WHAT IS THE "NEW NORMAL?"

We keep on talking about the “new normal.” Life after the pandemic, which is post the vaccine, is once again being romanticized. Work-from-home is here to stay but children studying from home?

PwC did a survey of 699 CEOs, conducted in June and July 2020. These business leaders were from 67 countries/territories, including: Western Europe (42% of respondents); North America (7%); Middle East (3%). 

And its findings - post-Covid changes are permanent and there will be more to come.  

Take a look at some of the important conclusions of this survey; it is extremely illuminating and makes us more aware about what to expect.

• According to CEOs, shifts towards remote working, automation and low-density offices are here to stay.
• Climate change, supply chain safety and adapting the customer experience are amongst additional trends driving further long term change. 
• Majority of CEOs believe that COVID-19 pandemic driven shifts towards remote collaboration (78%), automation (76%) and fewer people working from offices (61%), are here to stay.
• 61% say their business model will be more digital in the future 
• 39% of CEOs believe there will be a permanent shift towards onshoring and insourcing
• Two in five expect an enduring increase in nationalism
• 65% are predicting a decline in global growth. Concern about the global economy is highest in Africa, Central & Eastern Europe, Asia and Latin America.
• Business leaders also believe the pandemic increased the importance of responding to a wider range of stakeholder issues, particularly employees.
• Regarding retreat from cities - 34% believe the shift towards de-urbanisation will continue; 38% believing it is temporary. 
• Role of Govt - 57% believe state intervention to be a temporary feature

In short, what we can expect is more people working from home, smaller office spaces and no, cities will not get decongested – migration will continue. Unless the states learn their lessons well and use this time to create employment, attract industries, build good infrastructure, set up good quality schools and colleges, the congested cities, which are going through the throes of the pandemic will suffer again if another virus comes calling.

Yes, we have learnt a few lessons and continue learning but whether we will stick to it once corona goes? Now that extremely debatable. And are we going to revamp and modernise our health care? Till date there has been no talk about this; so yeah, we dont know what lessons will be learnt.