The world will have to change and adapt in the Post Covid-19 situation where perhaps it would be a new norm of “Survival of the Quickest” and not the age-old Darwin theory of “Survival of the Fittest”.
One of the biggest changes would probably be in the work sphere wherein CEO’s would have to pull up their socks and transform the stereo-typed rigid working culture. You need not have employees on rolls but go for a ‘Gig Economy’ where you hire people on project basis thus doing cost cutting while retaining the best performers. The deadwood will have to go and even mediocre performers.
Unemployment is already at an all time low with over 100 million people at a risk of losing jobs in India. In fact heavy job cuts have started happening in every sector. At least 20 industries are worst hit where there is no revenue inflow globally. Some of the worst hit sectors are: retail, travel, automotive, hospitality, transportation, restaurants, luxury products, real estate and the Live Sports industry.
Online e-tailor giants like Amazon, Flipkart and other e-Commerce portals are badly hit while the multi-trillion dollar aviation industry is at its lowest ebb where the management is working overtime to change their comeback strategy.
Hospitality and tourism sector is also one of the worst hit as hotel occupancy rates have dropped drastically. Governments will come out with new guidelines for all these sectors keeping in mind the social distancing norms, which is the key to survive this pandemic and even beyond atleast till a vaccine is not developed.
The lockdowns have made people self-reliant and now who would be interested to go to shopping malls & multiplexes when people realize that it’s better to be back to basics where the concern primarily revolves around “Roti -Kapda-Makan”( Food, clothing & shelter). While family time of staying together increased, the expenses also dropped by 60-70 percent, a big relief for middle income householders. With online streaming platforms like Netflix, Amazon Prime and many channels available on your home screen, families spent quality time together, which we never did or bother to do because of other professional/social commitments in the pre-Covid times.
