It’s becoming clear that the COVID-19 global pandemic will have more than a short-term impact on our economy and our society. It will change how we live, work and play well into the future.
While most businesses and individuals are working hard to survive the immediate crisis, all of us should also think about the months and years ahead and how we need to adjust. Great opportunities will exist for those who adapt to new circumstances. Those who don’t will face great peril.
It is expected that testing, treatments and vaccines will eventually allow the economy to restart. However, even after the coronavirus is brought under control, it is unlikely that pre-pandemic normalcy will be quickly restored.
We don’t yet know whether vaccines and treatments will mostly eliminate the virus, or whether it will be more like the common flu, with many people infected each year, despite vaccines and treatments.
And because COVID-19 is more deadly than the flu, we will need to continue good hygiene practices and perhaps even some level of social distancing, especially those who are most at risk. It’s too early to say how soon it will be safe to gather in large crowds in sports arenas, movie theaters and cultural events.
We can’t predict the future, but as we all try to understand the impact on our jobs, businesses and other pursuits, here are some considerations and questions:
— Digital and remote communications, including conference calls, videoconferencing, webinars, email and social media, will likely become more of a way of life for all of us. The trends toward telecommuting and working remotely are likely to accelerate. Opportunities exist for businesses to make these remote interactions more accessible, simpler and of higher quality.
— High-speed, ubiquitous, low-cost internet access will be even more essential for everyone. Consumers will look for simplicity and ease in using data, audio and video without having to be a technical expert.
— Almost every business will need to offer online transactions for almost all goods and services. The trend toward e-commerce and away from shopping in physical stores will likely accelerate.
— The need for delivery services will increase, and opportunities exist to develop delivery systems using drones and mobile robots.
— Online learning will accelerate. This will have big ramifications for home schooling and education at all levels. More and more, corporate training and seminars will be conducted online.
— The long-term impact on the travel and hospitality industries, for both business and pleasure, is yet unknown. However, it will likely take some time for travel to return to pre-COVID-19 levels. Those industries may have excess capacity for a number of months.
— The crisis caused a run on certain commodities and emergency preparedness items, including food storage, guns, and even seeds and baby chicks. Businesses that cater to self-sufficiency and local food will be in demand.
— While we must currently practice social distancing, all of us need human interaction. We also need arts and culture. Innovative businesses and nonprofits that provide opportunities for social interaction and cultural experiences, while guaranteeing safety, will be successful.
— A big question exists regarding the pandemic’s impact on government and politics. Clearly, the 2020 election will be defined by restrictions on campaigning, and by how well politicians address the crisis.
— Long term, will the crisis redefine federalism? Will the federal government grow even more in dominance and centralization? How will the country deal with the enormous debt created to pay for the health response and to prevent economic devastation?
— The crisis has produced a remarkable amount of collaboration and noble service. For example, Silicon Slopes, representing Utah’s technology sector, is teaming up with state leaders and health officials to provide testing and collect data to slow the coronavirus spread. Does this engagement signal more involvement by high-tech companies in government and public policy? That would be a very positive outcome.
Life will be different, even after COVID-19 is brought under control. It will be very challenging for many individuals and businesses. But there will be new opportunities, new endeavors, and we will adapt. Utah will continue to thrive.
A. Scott Anderson is CEO and president of Zions Bank.