Both the makeup and structure of the workforce has dramatically changed as companies figure out how to operate in a world affected by COVID-19. While some changes are temporary, others look to be permanent.
In a new survey conducted by the Conference Board of 1,300 CEOs and C-Suite executives, the consensus is that companies will be using more contract and gig workers and fewer permanent staff.
Additionally, more flexible hours will part of a company’s strategy to adapt to new working arrangements. Remote working will continue and, in many cases, become permanent.
Looking at how work will be structured, survey respondents predict creating agile project teams to redefine how work gets done.
All of these changes will create leaner organizations, which will be a legacy of the pandemic.
As for when revenue will return to pre-pandemic levels, survey respondents predict that won’t happen within the next year. More than 40% predict a U-shaped recovery, with more sustainable growth resuming by Q4 2020. About a third expect an L-shaped recovery, with sustained growth resuming only in late 2021.
Executives also say they will accelerate their digital transformation plans and rethink business models. However, executives aren't all that worried about their supply chains. Only 10% see supply chain restructuring as a significant long-term impact.
“In the short term, preparing for growth and recovery will require finding the right balance between conserving cash and investing in the innovations needed to succeed in a new commercial landscape – the next normal, if you will,” said Chuck Mitchell, a report author and Director of Knowledge, Content, and Quality at The Conference Board
