If COVID-19 has taught us anything, it’s how quickly we will adapt to our changing environment. As restrictions start to lift and shift in Australia, it’s a good time to reflect on how business structures have been, and continue to be, impacted by the COVID-19 crisis.
6 Business Trends
Lawpath surveyed 130,000 businesses identifying 6 trends that have emerged since COVID-19, and the results are fascinating.
Cybersecurity is a concern for businesses now more than ever. Hacker technology is continuously evolving, and companies are now relying on online technologies to arrange meetings or delegate tasks. There’s more data online than ever before. Businesses should be wary of these vulnerabilities and take steps to protect themselves.
Whether it be realising our mortality, or simply having more time to do things, Will and Testaments have seen a 725% increase since April 2019. That’s a very significant increase! In terms of how this might affect the business structure, with more time to think about what we want in life comes setting the wheels of change in motion. We might see career changes happening or a more holistic approach to our overall happiness.
Online demand for products and services is at an all-time high. It makes sense that we would be turning to online sales because if our customers can no longer come to our shop front or visit our business, we need to adapt to a new way of reaching them. Additionally, our customers are now spending more time online – meaning, we need to be present there and be sure we are standing out above our competitors.
Part-time and flexible work arrangements are becoming a way-of-life. We’ve seen how working from home can be done, where it can save us money and where it can improve productivity. For some people, working from home is a part of that holistic life balance I mentioned earlier and can provide an excellent incentive for employees. An interesting prospect to see where things might evolve in the future.
There’s a need for businesses to take social distancing seriously to protect themselves and their customers, and this is prevalent in the figures. Companies are searching for waivers on the net, and we’re seeing more businesses advertising no-contact practices in their marketing material. Being responsible for someone contracting COVID-19 on a company’s premises would be devastating.
Businesses are preparing for the predicted recession in Australia as unemployment figures rise. We’re seeing company-wide salary cuts and working hour restrictions. As companies keep afloat in a recession, it helps the overall economy of the country and perhaps will help us reach a harmonious work-life balance.
Social Media for Recruitment
Another trend we’re seeing is an increase in utilising social media for recruitment. Facebook adjusted its technology to include job postings before COVID-19 but have recently been pushing this technology to business owners. However, with the changes in social media habits and the reliance on social media to stay connected, businesses are now adopting social media far more effectively. Companies rarely directly hire; they now use social media or recruitment agencies to find the right candidate for their business.
This change in recruitment trend opens up new opportunities for those looking for a new career after soul-searching during social isolation. We’re becoming accustomed to working remotely. We’ve set up systems to handle and thrive in remote situations, so we no longer are restricted by geography, especially if our career path is in the online services. Where a need for personal interaction exists, businesses have learnt to use video calling tools to overcome the barriers of a physical presence.
If you’re about to re-launch and need some resources to help you, the NCCC has created a new tool that brings together information across government sources for business support.
The impact of COVID-19 is still yet to be fully realised, particularly with so many countries still experiencing restrictions. There are opportunities out there that can be seized as we adjust and learn to think outside the square.
What things have you noticed have changed for businesses since COVID-19? I would love to hear your thoughts in the comments!
Love & blessings,