Effect on business operations
According to Ozili and Arun (2020), the global pandemic’s effects on businesses and the workforce in general are primarily due to the global economic shock in demand and supply and the “spillover” of these effects on business within the economy. By the end of the year, the pandemic, according to the International Civil Aviation Organization (2020), could result in a reduction or slippage of approximately 71% of passengers and 1.5 billion travelers worldwide at its peak. Numerous airline companies were forced to close as a result of this decrease in seating capacity in the aviation sector (Amankwah-Amoah et al.). 2020; Arun and Ozili, 2020). The company sought a $58 billion USD bailout package as a result of this financial crisis (Muller, 2020), illustrating the perilous effects of the coronavirus on aviation businesses. The restrictions imposed by the pandemic have also had an impact on restaurants and hotels, with executives cutting salaries and laying off employees. Due to this, the hotel industry sought a $150 billion USD bailout for its businesses, many of which are owned by franchisees or small business owners, as well as another $100 billion USD for businesses like shops, restaurants, and so on. (2020 Muller). Similarly, the pandemic has had a significant impact on the workforce—primarily in the agricultural sector—primarily in terms of the number of seasonal agricultural workers. The majority of them are primarily migrants. As a result of border closures, international restrictions, and social-distancing policies, there is a significant decrease in the workforce’s availability (Bochtis, 2020), with age frequently being a significant factor. As a result, the pandemic has had a wide range of effects, including job cuts, pay cuts, bankruptcies, and business closures as well as enormous debt and bailouts for businesses. The regional unemployment rate is shown in Figure 3. Lee (2020) (https://www.cnbc.com/2020/12/28/5-charts-show-covid-impact-on-the-global-economy-in-2020.html) is the source of this information. The effects of the pandemic on businesses and the workforce as a whole are depicted in Figure 3, which shows how the crisis has significantly altered the unemployment rate across various regions, with the United States reporting the highest rate. The Future-Defining Trends of the Next Normal One normal case is for the most part acknowledged, or at least, the first period would be philosophically and on a very basic level not the same as the pre-Coronavirus times (Bonacini et al. 2020). As a result, it makes sense to examine these shifts and recurring patterns that will define this new era. As previously stated, Ozili and Arun (2020) reported that the pandemic’s global economic impact would “spillover” into other sectors and industries, resulting in a crisis. The business or industry that the ripple is affecting can be measured, studied, and quantified. Individuals’ economic and social well-being were affected by the current pandemic, and these effects would spread as we move toward a new normal in the post-pandemic era.