15/04/2020
Hope you’re keeping yourself safe and healthy. Our Managing Partner shares his thoughts on the state of affairs in present Covid-19 crisis:
These are indeed trying times that are going to change the way we work, interact and participate within the complex system that is our world. I have been spending a lot of time lately reflecting and reading, and wanted to share some of my thoughts and those of academics, experts and futurists I’ve subscribed to - on how things are going to look like post Covid-19. I won’t discount the fact that it is too early to beckon a return to normalcy, yet the saying goes: “This, too, shall pass..”. Such is the ephemerality of the state of human affairs - They’re more cyclical than linear.
We are going to power through this crisis, as we have in the past but most is not going to be the same again.
Having said that, let’s look at what is going to change.
1. There’s going to be a shift from Seller’s market to Buyer’s market when it comes to talent. Startups in the service industry, logistics and those with an unproven business model are likely going to shutdown. The tech talent they had kept will now flood the market for jobs now being offered by a limited set of companies who’re going to have an upper hand in negotiating the terms of engagement. You can read more about that here: https://editions.seedtable.com/shift-in-hiring-markets/
2. We might live, breathe and experience the Orweillan Utopia we always feared as government enforced surveillance to track citizen movements and activities increases exponentially.Location data has long proven to be hugely profitable to wireless carriers, given its used by everyone from law enforcers and city planners to marketing departments. Now, its proving useful to help track the spread of Covid-19, allowing researchers to not only see who an infected person has been in contact with, and where they’ve been, but also helping them predict where hot spots might appear next. Going a step further, Microsoft recently patented an RFID microchip to track and record human body activity (Source: https://patentscope.wipo.int/search/en/detail.jsf?docId=WO2020060606&tab=PCTBIBLIO) and the cumulative effect of all these privacy invading technologies under the veil of medical altruism is going to be a clip on our personal freedom and space. Unless and until there are strict universal privacy laws developed for the internet era, the surveillance practices accepted today as a necessity might stick with us forever.
3. We’ll get to see a reversal from On-site and Remote Optional to Remote Recommended and On-site optional work environment. Yes, remote work does increase productivity and this has been extensively documented through a two year Stanford Study (Source: https://www.inc.com/scott-mautz/a-2-year-stanford-study-shows-astonishing-productivity-boost-of-working-from-home.html) . However, the unrelenting catch-22 of remote work is going to be enhanced levels of micromanagement through company installed surveillance softwares (https://www.bloomberg.com/news/features/2020-03-27/bosses-panic-buy-spy-software-to-keep-tabs-on-remote-workers). No, you won’t get to browse Facebook and look at those memes as frequently and easily as you used to do. But hey, you’ll be more productive!
4. The next billion dollar opportunity lies within health-tech. Likely products will include 3d printed medical equipment, rapid diagnostic equipment leveraging machine learning to predict unidentified and novel ailments based on past data, nanotechnology that enhances immune system and human body’s antiviral and anti inflammatory capacity in times of distress.
Our optimism and resilience will likely cause us to underestimate the time it will take to recover. Closures, unemployment and global disruptions in supply chain have put a stop to global economic machinery and restarting it is going to be a slow and gradual process. Post Covid period will likely be one of the most challenging climates we ever face.
As someone who co-founded a consulting startup two years back, I would not downplay the fact that my firm has been hit hard, forcing me to think about whether or not i’d be in business six months from now. As a consultant though, such thoughts aren’t bane but part and parcel to the problem solving process. The question of whether or not my firm will prevail can be redefined to: What can I do strategically to survive in this downturn? I’ve been able to pin the answer to three core elements:
1. Curtail my costs and go as lean as possible. We’re working remotely that helps us limit our operational costs. I have reduced the team to us partners who’ll now be advising, managing and executing engagements. Going into the future, I think i’ll make more use of having independent, short term associates instead of having them on full-time unless absolutely necessary. All marketing activities have been stopped.
2. I’m redefining my yearly OKRs. The lockdown has been an excellent time to strategize and figure out how can I position for my firm for growth through simulating multiple post covid scenarios. I’m studying the supply/demand imbalances and client behavioral changes as they become cost conscious, and i’m creating opportunities through which I can provide more value at less cost to them.
3. I’m considering possible pivots. This includes moving from professional services to possibly providing the act of Professional Service as a Service (PSaaS)! With knowledge management and a database of problems faced by clients, what if I could create an application product that does the problem solving for them instead of a human consultant? Given enough time and effort, nothing is impossible or implausible.
Thank you for your attention and I wish you the very best in these uncertain times,
Shehryar
Talent is at the intersection of everything happening in technology and society. So what the hell is going on right now?
