Thriving In A Post-COVID World Requires One Thing: Revolution
The million dollar question: where do we go from here?
From economics to sociology, experts are examining how the pandemic is changing the modern human experience. What they’ve found so far is at times conflicting—and that’s what’s so exciting. Before, people had to retrofit themselves into a system created before the digital age. Now, more people than ever have the chance to tailor their social, professional, and personal lives to meet their needs.
What does it mean to be human in the face of all of this change? It depends on whether you perceive this moment as an opportunity to change, or an obstacle to turning back time.
Coming Full Circle
Where can you find economic growth? Plenty of places. Right now, it’s happening in some surprising areas, including in the home, at the flea market, and outside of what many consider traditional business.
The circular economy gained momentum during the pandemic with no signs of slowing down.
Unlike a traditional economic system that relies on the production of new goods, this one looks at what’s already out there. It involves the purchase and resale of products already in circulation. The growth of this industry has less to do with a thrifting craze and more to do with sheer practicality. A continued halt in production along with inflation concerns has led many to look to the circular economy for their everyday needs. The secondhand market is expected to more than double in the next 4 years, growing from $36 billion in 2021 to $77 billion in 2025.
The RealReal, a luxury consignment company, went public on the NYSE in June 2019. For virtually any other business, that kind of timing would be a massive punch to the gut. At the time, some even questioned if it could become profitable. Now, it’s making headlines as a secondhand success story. They even announced plans to collaborate with iconic fashion houses like Balenciaga and Stella McCartney to sell exclusive collections using surplus fabric from their warehouses.
On a smaller scale, the circular economy continues to attract savvy entrepreneurs. Warehouse 414, a vintage retailer specializing in secondhand décor in Topeka, KS, saw its business triple during the pandemic. Chairish, a vintage commerce platform that hosts companies including Warehouse 414, told CBS Sunday Morning that its sitewide sales increased by 125%.
Before 2020, American entrepreneurship still had a hard time recovering from the 2008 recession. After 12 years of slow, but steady, improvements, many are concerned that all of this progress gained will be wiped away. Although many sectors are still recuperating after a year of isolation, the boom of the circular economy shows that we may need to rethink what smart commerce looks like in the years to come.
Hungry For Growth
With more time to sit and think over the past year, should it come as a surprise that many took this time to reflect on what’s most important in their lives?
According to a special edition of Prudential’s Pulse Of The American Worker Survey, one in four workers plan to quit their job after the pandemic.
Of these respondents looking to try something new, 83% cited concerns about career growth. Compare that to all workers, where only 49% said they had the same worry.
This desire for a more promising future is currently playing out right before our eyes. Retail workers are quitting at record rates and have no plans to return. Many cite a need for more career opportunities as the main factor for why they’re moving on. People want to grow, and the pandemic pushed many to nurture this fundamental aspect of human nature.
It’s possible all of the new hobbies and skillsets gained during the past year fueled this push to strive for more. Although it looked like people were sitting still and waiting to go back to normal, many were actually moving on.
Making It Big
We all know the pandemic fueled a DIY frenzy—there’s a jar of sourdough starter in our fridge to prove it. But, what newfound skills will stick around? Probably in more than we realize.
Etsy, the world’s most popular marketplace for handmade goods, was one of the top performers on the NYSE in 2020 with share prices increasing 260% by December. Their success off of the trading floor is also drawing attention. Last year, they saw $7.5 billion in sales—including $375 million worth of face masks.
This boom didn’t happen by chance. During lockdown, Google saw a 63% increase in searches related to arts, crafts, and design. In turn, Etsy saw its number of active sellers rise from 2.7 million in 2019 to 4.3 million in 2020. Like the rise of the circular economy, this boom in handmade sales points to a new future for what it means to be an entrepreneur. In hindsight, this new interest in curated goods makes sense. There is a new emphasis on the individual, so why wouldn’t people want to purchase products made exclusively for them?
Some have compared this surge in hobbies and side hustles to behavior fostered during the Great Depression, an era that birthed card games like Bridge, the chocolate chip cookie, and America’s love affair with the barbecue. After the economy picked back up, people continued to take part in these activities not to stave off boredom or save money, but out of pure enjoyment. More likely than not, the current interest in hobbies like cooking, crafting, and gardening will continue to be in people’s lives for years to come.
The Great Office Debate
Conflicting discussions about work-life balance combined with the millions of Americans changing careers all point to a shift in priorities across the spectrum of business. Describing what the future of work will look like requires us all to ask what it means to be human today. Workers just had the chance to pause and ask more questions about the critical priorities in their life. What does their future look like on the path they’re taking now? Is it what they expected? Is it something they want to change? In the meantime, companies of all sizes are juggling the same questions.
Inevitably, organizations need to arrive at an answer. Will it involve wholeheartedly returning to the office, continuing to work from home, a structured mix of both, or something else altogether? The answer will depend on the type of business—and even then there will be variations of the same decision. What’s important is that these workplace choices are made from a holistic viewpoint. It can’t be a kneejerk reaction.
Right now, some institutions may not want to rock the boat by drawing a line in the sand with employees—especially after making it through such a tumultuous year. But, being vague about expectations for the future does more harm than good.
When there isn’t a clear direction on how an organization wants to move forward, friction is inevitable.
It’s time to get proactive and start the conversation sooner rather than later. From there, employees can have a clear understanding of what to expect in the future. After this past year, the power to plan for something new will be a welcome change of pace.
Some think that returning to the office means a return to rigidity. Nothing could be further from the truth. How can you fit all of the positives of working from home into a traditional workplace? Flexible hours, mandatory vacation time, or even implementing the 20% rule can reframe people’s perspectives on what it means to go back to the office. If returning is still an absolute dealbreaker for some employees, that isn’t the end of the world. It’s an opportunity to give both the institution and the individual a chance to find a better fit instead of forcing a square peg into a round hole. When businesses know exactly what they want, it gives them the chance to inspire current team members, recruit dream candidates, and ultimately reduce turnover in the long run.
This is a new era in personal and economic possibility. What happens next strongly depends on our curiosity, flexibility, and how both come together to influence our actions. With the right balance, it’s possible to gain the power to see opportunities where others see chaos.
