How Covid-19 will change the future of work

The Covid-19 pandemic has made today’s already complex business environment even more complicated. As businesses around the world adapt to a new normal – and with the virus seemingly here for the long haul – the future of work is set to change.

To find out how this affects businesses, Tech in Asia held a virtual panel discussion with Nirupam Das (chief information officer, Liberty Insurance), Felix Leong (APAC director, Vonage), and Maria Li (chief operating officer, Tech in Asia) on May 20.

The panel shared and reflected on the shifting trends around the future of work, how employees and customer interactions would change post-pandemic, and tips on how leaders can future-proof their companies during these uncertain times.

The discussion centered around how leaders can take a structured, thoughtful approach across three key categories: talent, technology, and customers and external stakeholders.

Talent

Talent is crucial in any business. That’s why it’s important for leaders to think through their team structure first and foremost. More specifically, they must also weigh how people and teams should be organized and how remote teams can be managed.

In the absence of in-person interactions in a remote working setup, it is also significant to maintain corporate culture, keep employee morale up, and cultivate training for staff.

Technology

As companies start up their businesses once more, they must ascertain that they have the right tools to support both internal and external collaborations and workflows (e.g., customer relationship management platforms and file sharing software), as well as the right tools to secure their enterprise.

On this note, Liberty Insurance’s Das advised companies to invest in building their technology stack. For instance, Liberty Insurance saw the crisis as an opportunity to implement the digital processes that they had been sitting on for a while.

When the coronavirus outbreak began, it started off with tactical investments, and as the virus spread, it gradually spent more on remote technology. Das said he expects to see an increased demand for digital processes even after the pandemic.

Customers and external stakeholders

Needless to say, companies are on their toes during this period, thinking of ways to sustain their businesses.

But when it comes to dealing with customers, the panel agreed on a few fundamentals: implementing clear digital communication pathways with customers and vendors/partners and increasing company visibility and improving efficiency. With this digitization comes the need to track relevant data points that could have an impact on the business and subsequently translating this data into actionable insights even after Covid-19.

Companies with a solid technology stack would already have an advantage and should start thinking about how they can change the customer experience. According to Vonage’s Leong, a good example for this is Netflix Party, the video-streaming platform’s new feature that allows friends and families to watch Netflix shows together even if they’re physically apart.

Businesses must also be proactive rather than reactive, he said, especially during these challenging times. It is crucial to digitize processes and think of alternate revenue streams, as well as consider how these changes can run parallel with your business’ current model after the situation normalizes.

Upcoming events

After the panel discussion, the event concluded with a series of breakout sessions, where participants were divided into small groups based on the three categories to further exchange their insights and opinions on how their businesses are dealing with the current situation.

Coming up, we have a series of events, including our first-ever Product Development Conference in July. With over 30 hours of practical and applicable content, the conference will reveal how startups can scale and grow their products during critical times like a pandemic. Get your limited-time special offer here.

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