Name – Nikita Panicker

Roll No. – 71
Subject – Business Ethics

“Emerging Trends in Business and Management in the post COVID-19

Pandemic Era”

Introduction

The outbreak of the deadly Coronavirus disease has impacted people’s personal as well as
professional lives in a way that would have never been imagined. The global outbreak of
Covid-19 has brought around so many changes in the way people see things which have
brought in changes in the economy that might remain forever. Business complexities have
increased and people are trying to find a way to navigate through the pandemic and survive
and bring in further growth in ways that were never thought of.

Various industries like healthcare, food and entertainment, travel and education are going
through a phase of change in their business models that may bring about a permanent change
in these segments. People have adapted to change over the months into the pandemic and this
change may leave a significant impression on the various industries. Now, in order to cope
with the situation that has arisen and to meet the people’s present expectations, businesses
have to come up with ways to counter the present requirements. The management is at the
forefront to adapt to the change and help the economy in carrying on its practices. The safety
of the employees and the customers have to be ensured all along the way.

The COVID-19 situation changed the outlook of the HR managers, the entrepreneurs and the
society at large. In India, the Make in India philosophy is gaining immense support from the
people. Consumers are trying to use more of the Indian brands and boycott the foreign brands
especially the Chinese ones which in turn is boosting the Indian economy and encouraging
people to go ahead with start-ups. For such development India requires high FDIs in various
sectors. The Government is trying to bring in as many foreign investments as possible and
has become lenient towards the limit of FDIs on various segments for example in the
construction segment 100% FDIs have been allowed by the Government. Such steps will help
improve the capital investments in India and promote the growth of the various sectors of the
economy. The work-from-home concept which had been a saviour during the lockdown is
something that is going to change the scenario of work structures and may have a permanent
effect.

New avenues opening up for India

The pandemic has highly impacted production and the supply chains of goods and services
throughout India. Having to undergo a disrupted supply chain and setbacks in operations,
India is now giving more importance to being ‘vocal for local’ where Indian brands are being
encouraged to manufacture more Indian products and depending less on the imported goods
and services, to reconfigure manufacturing and component sourcing abilities and depend less
on imports. However, to promote the Make in India philosophy, India requires high Foreign
Direct Investments to be made on these Indian brands. India’s manufacturing sector is a
critical element of its gross domestic product (GDP). According to an analysis by McKinsey,
India’s manufacturing-sector only contributed around 17.4 percent to the GDP, a little more
than the 15.3 percent it had contributed in 2000.

India has a high number of raw resources, abundant number of skilled labours along with
increasing entrepreneurial skilled people who are willing to undertake ventures especially in
the time where Indian goods are being more encouraged. The Make in India philosophy is a
huge opportunity to India to come up with brands and provide goods and services to the large
population of the country and also export goods using its resources all around the world
which in turn will be highly influential to the economy. The sectors of pharmacy, textiles,
steel, passenger vehicles and automobile components will be required to scale its business
operations so as to reach the international standards and attract more FDIs.
Forming partnerships have become a common strategy for growth of business. Companies
are increasingly forming alliances and thereby creating a new level of competition. Various
companies come together with supported information technology and unique characteristics
which helped it synergy.  This is a strategy to address the insufficient internal capabilities
through the opportunities of outside skills.  Many companies are coming together to form a
venture and address a particular problem in society to come up with an advanced product to
improve the standard of living of people.  This helps the small All businesses in completing
with major brands Having almost all the resources.  For example, Nike and Apple
collaborated to release a running application called Nike+, Google and Adidas came up with
interactive running shoes called Talking shoes designed to motivate owners to run.

Digital Transformation and Changes in Marketing Strategies

During the pre-COVID-19 era there were few businesses who gave importance to paving a
way to digitalization but there were many who did not pay heed to the same. With the
pandemic, a rapid change is going around in the society because if people do not change now
the economy would come to a standstill. The Covid-19 has in fact forced businesses to take
steps towards digital transformation by adopting technological advancements, modernising
the work culture and promoting the work-from-home culture, changing the organizational
structures and operating systems.
However, for management, privacy issues have gained focus recently. With increase in data
theft and user data breach e-privacy and the transferring of personal data is being given extra
attention by management along with the application of artificial intelligence. Companies are
now prioritising the compliance of privacy regulation to prevent breaches in privacy and data
leaks which could come with fine and often significant losses. The technological
advancements can have both advantages and disadvantages.  one of the disadvantages is data
theft and breach of privacy.  management today is working hard to make sure that its users’
data is secured and are advertising themselves as companies which will provide security to its
customers.
The Covid-19 scenario has changed the outlook of people and left them more concerned
about purchasing goods whether online or offline. Consumers are afraid of coming in contact
with the virus when they go shopping to a store, have a meal at the restaurant, watch a movie
at the theatre or go to the salon for self-grooming. Even for online shopping, consumers are
worried about buying clothes which may have been tried and returned by a person earlier or
while buying a second-hand good. Almost all the industries have been affected by the
pandemic and the only way business can promote their goods and services is by marketing to
its customers about the safety and precautions being undertaken.

For example, OLX which is a platform for buying and selling second-hand goods has faced
severe fall in traffic at its site as customers are concerned about the safety of the products
which have been previously owned and used. In such a situation it is essential for OLX to re-
gain its customer’s trust in buying previously owned goods given the overwhelming concerns
of the consumers about safety. The company intends to implement peer to peer selling with
proper safety to gain the customer's trust. Such efforts are much easier implemented at
inspection centres Upcoming project ‘OLX people business’ which deals with staffing of blue
and grey collar employees will aim to resolve the delivery problems amid lockdown. 

The Atmanirbhar Philosophy

The atmanirbhar philosophy has given a great boost to the economy in the context of using
goods made in India. Consumers are avoiding foreign brands in order to promote the Indian
economy which in turn has helped several Indian companies establish itself as an Indian
brand. These companies market their products as Made-in-India which catches the eye of
majority of the Indian customers who wish to play their role in boosting the Indian economy.

Mobile Optimization
The lockdown due the pandemic all around the world led to an increase in the users of mobile
platforms for various purposes such as work, study, entertainment, social media and much
more. People who previously might not have used social media sites and other platforms have
now become a regular user. Thus, brands have now come up with their own mobile apps
where users can shop, learn and watch things of their own interests on their phones.
Also, brands are now turning towards social media marketing for promoting their goods and
services. Advertisements on Facebook and YouTube have become highly influential in
promoting brands and directing users towards visiting the brand’s site and becoming a
customer to them.

Human Resource Management

With the coronavirus pandemic affecting all aspects of the society, business have undergone
major changes. The Human Resource managers have come to the frontline in helping
employees cope with the pandemic and also the changes in work structure. HR managers
have had to make amendments in the work structure, policies and practices to align with the
new normal. Re-defining job requirements are a major task the HR team have to look into.
Along with this, they also have had to come out with new ways of monitoring the employee
productivity and dealing with the grievances and at the same time keeping the employees
highly motivated and providing them with a sense of security during the pandemic.
Work from Home the ‘new Normal’
Organizations in several industries have turned to remote working or work from home
facilities. The organizations have adopted new technologies and platforms where employees
can work remotely and share their work over these platforms. This concept has saved several
businesses from coming to a standstill during the lockdown and this may actually have a
permanent change in the work structure of organizations. More companies are now trying out
ways to promote remote working which in turn ensures safety of the employees and reduces
infrastructural and operating expenses of the organizations. For such purposes, training has to
be ensured so that the employees can work efficiently with minimum technical problems.

Employee Training 
Proper training is being imparted to employees with the changes in the work culture. Changes
in the work structure and platforms cause ambiguity among the employees which may further
intimidate them and prevent them from being efficient at their work. To reduce such stress,
proper training is being imparted which is being taken care by HR managers. These programs
will help them manage stress, build a positive outlook, and stay productive under the remote
working model.

Emphasis on employee safety

The well-being of the employees has also become of great importance. Employees can work
efficiently if they are given proper safe and sanitized work conditions without the fear of
being exposed to the virus. Especially work that cannot be done remotely, has to be ensured
that it is safe for the employees and this has become a major requirement from the
employees’ side.
 Conclusion
As days go by, the change in the lifestyle and needs of the people, the increasing cut-throat
competition bring about changes people look at the world and thus these changes also bring
about changes in the way businesses are run and management of the people and operations.
These not only have a preferable impact on the society but at times may also have a negative
impact which again are realised and steps are taken to manage them. Thus, trends keep
changing as per the situations and people have to come up with all these developments so as
to have a balance on the society and the lives of people.
The Prime Minister’s clarion call of making India ‘atmanirbhar’ (self-reliant) and
being ‘vocal for local’ must have its foundations in increasing the efficiency of
domestic production and consumption processes. At a time where there are too many
uncertainties and one cannot rely on the vagaries of global trade and finance, it is
imperative that India creates a very robust domestic economic system  through
consumption and investment demand.
Once India ensures proper foreign investments in the various sectors in India, there
will be an opportunity for immense growth in the economy. Adapting to the changes is
the crucial element that the pandemic has required organizations and people to do.
Every change will cause a new trend and with every new trend comes new
opportunities which if well identified can lead to a bright future.

References
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covid-digitization-what-will-a-cmos-new-arsenal-be/articleshow/78892267.cms
 Iba. (n.d.). Foreign investment opportunities in India: Silver linings post Covid-19. Retrieved
from https://www.ibanet.org/Article/NewDetail.aspx?ArticleUid=a2353380-fdb1-4326-
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 Mohan SinghMohan Singh is the Group Head. (2020, July 13). Redefining HR practices in
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