There will be significant changes in the world of work as we know it after the Coronavirus (COVID-19) pandemic and this will require huge investments in partnerships and digital technology by participants in the economy.
This sentiment was expressed and expounded on by the Head, Trading Business Division, Nigerian Stock Exchange (NSE) Jude Chiemeka during the recently held Realities of COVID-19 Webinar organised by BusinessDay.
The webinar was designed to address issues around the Navigating the Uncharted Course on the back of the new realities that the impact of COVID-19 we have begun to see on the economy and what we can expect post-COVID.
In responding to questions around emerging business needs, Chiemeka said, “Corporates must understand that we are all entering a new territory where we cannot rely on past competitive advantage.
Even before the spread of COVID-19, conversations were rife around the digital economy, and after this pandemic, we can expect the individual needs of businesses to change.
Businesses will, therefore, need to make large investment in digital ecosystems that will deliver value in the customers’ journey and protect business integrity.”
He also addressed issues around human capital management, calling for organisations to adopt strategies that can save both the business and its people, post-pandemic.
“Businesses will need to be more transparent in their operations to justify layoffs where necessary, but the crisis has to be managed if the business will thrive post-COVID. It is also important that skill-specific trainings are deployed to ensure that employees have the skill sets required for the emerging economy. Organisations may also be required to review evaluation mechanisms for staff to properly manage talent and ensure service delivery,” he added.
Panellists during the session agreed that there must be collaboration between the public and private sectors to ensure that all aspects of the economy are protected, and that the palliative efforts deployed in minimising the impact of COVID-19, are meeting the real needs of individuals and businesses.
Chiemeka was a panelist alongside Andrew Nevin, Advisory Partner and Chief Economist, PricewaterhouseCoopers (PwC), West Africa; Nkemdilim Begjo, CEO, Future Software Resources Limited; Toyin Sanni, CEO, Emerging Africa Capital Group; and Lanre Sotunde, CEO, Optima Energy Resources Limited; with Tosin Ajode, Lead Advisor, Deal HQ as the moderator.