McKinsey & Company has added to its reports in which it takes the business world from different perspectives and shares its assessments and predictions for the aftermath of the pandemic. The study, by the McKinsey Global Institute (MGI), is titled: 'What do consumers, employees and companies expect in the post-COVID-19 recovery?' McKinsey & Company Turkey Country Director Can Kendi emphasizes that faster and bolder steps are needed to realize productivity potential in his assessment of the report.
McKinsey's business and economic research arm, the McKinsey Global Institute (MGI), said the pandemic was the first of its kind in the world. consumers, employees, companies and their predictions of the recovery process. 'What do consumers, employees and companies expect in the post-COVID-19 recovery?' the results of the current 3 MGI reports. The report found that companies increased their digital transformation speeds during this period; Shopping, entertainment and even the medical industry are coming online. The effects of automation and other technologies on business processes are examined. Data from the future of our business research and what new talents may be needed in the coming period are evaluated. In the report describing changing consumer behavior; these behaviors are expected to be permanent after the pandemic.
Trends accelerated with pandemic, productivity potential increased
The pandemic has caused lasting changes both in our way of life and in our working lives. It accelerated trends of change in consumer behavior and business processes. It paved the way for the creation of significant potential in productivity and growth that can arise with the right strategic decisions and investments. Everything that can be done online quickly shifted to this area. Companies soon switched to the remote working model. It has tried to manage sudden demand fluctuations and increase productivity by accelerating digital transformation, automation and the use of artificial intelligence in business processes. Consumers have also started to meet almost all their needs from shopping to education, health to entertainment through digital channels. These changes in consumer behavior and business models are expected to continue after the pandemic, although the intensity decreases. All these changes promise both higher productivity and accelerated growth of innovative products and services.
McKinsey & Company Turkey Country Director Can Kendi: "Faster and bolder steps must be taken to realize the productivity potential"
McKinsey & Company Turkey Country Director Can Kendi stated that faster and bolder steps should be taken in order to get rid of the negative effects of the pandemic than in the recovery process after the 2008 financial crisis. The potential for productivity growth has created opportunities for economies. In this report, we discuss the future of our business and consumer behavior as well as productivity; we have seen that the pandemic not only increases future professional transitions numerically. At the same time, the pandemic has both made the necessity for employees to regain skills so that they can continue their current work, and has brought it forward a little further in history. It paved the way for hybrid working models by showing that remote working can be applied without loss of efficiency. When we examined the change in consumer behavior and habits soon and in detail, we found that some of them would be permanent."
Proportion of first-time online shoppers has seen e-commerce grow exponentially
The acceleration in the digital economy came as the pandemic trapped people in the house almost overnight. This situation; it has led to an investment boom in areas such as renovations, decorations, cooking, personal exercise. Comfortable clothes worn at home, as well as equipment to improve home life and working from home were purchased. Houses during the pandemic period; office, gym, shopping mall, cinema-concert hall. In the United States, household goods spending increased by 14 percent in November 2020, while in Germany, sales figures in building markets grew by 16 percent in the first half of 2020 compared to 2019. McKinsey experts underscore the radical change the pandemic has created in the retail sector. The report examines developments in 8 countries (China, France, Germany, India Japan, Spain, The United Kingdom and the United States), which have 45 percent of the world's population and more than 60 percent of GDP; e-commerce is reminded that it is two to five times more likely than before the pandemic. The fact that most of the consumers who have made this increase are new to online transactions makes the results even more remarkable. For example, according to the report; In July 2020, 30 to 50 percent of total consumers who shop online in the U.S. are first-time online grocery shoppers. A significant majority of these are users between the ages of 40 and 70 who have to turn to digital due to the pandemic.
With the transformation in working life, the geography of business and city centers is also changing
In the section examining the effects of the pandemic on employees; the potential of remote working, the sectors where labor demand is expected to increase and decrease are evaluated. The report includes analysis of more than 2000 business activities in 800 professions; it concludes that between 20 and 25 percent of the workforce in developed economies can work remotely without losing productivity. This is four to five times the rate of working from home before the pandemic. Companies appear to be starting to design hybrid work plans that allow them to reduce office space. Experts say: "We're not this can create changes in the geography of business and city centres and lead to a decrease in business travel. Business travel is expected to decrease by 20 percent compared to the pre-pandemic period, as online meetings replace face-to-face meetings.
The research results reveal that the share of highly paid employment in the healthcare sector and STEM (science, technology, engineering and mathematics) will continue to increase. A strong increase is expected in jobs that are growing with the development of the environmental economy, such as wind rose technicians. Shipping jobs, which were expected to decrease before the outbreak; it is predicted to increase thanks to the new delivery economy. It is emphasized that some employees will need to move to areas that require special skills, higher socio-emotional capacity and are able to find work in much higher pay brackets. Demand for many other professions, including positions such as customer service and salespeople, administrative assistants and accountants, food service jobs and office support roles, could also fall by 2030.
Productivity expected to increase by 1 per cent year-on-year as robot uses expand
In order to adapt to changing conditions, enterprises increased the use of digital tools, automation and artificial intelligence during the pandemic period. To manage the growing demand for e-commerce, major retailers are selling products in their warehouses; he started to get help from industrial robots that would enable him to select, rank and track. The use of AI-powered chatbots has become widespread in communicating with customers. McKinsey experts note that if these bold steps continue, annual productivity could increase by 1 percent each year through 2024.
