The phrase “new normal” has been used all-too-often over the past two years, and yet it remains a reality with newer and deeper consequences every day. While people and industries suffer from Covid-fatigue and are desperate to return to the plans, goals, and intentions they had in 2019, in the New Year, we are faced again and again with the fact that we need new plans, new goals, and new intentions for a new age.
The Changed Workforce
The pandemic has affected our lives on every level, from our daily work and activities to our families and communities, to profound internal re-assessments of who we are and how we want to live. The sudden and dramatic change to the number of available workers, the needs and priorities of workers, and how work can be done have had a massive impact on global industry, in ways that are still difficult to measure and understand. While the core principles of successful recruitment remain the same (offer competitive opportunities, live your company values, and hire fairly and without bias), these strategies may not be enough to help companies not just recover, but thrive in a post-pandemic world.
Industry and the Economy
If past pandemics are an indicator, we may expect a prolonged period of high inflation and low-interest rates. Imbalances caused by a sudden change in the relationship of available labour to available capital, and unpredictable disconnections between supply and demand, have long term impacts on the macroeconomy that will last for several years.
The OECD has developed a “Covid recovery dashboard”, with a series of indicators aimed at making global economic recovery that is:
- Strong. Strength refers to the immediate effect of the pandemic on health and prosperity. Strength is measured by GDP and economic activity, household disposable income, mortality, and the rates at which businesses are launched or become bankrupt.
- Inclusive. Inclusivity refers to the rate of recovery among the most vulnerable. Inclusivity is measured by factors like income inequality and financial insecurity, unemployment or underemployment, and life satisfaction rankings.
- Green. Green refers to a recovery that is aligned with the goals of the Paris Agreement. Environmental health is measured by greenhouse gas emissions, renewable energy supply, outdoor air pollution, and natural land area.
- Resilient. Resiliency focuses on factors that can help countries withstand future challenges. Resiliency is indicated by vaccination rates, investments, and government, business, and household debt ratios.
Working Together for the Future
At grapefrute, we are driven by our passion for sustainable consumer goods & ingredients, and the innovative companies that bring these products to our homes. We will move forward into a changing future with a positive mindset and scientific curiosity. In 2022, we will continue doing the work we love, partnering with clients we care about, and sourcing world-class talent. We wish everyone a safe and peaceful New Year and are working toward a brighter future.