Important Lessons Companies Should Have Learned in 2020

If we say 2020 has been a tough year, it would be an understatement! The year 2020 has been difficult in each aspect of our lives; fears of catching the virus, losing jobs, closing businesses, and many other fears have been real and existent throughout the past months. Therefore, if you own a business that made it through the year 2020, you should be proud of your success! You would be even more successful when you turn all the challenges and obstacles experienced in 2020 into lessons to learn from. ZenHR provides you with 4 lessons you should have learned from 2020 as a business.

• Digital transformation is a must

We all know that the world is going digital, but in 2020 we had to learn that the hard way! Businesses that failed to digitize their processes and smoothly move to a remote work model were rarely able to survive this challenging year. Companies should understand that the future after the COVID-19 pandemic is for “hybrid” business models that combine both the traditional and virtual ways of doing business.

• It’s crucial to adapt and act fast

Let’s go back to January 2020, when coronavirus started to hit China and then many other countries around the world, forcing governments to impose lockdowns. This was an entirely new and unfamiliar situation for all of us. Back then, businesses had to make quick decisions and plans regarding remote work programs and possible ways to keep their businesses going on despite all the lockdowns and restrictions. Therefore, companies should have learned that contingency and crisis plans should always be prepared and ready for any COVID-19 similar situation that might arise in the future.

• Your employees are your greatest asset

Businesses that have been booming and benefiting from the COVID-19 pandemic are those that have the best talents! A rule of thumb: employees are the ones who drive innovation in a company, reinforce creativity, build products and services, shape the relationships with customers, and drive the success of any business. In the post COVID-19 world, companies should understand that hiring and retaining the best talents is the most important thing they can do to protect and improve their businesses.

• Trust is key to any successful business

The experiences we have been facing during 2020 were unprecedented, and the year was full of feelings of uncertainty, and here is where trust was most important than ever. Customers, employees, and suppliers tend to look for and value trusted partnerships during the pandemic more than they ever did. It’s highly important to build and maintain high levels of trust and transparency with each stakeholder.