The pandemic of 2020 will be remembered and studied for generations to come. Long after the political battles are fought and won, historians will study what went right, what went wrong, and who were the heroes and zeroes. As we begin to consider the “when” and “how” of emerging back into a normal world, we have a unique opportunity to reflect on what we’ve experienced during this pause. To what behaviors will we revert, how many new habits will we retain, and what opportunities are there to revisit how we interact with one another in our communities, and in our places of work?
It would be a shame if we behaved as a stretched rubber band and merely snapped back into the shape we were in before this crisis. As I recall, the pre-pandemic era wasn’t exactly utopian, filled with generosity and thoughtfulness. It certainly wasn’t devoid of stress. By the time it’s all said and done, the pause will have been long enough to have significantly altered daily routine, helped us discover new technologies, and will have given many of us a chance to revisit practices that we had long forgotten, or perhaps had gone dormant in a busy and hectic life.
The Planet
There have been obvious impacts on our natural environment. As parts of the world shut down, we witnessed the improvement of air quality. We’ve seen pictures of large metropolitan cities in China and the U.S. with clear blue skies. Fish can be spotted in the canals of Venice due to reduced water traffic, and mountain ranges in the Himalayas are visible for the first time in decades. As economies reopen, much of this might disappear, but it’s nice to know that nature can recover, and we can influence our environment in a short period of time. How much does this realization fortify our positions around the energy transition and how we behave in our daily lives?
Our Home Life
In our neighborhoods and at home, pastimes like bike-riding, after dinner strolls around the neighborhood, and old-fashioned phone calls with friends have been rediscovered. Families are sharing regular meals together again. With children schooling from home, parents telecommuting, and restaurant dining facilities closed, the practice of home-cooking re-emerged out of necessity. We are sharing recipes over the internet, planting “Victory Gardens”, and watching viral YouTube videos for at-home haircoloring and haircutting. Perhaps as we “return to normal”, we will be able to capture and retain many of these wonderful old, yet new, traditions.
Business Observations
As a business leader, I am particularly interested in how this pandemic has influenced the private sector – both the short-term consequences as well as long-term implications. An unexpected/unknowable event, known as a “Black Swan”, creates unprecedented challenges for a generation of executives. Keeping business afloat, preserving supply chains, retaining employees, and calming stakeholders are some of the greatest challenges we face, yet the situation also offers an incredible platform for leadership and inspiration.
Generosity and Agility
Not surprisingly, as in most crisis situations, this pandemic has revealed incredible levels of generosity and agility in support of the greater good. In the midst of plummeting market values, companies shifted manufacturing lines to make medical equipment. Pharmaceutical firms abandoned projects of great financial incentive and focused on creating virus tests. CEOs and executives took massive pay cuts to avoid layoffs and furloughs. Rents and mortgages were forgiven, and insurance premiums were cut. As companies examine these decisions, there is no doubt a disconnect between what is “right” and what is “rewarded”. In times of crisis, “right” easily wins out. This prompts questions of structure and incentive. How can supply chains be modified to create more agility in turbulent circumstances? How do we make doing what’s “right” part of the performance equation against which companies are valued by investors? Can it be defined and measured through the impact of an Environmental, Social, and Governance strategy?
Supply Chain
During the pandemic those who had flexibility in their supply chain found themselves at a competitive advantage as options narrowed quickly. In the push for maximizing cash and working capital positions, many companies have learned that reducing supply chain optionality too greatly proved to be a significant constraint. As we emerge back into a more normal cadence of business, it will be interesting to see if supply chain flexibility becomes more important than supply chain efficiency. Do you want to have all your eggs in one or two baskets? What are the implications of geographic sourcing? Are there countries that should be considered higher risk based on how they behaved during this crisis? Should you consider lack of flexibility as an enterprise risk?
IT Investment
The pandemic pushed many out of their comfort zones. Executives who once depended on IT specialists and administrative assistants to cue up their computers for conference calls had to figure out how to download software on laptops and mobile devices to access Zoom, Bluejeans, and WebEx platforms at home. (It’s evidently never too late to learn, even for mature executives.) As technology played a huge role in how businesses adjusted to the sudden change, it was clear which companies invested in IT infrastructure, and which ones ignored that inevitability for too long. How will companies assess their business resilience going forward? How will companies prepare their systems for the next pandemic or crisis?
Travel and Commuting
The curtailment of normal business activity yielded changes to routine that we seemed to follow in lemming-like aimlessness. Air travel came to a standstill as countries were shut down and offices closed. Daily commuting via trains, buses, and automobiles came to a virtual stop. In the period of two weeks, business was being conducted over video and conference calls. It begs a thorough examination of the resources spent on travel and meetings. Do we really need to travel by plane as much as we did before? For groups that meet quarterly, can they consider that one of two of those meetings a year be covered virtually – saving time and resources for both planners and attendees? What impact does this have on industries that count on the volume of business travel that might significantly decline?
Telecommuting
Many managers who place importance on “face time” and doubted the effectiveness of telecommuting have been proven wrong. Most new telecommuters feel that rather than be distracted by household chores (although it sure is nice to be caught up on laundry), they have never worked longer hours or harder than they have during the COVID-19 crisis. As a result of the pandemic, many companies have now invested in IT infrastructure and security measures that allow efficient and secure telecommuting. In addition to potential commercial real estate expenditure savings and efficiency to be gained, there is the collateral benefit of more flexibility for which many have pushed in the struggle to balance demands between work and home. Can the work-from-home phenomenon be more commonplace than exception? How do organizations create a strong culture, team orientation, and talent development with highly flexible work arrangements?
Moving Forward
The difficult decision of how and when we open our markets and countries must be made by government officials, informed by scientists and medical experts. However, the conversation WE can all influence is how we want to define the world in which we raise future generations. As human beings, we are social animals, and we’ve missed being together. The ability to pass the time with family and friends, dine in our favorite restaurants, and attend performances and sporting events were activities we perhaps took for granted.
As we shift toward a post-pandemic world, we will strive to regain those experiences in a safe and deliberate manner. However, how can we adopt some of our “new practices” as we redefine interactions in our cities, communities, and workplaces? Can the kindness and generosity we have witnessed during this pandemic be retained in our families and communities? Can the flexibility and compassion our companies have exhibited be measured and rewarded in our organizations? Do we take this collective global pause as a lesson in humanity or merely an inconvenience in a world model that was certainly not utopian?
It seems there’s a huge opportunity to do so.
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