Taofik Salako, Deputy Group Business Editor
THERE will be significant changes in the business world after the Coronavirus pandemic with requirements for huge investments in partnerships and digital technology by businesses.
Head, Trading Business Division, Nigerian Stock Exchange (NSE), Mr. Jude Chiemeka, said companies must understand that the business world is entering a new territory where it cannot rely on past competitive advantage.
According to him, even before the spread of COVID-19, conversations were rife around the digital economy, and after this pandemic, corporate chiefs can expect the individual needs of businesses to change.
“Businesses will, therefore, need to make large investment in digital ecosystems that will deliver value in the customers’ journey and protect business integrity,” Chiemeka said.
On human capital management, Chiemeka called on organisations to adopt strategies that can save both the business and its people, post-pandemic.
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According to him, businesses will need to be more transparent in their operations to justify layoffs where necessary, but the crisis has to be managed if the business will thrive post-COVID.
He added that it is also important that skill-specific trainings are deployed to ensure that employees have the skill sets required for the emerging economy.
He said organisations may also be required to review evaluation mechanisms for staff to properly manage talent and ensure service delivery.
Panellists during the session agreed that there must be collaboration between the public and private sectors to ensure that all aspects of the economy are protected, and that the palliative efforts deployed in minimizing the impact of COVID-19, are meeting the real needs of individuals and businesses.
Chiemeka spoke during a webinar on ‘Realities of COVID-19’ organized by BusinessDay to address issues around navigating the uncharted course on the back of the new realities of COVID-19. Chiemeka was a panelist alongside Dr. Andrew Nevin, Advisory Partner and Chief Economist, PricewaterhouseCoopers (PwC), West Africa; Ms. Nkemdilim Begjo, Chief Executive Officer, Future Software Resources Limited; Ms. Toyin Sanni, Chief Executive Officer, Emerging Africa Capital Group; and Mr. Lanre Sotunde, Chief Executive Officer, Optima Energy Resources Limited; with Ms. Tosin Ajode, Lead Advisor, Deal HQ as the moderator.
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