Survival of the fittest

Survival of the Fittest: Innovate and Grow with PAID

The post-pandemic workforce is strengthening and beginning to thrive. Despite facing major setbacks over the last two years, businesses are evolving by  adapting, adjusting, and creating a new found resilience. By facing the problems brought about by the COVID-19 pandemic headon and being agile to learn lessons, and embracing new structures, we can now see a bright and reimagined future

“As many as 25% more workers may need to switch occupations than before the pandemic.” – a McKinsey feature reads. The immediate effects of the pandemic are extreme. Many lost their jobs as companies struggled to stay solvent. Yet, despite the challenges, the workforce developed to become globalized and accelerated. The BBC discovered changing business tactics to accommodate this new growing workforce. Companies are adopting a “Virtual First” strategy due to the workforce preferring remote working over office environments. This shift in workforce preferences will outlast the pandemic and become the new paradigm of post-COVID employment practices.

Adapt or close shop

For businesses, two options are available – (1) adapting to reflect changing times or (2) closure.

There’s no end game for the pandemic, at least not yet. As ongoing vaccination efforts continue, COVID is mutating, threatening the delicate progress made. 

So, what are the solutions for businesses? Without fighting the trend, businesses should:

⇒ Adapt  ⇒. Embrace technology. ⇒Change modes of operations. ⇒ Restructure

The pandemic places firms in precarious positions, and resilience is key along with a willingness to change in response to dynamic market factors.

COVID-19 effects are global

The virus does not discriminate against any industry or country. In France, for example, people fear the future of jobs is in jeopardy. The lockdown generation,” as Drew Gardiner calls it, will face challenges in securing work, negotiating for better pay, and gaining access to better opportunities.

In India, the workforce for third-party services in the U.S is under pressure from the virus. The delta variant is causing chaos in the populous country with its more aggressive symptoms. India’s societal structure means most third-party laborers live with their relatives. Where COVID strikes, the effectiveness of the workforce reduces. People struggle to balance work and family.

In the US, Pew Research Center highlights just how far the market is from recovery. Their research examines how specific demographics, because of their prominence in certain industries, experienced more significant job losses. Families felt the ripple effects of job losses – a situation also seen in the Philippines.

Innovation; the unrealized benefit of the pandemic

Amidst the turmoil, businesses learned new ways to survive. Innovative strategies breathed life into struggling companies. Some of the modernization’s companies are using to survive include:

  • Investing in technologies to allow their employees to work remotely , maintaining productivity.
  • Many businesses shifted their services from brick-and-mortar stores to online platforms. With people unwilling to leave their houses, businesses sold directly to the consumer.
  • Innovators responded to demands in logistics by opening up companies to help businesses move their products globally.
  • Changing the business model is another way companies are evolving through the pandemic. They’re streamlining business models to meet the demands of the pandemic population.
  • COVID also gifted companies an opportunity to rebrand their image. Rebranding often gives companies new zeal and helps change their market perception.

An honest assessment of the effects of the pandemic suggests less productive businesses are likely to close compared to more productive businesses. A blog hosted by the World Bank highlights the similarities of businesses surviving the pandemic. These businesses are older, more productive, operating in less burdensome environments, and have embraced technology.

PAID DApp is a solution within reach

Blockchain scales online services through trust and transparency. As the workforce migrates online, companies will have to ensure trust and transparency across all operations. Fortunately, there exists a blockchain platform that embeds such characteristics in their enterprise.

The PAID DApp helps businesses innovate through Smart Agreements with employees, logistics providers, other companies, the global workforce, and many other stakeholders. Our platform provides affordable contract solutions to ease the COVID burden on businesses. Enter into agreements with ready smart contract templates, such as NDAs, consulting agreements, and more from a growing selection of templates. As an added benefit, there are no lawyer requirements for any of our processes.

Conclusion

The effects of COVID are wide-ranging and persistent. Businesses worldwide have faced various disruptions. With no apparent signs of a COVID slowdown, businesses must prepare for a new normal. To survive the effects of the ongoing pandemic, companies must embrace innovations such as PAID DApp. PAID DApps’ Smart Agreement solution embodies the direction the market is taking by embracing online solutions. Only the fittest will survive in this new post-COVID way of life.

About PAID

PAID Network seeks to redefine the current business contract, litigation, and settlement processes by providing a simple, attorney-free, and cost-friendly DApp for users and businesses to ensure they #GetPAID wherever they are in the world.

PAID technology leverages Astar to operate on both Ethereum and Polkadot ecosystems. PAID makes businesses exponentially more efficient by building Smart Agreements through smart contracts to execute DeFi transactions and business agreements seamlessly.

PAID streamlines backend legal operations with Smart Agreements, so that projects can focus on making their brand bigger and better.

For any questions for the PAID network, please feel free to reach out to us on our:

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