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Google’s CEO, Sundar Pichai, recently said, “The world would not look the same.”He was referring to the impact of COVID-19, and how it may change the meaning of life to a “new normal”. That seems quite probable, with the way coronavirus has impacted the world, at least for the near future.
Until a vaccine is developed, we will have to adopt practices to prevent the coming of a second wave. Plus, the pandemic and lockdown have made us realize about things that can be done to improve our organizations. So, here is what the “new normal” may look like post COVID.
Prevalence of Work from Home
The work from home model emerged as a viable alternative for organizations to ensure social distancing for their employees. This not only helped in containing the spread of coronavirus but proved to be great for productivity as well. In fact, remote workers are around 13.5% more productive than onsite workers, according to a study conducted by Stanford. It was also revealed in a study by Gallup that remote employees are around 60% to 80% more engaged than onsite employees.
The current situation has helped organizations realize that working from home is a feasible option. In many industries, 30% to 35% of the employees could be working from home. Apart from increased productivity, it is a cost saving option for companies. Plus, they have more options when hiring. But some industries may not be able to adopt this model.
Decrease in Real Estate Prices
Another expected feature of the new normal is falling real estate prices. As work from home becomes more prevalent, the office space requirement for companies would decrease. Also, the covid-19 effect on the economy could mean salary cuts and lower purchasing power.With reduced demand, the prices are likely to fall.
Residential property prices could be affected as well. When working from home, people would no longer want to buy or rent close to office hubs. Since they do not have to make the daily commute, they can buy or rent wherever they like. And this can lead to a fall in prices near commercial office spaces.
Increased Focus on Hygiene and Social Distancing
Social distancing is here to stay, at least until a vaccine is developed. The same holds true for the use of hand sanitizers and face masks. You can expect going to a restaurant and the table besides you staying empty. You can expect temperature checks whenever you take a flight or needing the ArogyaSetu app to take a train. Face masks can become mandatory in many places, such as schools, colleges, and markets.
Focus on Artificial Intelligence
The coronavirus pandemic saw extreme shortage of manpower for many companies because of restrictions and lockdowns. Many companies dealt with this by making use of AI. Artificial intelligence and machine learning are being used for chatbots and virtual assistants. The investment in AI is set to increase in future. This could make companies more resilient.
Apart from these, there is expected to be an increased focus on the healthcare facilities in the new normal, post COVID. The COVID-19 pandemic revealed many of the shortcomings of our current system.
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