by the Skills Accelerator team
What does the business environment look like post-pandemic? Well, Covid still remains and although it is unknown what the impact of further waves might be, we now classify it as an endemic, focusing on management of the disease. But the ongoing impact is very much a dynamic landscape where we adapt and develop based on this new norm. The unprecedented impact of a global pandemic has no doubt changed the business environment providing challenges but also offering opportunities. For many individuals and organisations, the last two years have been a period of turbulent change but as we move out of this period we seek to reflect on the experience, reset our priorities and look to new ways of working and doing business.
The philosopher Heraclitus was quoted as saying “change is constant”. This is often used in management and business circles, highlighting change is always happening and unavoidable. In business we are all too familiar with the changing environment on a global and local basis. Macro factors such as geopolitical tensions, economic down turns, political instability all play their part. However, the pandemic forced an accelerated change to the way that we do business, the way we engage and communicate and the use of technology as an enabler and challenger within our work environment.
As we seek this new norm, here are four key factors to consider:
Flexible working
The work from anywhere approach gathered pace during the pandemic, for knowledge workers the trend looks set to continue with research showing that the majority of global knowledge workers expecting to have much more flexibility in when and where they work. In North America data indicates that 25% of all jobs with be remote by the end of 2022 (LinkedIn Pulse March 2022). Whilst this had been lauded as the new norm there are fundamental challenges to this – a sense of community, shared ideas and group cohesion have all been the counterarguments presented by those who are keen to see some return to pre pandemic working environments. The reality is moving forward a hybrid approach is needed, harnessing the flexibility whilst retaining the opportunity for collaboration, social interaction and engagement. Providing employees with flexibility and a variety of work environments is no longer the preserve of “progressive” organisations but seen as standard by the emerging workforce.
Growth and sustainability
For global governments growth has been a key factor post pandemic, aiming to stem the impact of contraction and decline. But with the World Bank predicting global growth continuing to slow down and decline in 2023 (Global Economic Prospects report June 2022), forward thinking, investment and sound policies are needed to weather these stormy times. The UK Government has acknowledged the need for growth but has found itself restricted by turbulence in the markets and an uncertain economic outlook. In North America there is a focus on “building back better together”. Through these global challenges there is an understanding that a reimagining of industry and sectors is needed. Healthcare is one area where this has been highlighted, as greater demand continues to place pressure on the resources of the healthcare profession. Another key area includes changing consumer demands not only from a consumption perspective but from an environmental and social perspective. The pandemic shifted consumer behaviour providing an opportunity to consider our consumption habits and their impact. Organisations are having to address consumer concerns and be explicit in their response. Managing economic growth sustainably is high on the agenda globally and formalised in the UN sustainable development goals (SDG’s).
Skills development to meet the changing environment
Whilst technological adoption increased during the pandemic there is now a need to harness the capabilities for improving the work environment, but also in ensuring employees are adequately skilled to maximise the available technology. It is widely acknowledged that many jobs will no longer exist in the next 20 years with automation impacting on many of those jobs. Whilst this may be concerning, economists predict that many jobs that will exist have not been invented yet. For many, access to technology has allowed them to substitute the office for home. But the technological advances are more than just access, a real focus is on the need to maximise technology to improve efficiency and add value to our offering. We are in the early stages of the metaverse but with increasing blurring of lines between the physical and virtual world, skills in Augmented Reality (AR), Virtual Reality (VR), Artificial Intelligence (AI), social media and digital technologies are becoming essential.
Employee satisfaction and personal growth
One key area that the pandemic shone a light on was the work/life balance and the need to invest in personal growth, wellbeing, and development. This coupled with what many are terming the “mass exodus” in today’s workplace is causing many employers’ concern. According to analytics firm Gallup (2019), organisations in North America are spending on average one and half to two times an employee’s annual salary on replacing an individual employee, so maximising employee satisfaction through explicit investment is seen by HR professionals as a key strategic aim. The cost of replacing staff not only impacts in financial terms but also in terms of knowledge drain.
Taking into consideration these four factors there is a need more than ever to invest in staff development to thrive and survive in the changing times. Skills Accelerator presents an opportunity for flexible learning – developing professional growth, increasing employee satisfaction and supporting sustainable business growth through upskilling the workforce.