How Companies are Adapting to Covid-19

The quick and drastic spread of Covid-19 and related measures to limit the number of cases has disrupted businesses and individuals globally. Economies, supply chains, and local, national, and multinational companies have had to quickly adapt to survive. Adaptation methods companies have implemented include moving employees from offices to work-at-home models, adding or changing offerings, and altering how they reach consumers.

The pandemic has also seen an increase in virtual/digital communication and selling. Many companies had been moving more and more toward digital. This has been seen for both business communication (for example, offering remote working or communicating with clients via video instead of in person meetings) and conducting operations (for example, selling online as well as in store.) Covid-19, however, greatly expedited this process, with it unlikely some companies will ever go back to their non-digital model.

Companies are now needing to actively think of how they can take advantage of new opportunities and minimize the impact of threats in the short and long term. Despite the major changes that companies are facing, many are successfully adapting to Covid-19 by making some of the following alterations.

Changes to Business Models

Covid-19 has caused many companies to adapt their business model. This includes adding products to their line, altering their offerings altogether, and changing the way they reach consumers.

Changes to Offerings

Many companies have had to adapt their offerings in response to Covid-19. Some have added to their product line, changed their offerings completely, or changed their focus on which products they promote heavily.

For example, publishers have seen increases in the sale of eBooks among both the consumer and business sectors. Consumers turned to digital formats as a quick and easy way to receive new reading material while bookstores were closed. They can receive their book automatically as opposed to waiting for delivery of a paper version. Other industries too like education have switched to digitally published resources and learning platforms. Something that some in that sector, like universities, may stay with at least in part after the pandemic.

Changes to How Customers Are Reached

Many companies had to adapt to a digital and/or delivery only model. For example, many newspaper and magazine publishers have had to move completely online. While this process has been happening over the last five years or so, Covid-19 sped this up drastically. For some print publications, they’ve had to adapt by going completely digital and are unlikely to go back to print.

Some print publications have had to adapt by going completely digital and are unlikely to go back to print.

For those that already sold or published online, this was quite easy to adapt to. However, those that have not sold online before have had to set up well-designed websites or e-commerce operations to survive. This includes building the website, promoting the website, and setting up distribution, and online advertising/targeting.

Even services and events have had to adapt to become digital. For example, patients can no longer directly see a clinic doctor in person. Clinics had to adapt to become completely online, offering booking of an appointment and the appointment itself virtually. Again, this is something that is beneficial in a lot of ways to patients and doctors and some version of these “virtual clinics” are likely to exist after the pandemic ends. Conferences and other such events are another example of a previously in-person activity that has been moved to a virtual space.

Changes to Short-Term and Long-Term Goals and Plans

Companies are having to assess and adapt plans both in the short term and in the long term. Businesses are having to think about how they can adapt now to succeed in the current climate. But they also need to consider how they can alter their business model moving forward.

Most disruption to business also comes with opportunities. To adapt successfully during Covid-19, businesses need to alter their short-term and long-term plans in a way that takes advantage of opportunities that have arisen in their industry.

These could be larger adjustments such as altering their offerings or delivery method completely. As in the example above, publishers may find it advantageous to move from print and digital to completely digital. This takes advantage of the increase in consumers purchasing and consuming content online. It also reduces many overhead costs, such as the renting of office spaces, and can make their production and distribution model more efficient.

These could also be adjustments such as moving to a completely remote work environment. While the company offerings and distribution methods may not have changed, working remotely can again reduce overhead costs and increase employee productivity.

Additionally, many companies will be putting more safety measures in place to protect against future disruptions or continued disruption from Covid-19. This could include reducing some budgets to keep more funds on hand and creating plans for possible future scenarios such as a national lockdown being put back in place.

Changes in the Hiring Process

The hiring process is another thing that companies have had to adapt due to Covid-19. The pandemic has changed the hiring landscape completely. For those still hiring, the interviewing process has had to be adapted to function virtually through call or video conference only. This has actually sped up the hiring process and made it more competitive. Interviews can now be conducted more easily and at earlier and later times in the day. For some, this means that a candidate could send an application in in the morning, have a video interview straight away, and be offered the job before the end of the day.

Employers have adapted their interviewing, onboarding, and training processes to accommodate the needs of remote working.

This does add to the competitiveness of the job market, however. Candidates need to be quick to apply for open positions and flexible to connect as soon as possible for an interview. More companies are also asking candidates to take tests or create and pitch presentations. This provide companies extra ways to evaluate candidates with limited resources.

Onboarding efforts have also had to be adapted. Employees can no longer be trained in-person and their work cannot be checked as easily. Training, like interviews, has been adapted to be given over call or video.

Many companies have had to put hiring on hold completely. Some of these companies have adapted by starting to build a list of qualified candidates, even if a position isn’t open currently. They then have a pool of candidates to reach out to when their usual hiring processes can resume.

Changes in the Work Environment

The way company employees work has had to be adapted due to Covid-19. Companies that previously worked in-office have had to adapt to remote working and reduced social contact. Teams have been adapting to working by holding meetings over video calls and using digital task management and communication platforms. For example, the team at Lynne Palmer has been working remotely over the last few months in order to continue to help job seekers and businesses with recruitment.

Companies are also adapting how they connect with business clients. In-person meetings are no longer possible and most companies are canceling business trips, at least in the short-term. Instead, there is more emphasis on phone calls and video conferencing in place of these in-person meetings.

Video conferencing in place of in-person meetings has become the new normal for most businesses.

With some office spaces slowly being allowed to re-open, companies are again having to adapt. Employers are investing in more sanitization of office spaces. Cleaners may now need to visit every day instead of once or twice a week. Employees may also be requested to clean down their workspace at intervals or the end of the day and sanitize shared surfaces after use.

Employers are also considering adapting their employees’ workdays by staggering start times or alternating days on which employees work in-office and remotely to help comply with social distancing. Additionally, companies are having to consider adapting their sick day policies. This includes offering more sick days than they did previously or allowing employees to work remotely if they feel unwell. More and more employees, both current and prospective, are also looking for their company to offer a good medical and extended benefits package. Due to the pandemic, even younger employees, who were often less concerned with medical benefits, are requesting good coverage by their employer.

In Conclusion

Covid-19 has been highly disruptive to the business world, just as it has been to every other aspect of our lives. However, with disruption comes opportunity.

Those business that have been able to quickly and effectively adapt to Covid-19 should be able to succeed through the pandemic. Many companies may even discover new, better, and more profitable ways to conduct their operations due to this necessary adaptation to their business models.