November 30, 2020

The Future of People-Focused Business Strategy

By baekchan

COVID-19 has disrupted agen slot businesses everywhere. Here are seven of the most pertinent trends faced by businesses worldwide and five steps leaders can take to move into the future seamlessly.
Predictions are difficult to make for business, especially in the age of COVID-19 and global containment measures.
However, HR and people-experience leaders at organizations can look for ways to take advantage of the trends COVID-19 has sparked already to benefit the people side of their organizations.
From keeping digital integrations top of mind to emulating the entertainment industry’s successful strategies, I outline five steps people-focused leaders can take to ensure agility and seamless pivots into the future.
As someone wise once said, predictions are hard to make – especially if they’re about the future.

When we consider that COVID-19 and its effects are still very much present in many parts of the globe, this same logic becomes even more important. With wisdom and warnings fueling discussion about the future, however, I’d like to reflect on the implications of some key ideas for both the business and people side of organizations.

Here are a few of the most pertinent trends faced by businesses worldwide.

1. Localization will grow stronger.
Considering the many lockdowns and border closures in recent months, the concept of globalization has taken a hit. There could be a shift to local products or local consumption going forward – not only incentivized by the (temporary) situation, but also because corporations now realize the need to secure a local supply chain, even without restrictions.

According to The Economist, world trade could shrink by 10% to 30% this year alone, as the result of both COVID-19 and the ongoing tariff dispute between the United States and China. This shift toward localization is currently creating headaches for many companies, as restrictions are impacting free movement, travel and relocation. This could also affect the need for local services and talent in certain countries, therefore increasing the importance of fast and homegrown talent development.

2. Omnichannel experiences will dominate.
The idea of an omnichannel experience will be key for all companies. Whether you think of medical consultations (initial office visits transitioning to virtual in some markets during lockdown), the rise in online banking (and the 45% of consumers adapting to their banks’ virtual offerings), or e-commerce increasing day by day (with new consumers beginning to browse and use online retailers in this crisis), it’s evident that the online channel is now a permanent reality in almost all sectors.

Despite this, the need for interaction remains crucial as measures ease. In a recent webinar on the future of brick and mortar, Pierre-Yves Roussel, head of luxury retailer Tory Burch, argued for the integration of varying retail channels and discussed how physical stores must be an extension of digital offerings (and vice versa). All panelists in the discussion agreed that shopping would transform into a social endeavor – almost like visiting a restaurant for the experience despite having the choice to cook at home or order in.