We are seeing massive changes in the labor market right now: the transformation of work-life balance, the redefinition of workforce engagement and the impact of prolonged at-home arrangements on millions around the world.
One thing is certain, however: companies that have smartly invested in data and technology are more ready for the anticipated labor market recovery. As McKinsey points out, success depends on companies’ ability to “reset their digital agendas” and execute accordingly. In other words, a company’s ability to transform digitally will likely determine how quickly it can recover and drive ahead.
This competency can only come from smart investments in both people and technologies. Tech tools helped many of us to continue to operate from home since the onset of the pandemic, but it was the resilience of humans that ultimately enabled organizations to stay in business, and even flourish.
Going forward, leaders must continue to invest in these areas to stay agile and ready for what comes next. It’s tempting to pull back from making decisions that deliver down the road, but this is short-term thinking. Only by playing the long game, and investing in your human capital and tech stack, will you emerge from the pandemic stronger and more competitive than before.