With any crisis, people are forcibly exposed to know their limits and capabilities. The coronavirus pandemic has given the people their time to explore themselves. This result will affect businesses and economics dramatically. So, what is the next normal after this pandemic?
According to McKinsey, research has been released in the month of April 2020. It says to give a prediction on how the coming future will be reshaped as a result of the COVI-19 pandemic. The authors Oliver Tonby and Jonathan Woetzel have stated that there will be four main focal points in business-wise, and they are as following:
- Rethinking social contracts
People will start questioning themselves. What is essential? These questions will redistribute the power between people, organizations, and industries. Not only that but also among governments and countries. Gaining trust is a number-one rule in the game.
- Defining the future of work and consumption
A massive majority of people have realized that they can finish their work remotely, and they have discovered that they can give up about certain things in their lives. A new concept of consumption is shaped, as well as a new definition of work has developed.
- Mobilizing resources at speed and scale
Lots of people have discovered new limits during this time. This idea is leading the business about their ability to grow and handle big projects with maximum capacity. This experience is showing how to apply a high percentage of efficiency and effectiveness.
- Moving from globalization to regionalization
This statement illustrates how people are changing their minds to work with what they got. It is about using accessible resources instead of chasing the unavailable ones. Many businesses will prefer to invest in what they already have.