If there is one lesson from the pandemic of 2020, it may be this: We are biological beings in a digital age.

No matter how much technology we have, we’ve discovered we cannot escape nature’s grip. And yet, no matter how humbling this crisis has been, it should remind us that even a massive jolt to the planet cannot change the trajectory of the Fourth Industrial Revolution. If anything, we’re emerging from this crisis with an even greater desire to harness smart technologies, artificial intelligence and vast pools of data to transform pretty much everything we do. COVID did not crush the future. It merely brought it forward.

In the short term, the economic recovery won’t be as fast as the consumer and social changes that are hitting every business and community. The scar tissue will take time to heal. We estimate that even with a modest recovery, the Canadian economy will operate below pre-crisis levels until 2022, and the loss of economic output for Canada may exceed $500 billion.

 

 

The rise of tech platforms and e-commerce is helping every small business see the power of data to better serve customers.

What we’re seeing

  • Hybrid work models will be the norm
    • 90% of business leaders would allow employees to work remotely, at least part time.
    • 65% would allow flexibility on when people work.
  • Productivity tools are booming
    • 26% would make changes to productivity monitoring for remote employees.
    • Salesforce acquired Slack for $27.7 billion to enter the workplace collaboration market.
    • A study from a graduate school in Beijing found that under 10% of participants surveyed said they were more efficient working from home, while nearly 40% reported being less efficient.
  • Mental health stress numbers TK
  • Decline in innovation
    • Chicago study TK

What this means

  • Rooting technology in every talent strategy
    • Getting software and equipment to workers wherever they are
    • Investing in distributed cybersecurity
    • Advancing video and collaboration tools to enhance group work and innovation
  • Radical changing performance management
    • More focus on outputs than inputs and through-puts
    • Monitoring potential signs of distress in employees, with more access to personal days and more autonomy for time management
    • Increase recognition
  • Redesign of shared services
    • Active testing and tracing in the workplace
    • Return to corporate facilities such as staff canteens, in place of food courts
    • Concierge and delivery services to offices

What’s needed

  • Every organization will need to rethink its approach to innovation to allow for remote teamwork and distributed decision-making.
  • Physical spaces can be reimagined to allow for both physical distancing and creative brainstorming.
  • Employers who help develop the new skills needed to thrive in a disrupted and distributed work model will gain a quick competitive advantage.

 

 

The recovery could spark a return to healthy living, with more physical fitness, mental health awareness and focus on better foods.

What we’re seeing

  • Hybrid work models will be the norm
    • 90% of business leaders would allow employees to work remotely, at least part time.
    • 65% would allow flexibility on when people work.
  • Productivity tools are booming
    • 26% would make changes to productivity monitoring for remote employees.
    • Salesforce acquired Slack for $27.7 billion to enter the workplace collaboration market.
    • A study from a graduate school in Beijing found that under 10% of participants surveyed said they were more efficient working from home, while nearly 40% reported being less efficient.
  • Mental health stress numbers TK
  • Decline in innovation
    • Chicago study TK

What this means

  • Rooting technology in every talent strategy
    • Getting software and equipment to workers wherever they are
    • Investing in distributed cybersecurity
    • Advancing video and collaboration tools to enhance group work and innovation
  • Radical changing performance management
    • More focus on outputs than inputs and through-puts
    • Monitoring potential signs of distress in employees, with more access to personal days and more autonomy for time management
    • Increase recognition
  • Redesign of shared services
    • Active testing and tracing in the workplace
    • Return to corporate facilities such as staff canteens, in place of food courts
    • Concierge and delivery services to offices

What’s needed

  • Every organization will need to rethink its approach to innovation to allow for remote teamwork and distributed decision-making.
  • Physical spaces can be reimagined to allow for both physical distancing and creative brainstorming.
  • Employers who help develop the new skills needed to thrive in a disrupted and distributed work model will gain a quick competitive advantage.

 

 

The pandemic gave people more time and digital connectivity to mobilize around issues and work with fluid groups and networks to challenge government, big business and powerful interests. As the economy reopens, businesses will need to embrace the new normal of digital dissent.

What we’re seeing

  • Hybrid work models will be the norm
    • 90% of business leaders would allow employees to work remotely, at least part time.
    • 65% would allow flexibility on when people work.
  • Productivity tools are booming
    • 26% would make changes to productivity monitoring for remote employees.
    • Salesforce acquired Slack for $27.7 billion to enter the workplace collaboration market.
    • A study from a graduate school in Beijing found that under 10% of participants surveyed said they were more efficient working from home, while nearly 40% reported being less efficient.
  • Mental health stress numbers TK
  • Decline in innovation
    • Chicago study TK

What this means

  • Rooting technology in every talent strategy
    • Getting software and equipment to workers wherever they are
    • Investing in distributed cybersecurity
    • Advancing video and collaboration tools to enhance group work and innovation
  • Radical changing performance management
    • More focus on outputs than inputs and through-puts
    • Monitoring potential signs of distress in employees, with more access to personal days and more autonomy for time management
    • Increase recognition
  • Redesign of shared services
    • Active testing and tracing in the workplace
    • Return to corporate facilities such as staff canteens, in place of food courts
    • Concierge and delivery services to offices

What’s needed

  • Every organization will need to rethink its approach to innovation to allow for remote teamwork and distributed decision-making.
  • Physical spaces can be reimagined to allow for both physical distancing and creative brainstorming.
  • Employers who help develop the new skills needed to thrive in a disrupted and distributed work model will gain a quick competitive advantage.

 

Icons

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8. Remote learning is not the same as digital learning

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2. Self-care will be the new health care

The rise of tech platforms and e-commerce is helping every small business see the power of data to better serve customers.

What we’re seeing

  • Hybrid work models will be the norm
    • 90% of business leaders would allow employees to work remotely, at least part time.
    • 65% would allow flexibility on when people work.
  • Productivity tools are booming
    • 26% would make changes to productivity monitoring for remote employees.
    • Salesforce acquired Slack for $27.7 billion to enter the workplace collaboration market.
    • A study from a graduate school in Beijing found that under 10% of participants surveyed said they were more efficient working from home, while nearly 40% reported being less efficient.
  • Mental health stress numbers TK
  • Decline in innovation
    • Chicago study TK

What this means

  • Rooting technology in every talent strategy
    • Getting software and equipment to workers wherever they are
    • Investing in distributed cybersecurity
    • Advancing video and collaboration tools to enhance group work and innovation
  • Radical changing performance management
    • More focus on outputs than inputs and through-puts
    • Monitoring potential signs of distress in employees, with more access to personal days and more autonomy for time management
    • Increase recognition
  • Redesign of shared services
    • Active testing and tracing in the workplace
    • Return to corporate facilities such as staff canteens, in place of food courts
    • Concierge and delivery services to offices

What’s needed

  • Every organization will need to rethink its approach to innovation to allow for remote teamwork and distributed decision-making.
  • Physical spaces can be reimagined to allow for both physical distancing and creative brainstorming.
  • Employers who help develop the new skills needed to thrive in a disrupted and distributed work model will gain a quick competitive advantage.


2. Self-care will be the new health care

The recovery could spark a return to healthy living, with more physical fitness, mental health awareness and focus on better foods.

What we’re seeing

  • Hybrid work models will be the norm
    • 90% of business leaders would allow employees to work remotely, at least part time.
    • 65% would allow flexibility on when people work.
  • Productivity tools are booming
    • 26% would make changes to productivity monitoring for remote employees.
    • Salesforce acquired Slack for $27.7 billion to enter the workplace collaboration market.
    • A study from a graduate school in Beijing found that under 10% of participants surveyed said they were more efficient working from home, while nearly 40% reported being less efficient.
  • Mental health stress numbers TK
  • Decline in innovation
    • Chicago study TK

What this means

  • Rooting technology in every talent strategy
    • Getting software and equipment to workers wherever they are
    • Investing in distributed cybersecurity
    • Advancing video and collaboration tools to enhance group work and innovation
  • Radical changing performance management
    • More focus on outputs than inputs and through-puts
    • Monitoring potential signs of distress in employees, with more access to personal days and more autonomy for time management
    • Increase recognition
  • Redesign of shared services
    • Active testing and tracing in the workplace
    • Return to corporate facilities such as staff canteens, in place of food courts
    • Concierge and delivery services to offices

What’s needed

  • Every organization will need to rethink its approach to innovation to allow for remote teamwork and distributed decision-making.
  • Physical spaces can be reimagined to allow for both physical distancing and creative brainstorming.
  • Employers who help develop the new skills needed to thrive in a disrupted and distributed work model will gain a quick competitive advantage.

 

As Senior Vice-President, Office of the CEO, John advises the executive leadership on emerging trends in Canada’s economy, providing insights grounded in his travels across the country and around the world. His work focuses on technological change and innovation, examining how to successfully navigate the new economy so more people can thrive in the age of disruption. Prior to joining RBC, John spent nearly 25 years at the Globe and Mail, where he served as editor-in-chief, editor of Report on Business, and a foreign correspondent in New Delhi, India. Having interviewed a range of prominent world leaders and figures, including Vladimir Putin, Kofi Annan, and Benazir Bhutto, he possesses a deep understanding of national and international affairs. In the community, John serves as a Senior Fellow at the Munk School of Global Affairs, C.D. ‎Howe Institute and is a member of the advisory council for both the Wilson Center’s Canada Institute and the Canadian International Council. John is the author of four books: Out of Poverty, Timbit Nation, and Mass Disruption: Thirty Years on the Front Lines of a Media Revolution and Planet Canada: How Our Expats Are Shaping the Future.

This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.