How COVID-19 Is Rewriting the Future of Business and Work

It is more than evident that the pandemic has changed business practice all over the world. Businessmen are dealing with all kinds of problems, from keeping employees happy and healthy to slumping sales. The pandemic changed the future of work forever. This so-called “business as unusual“ is the new route where business and work are heading. 

The best business leaders will improve workplace culture. Companies are thinking outside of the box and are more aware of the new business opportunities. Here is how the pandemic will change the way companies do business in the future.

Remote Work

Remote work will most likely continue. The most obvious impact of COVID-19 is a considerable increase in employees working remotely. All business decisions, meetings, negotiations, brainstorming sessions are done remotely. 

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Although many people are returning to their workplace, plenty of companies are planning to switch to flexible workplaces after a good experience with remote work. Coronavirus has broken the technological and cultural obstacles that once prevented remote work.

e-Commerce

E-commerce and other online activities are booming. In 2020, the e-commerce share has grown two to five times faster than before the coronavirus. Businesses went through digital transformation, providing more services and goods online. This type of business will stay in the present but also in the future. Although, for e-commerce to remain successful, it needs to identify new paths for the digital economy.

Foreign Exchange Market

FX markets have been impacted by the pandemic also. The boom in FX trading is astonishing. There has been huge growth across a mixture of trading platforms. The growth rates were more noticeable in developing countries with traders’ accounts from Southeast Asia, Africa, and Eastern Europe making up a remarkable 60% of the new accounts. 

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The increase in new accounts and trading activity placed significant pressure on forex brokers. There was a huge demand for sites that list offshore forex brokers; with traders naturally moving towards reliable brokers. People are trying to make up for lost income and are actively searching for new income channels in these uncertain times.

Transition to New Jobs

Many people will probably transition to new jobs. Pandemic had a huge negative impact on low-wage jobs. The estimation is that most of all growth in labor demand will present in high-wage jobs. 

Low-wage workers will have to learn new skills to switch to high-wage occupations and remain employed. This has a big influence on labor trends. Businesses and policymakers will have to provide education programs and additional training for workers. 

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The COVID-19 represents a historical crisis that urged business leaders and companies to rethink and regroup the already existing modus operandi. Online and digital work is the new normal. The pandemic normalized remote work, and people who can’t adapt will have to change jobs, foreign exchange markets are on the roll, and e-commerce is thriving. 

We can’t predict what the future will bring, but what we do know is that the future of work has changed forever. The pandemic transformed the way we think about work and how we do business.

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