. Even businesses in the failing sector managed to stay above water by partnering with the right people.
Will 2021 have better job opportunities?
Between businesses failing and skyrocketing, employment opportunities have entered the discourse as well. If someone asks whether there has been a rise in employment opportunities recently, the answer would be yes and no. The present scenario is impacting particular sectors and not the entire corporate realm.
Leadership Capital Group is currently working with two companies—one is an online education platform, while the other is a digital health and wellness brand. Both businesses are witnessing a massive boom in stock prices as their services are currently in demand. Other companies, such as restaurants and retail, have taken a hit due to technological limitations. The employment opportunities in the above sectors have fluctuated accordingly, and there aren’t many executive-level jobs available.
Whether next year will have jobs for people or not entirely depends on the nature of businesses taking form in the next year.
With everything going online, the concept of making connections has evolved on a personal level due to the absence of in-person interaction. As an individual, you might be attending online conferences and working from home, but have you been able to successfully connect with others? This action involves so much more than just “following” somebody on social media. You’ve got to make meaningful conversations, follow up, stay connected, and become friends. Because in the digital era, being out of sight is fading out of mind. The connection should be one where months down the road, when you need their help, they recognize you and gladly offer their assistance.
Since the focus right now is on technology, everything is digital. All kinds of innovation and transformation revolve around AI machine learning, predictive analysis, and so on. We, as consumers of technology, are leaving digital footprints online. Most of us, being users of social media platforms such as Facebook, Twitter, and Instagram, are uploading our data to the system every day.
The 2018 Senate hearing of Mark Zuckerberg brought up big questions on Facebook’s handling of user information that apply even today. With companies going digital, managing consumer privacy carefully is critical. With the digital transformation, companies will need to make transparent their policies and management of user data.
It is quite clear that technology is no longer a mere medium of communication. It has evolved further, providing a window for collaboration that catalyzes one’s efforts towards success. Hence, collaborating digitally must be made more efficient and productive with the help of technology and brand objectives. The aim is no longer to wait for better days but to adapt to reality and lead the world into a new future by leading by example. Companies must look beyond the horizon and gauge new prospects with a vision for a different kind of future. Companies need to win people over with empathy.
With customers desiring more trust in the coming years, customer-centered technology is what Leadership Capital Group embodies in an attempt to strengthen the faith of people in the power of connectivity—both interpersonal and with technology.
Turning to innovation in such a scenario can provide many solutions, but it can also invite competition. But that is nothing to fear as it can push companies to enhance their customer experiences. Moving forward might also arouse skepticism in individuals waiting for stability in the economy, but this is high time to act as moving forward can give you a headstart before stepping into 2021. The time is now!