We all know by now the effect COVID has had on the world economy, with immediate impacts that will be felt for years to come. Governments, major corporations and especially small businesses significantly slowed operations, if not came to a complete pause.
By CNN’s estimate, the United States economy was operating at just 57.3% of its February 2020 capacity on April 15th. Just over a year later, we’re seeing light at the end of the tunnel with economies getting back to full speed, thanks in large part to widespread vaccinations and also a returning sense of normalcy. As of May 25, 2021, CNN reports that the American economy is operating at 91% of its capacity. Unemployment claims in the U.S., which peaked at 23 million in May 2020, are down to 3.5 million and job postings are up a gargantuan 53% from pre-pandemic levels after being 30% below those levels one year ago. In a collaborative survey between Forbes and Zoom, organizations expected to make the following policy changes:
Along with these types of adjustments and with millions returning to either the same or new positions, come new and revitalized approaches to talent acquisition and employee management. After experiencing significant unemployment or remote work for the first time, both employees and employers have seen that a traditional office is not necessary to be productive or successful. Remote work options have also greatly increased the talent pool that companies can draw from, and allows for more flexible and productive engagement. According to another recent Forbes article, there are eight skills that will be the most valuable as companies adapt in 2021 and beyond: ambiguity, curiosity, openness, entrepreneurship with empathy, resilience, optimism with imagination, rapport, relationships, and action.
The next challenge is in supporting larger corporations to recoup losses and increase productivity as they re-integrate their employees into this increasingly remote infrastructure. It also marks a great opportunity for everyone involved. The U.S. economy has improved significantly in the past few months, and the global market could recover to the best level in decades. Some jobs will continue to thrive and others will become obsolete, giving way to new skills and practices (think AI and machine learning).
That’s where career, human resources and employee performance experts come into the picture. Getting the most out of this impending macro-level recovery and opportunity will be critical for employees and employers, and coaches who can support this process will be invaluable. This is also where V-Corp, Viveka’s all-in-one SaaS corporate learning and development solution is a game-changer. The platform helps facilitate work-life balance, increase talent retention and employee performance by connecting staff to vetted coaching experts from around the world while also tailored to employers’ needs and HR budget. (Check out our platform features, and then request a demo for early access discounts.)
If you’re a coach, and you haven’t joined our global network of mentors, coaches and speakers, become a member now for free or sign up for a preferred membership to get connected to corporate opportunities and other benefits.
If you’re already a Viveka Preferred member and would like to be featured in one of our upcoming newsletters, tell us how you’re supporting companies in the new normal by emailing us at email@example.com.