THE INFLUENCE OF COVID-19 PANDEMIC ON THE GLOBAL BUSINESS TRENDS AND MANAGEMENT PRACTICES

Natasha Ristovska, Daliborka Blazheska and Sashko Gramatnikovski
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Natasha Ristovska: University of Skopje
Daliborka Blazheska: University of Skopje
Sashko Gramatnikovski: University of Skopje

UTMS Journal of Economics, 2023, vol. 14, issue 2, 144-159

Abstract: COVID-19 has had a significant impact on the global economic activities. Businesses entities experienced the disruption of their normal operations. The dynamic nature of modern working conditions and the pivotal role of change management approaches in navigating this complexity is analysed. Pandemic-induced changes in the working environment, global workforce and productivity, sales and profit, as well as consumer behavior and management practices are highlighted in this paper. Analysis of the competition and market challenges caused by the pandemic is also provided. Additionally, an overview of the various aspects how businesses organizations have adapted to the challenges posed by the pandemic is presented with emphasis on the need for organizational changes in response to the pandemic. The results show that business leaders need to focus on sustainable and inclusive growth which will require innovations and will be based on flexible and agile management driven by data and technology. Each sector and industry should be dedicated to reinvent itself for recovery and development, recognizing the importance of resilience and flexibility to adapt quickly to changing conditions as the top priorities in the post pandemic global business environment.

Keywords: pandemic; business; sustainability; resilience; organizational changes; agile change management (search for similar items in EconPapers)
JEL-codes: L20 M10 M21 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:ris:utmsje:0353

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