Humanity is facing a deadly epidemic, with one of the greatest dangers in history. Although this situation seems to have hit the health sector at first, Coronavirus seems to be making very serious changes in all business areas for the future. The social distance measures that people have to take against this disease, which can be spread very easily, seem to be the main reason for these changes.
1) Digital employees and remote job opportunities will increase
With the spread of coronavirus, many businesses had to switch to remote operation, a work order they did not want to implement before. Everyone who had the opportunity to work at home started working from home, while those who did not have the opportunity had to quit their jobs. Huge companies have largely switched to digital work, and even teachers now deliver the training digitally.
The biggest change coronavirus will bring, in fact, is known as digitalization. The extra costs of the offices and similar surpluses, combined with the risk of illness, led to a complete disadvantage and now many employees and employers have adopted a digital way of working. In fact, this seems to open the door for a bigger change.
2) Does Shunned Labour Mean Fewer Jobs?
The transition of many firms to remote work has actually accelerated the realisation of digitisation as well. Companies are now beginning to realize that many jobs needed in the physical environment are no longer needed. This can cause some people to have more work force than usual and companies to reduce the number of employees. People will now have the opportunity to work more efficiently and effectively in certain tasks, and a number of jobs that are seen as “unnecessary” will gradually disappear with natural selection.
This actually happened in all crisis environments. When the crisis is over and the economy is restored, it is not uncommon for people who realize they are no longer needed to regain their jobs. After the Great Recession, workers were seen to have 17.5% less income compared to their former jobs.
Thanks to technologies such as artificial intelligence, robotics and blockchain, companies seem to be able to achieve more efficiency with fewer people. Coronavirus is a cause that allows this to happen and speeds up the process.
3) Did Robots Covet Your Work?
The use of robots has become possible in factories, retail, agriculture and almost every field you can think of. The pervasive nature of coronavirus can also unexpectedly accelerate the use of robots or machines. Robots that cannot be sick and can work 24/7, with no additional expense to the employer, can be replaced by humans, especially in certain areas and sectors such as manufacturing and factories, which may happen very soon.
4) Globalization May Slow
Seeing how fragile the supply chain is at such a time of crisis seems to have led companies to fear globalisation. Many firms have to wait for the global supply chain to reach the raw material, which has led to production halting in many places or at incredible costs. The fact that companies move more locally in the future is seen as one of coronavirus's effects for the future.
Many firms and companies will now want to supply raw materials or products from more local and closer sources instead of China, which could deal a major blow to globalization.
5) the influence of the States will increase further
Whether you live in a democracy or an authoritarian regime, the emergence of coronavirus has certainly seriously increased the need for state and governments. State aid and government-backed loans are now known as one of the only Developments keeping the global economy afloat.
It is now expected that many companies will move forward with the support of the state rather than privatisation. Although the states saved the banks from bankruptcy in the 2008 crisis, it seems that all companies and firms, from the smallest to the largest, are important in this crisis. This is a nationalisation that will last for years and may strengthen the understanding of nation-by-nation.
Perhaps the most important change not mentioned here appears to be the digitisation of the economy and paving the way for cryptocurrencies. Central bank-backed cryptocurrency projects that normally began years ago gained momentum, especially after the Coronavirus outbreak.
Even France, which has been so harshly critical of cryptocurrencies and digital currencies, has started its digital Euro trials. The biggest alternative is cryptocurrencies like Bitcoin, which are physical currencies that have been proven to be contagious and precious metals such as gold, which are difficult to transfer, and which become impossible at times when the supply chain falters.
Bitcoin can be shipped from one end of the world to another in minutes, and this can be accomplished with fairly low transaction fees, without the need for any broker. The fact that banks are accelerating their own digital currencies means that in the very near future cryptocurrencies will be available to mainstream audiences.