The future of international business – What to expect in post-COVID era
Business professionals will have to upskill in International Business laws, which themselves would be altered to suit the post-COVID world
COVID-19 pandemic is a human tragedy. It is also wreaking havoc on the global economy. Businesses of all scales are scrambling through the uncertainty of the lockdown. Restructuring, creating new roles, and financial prioritization are a few of the ways businesses are preparing themselves to sustain in this new post-COVID reality. Amidst all this, the future of international business stands bleak and worrisome. Here is a rundown of five ways international business will change and how professional can still stay relevant.
Innovation will be at the heart of businesses
One of the few positives coming out of the COVID-19 crisis is the re-evaluation and innovation in business operations. Remotely working has become a new normal, and presumably is here to stay. This redefines personnel management, operation, logistics, and finance for businesses. A corollary to it would be International Business professionals becoming more affluent in local languages, cultures, and policies as business travels would reduce. Business professionals will have to upskill in International Business laws, that themselves would be altered to suit the post-COVID world. Demand for tech skills would also go up from basic to intermediate.
Leaving China and settling elsewhere
World Economic Forum predicted that in 2020 Asia’s GDP would be greater than that of the world combined. Moreover, China would be the main force behind it. However, due to the COVID-19 pandemic, things are not looking the same for China – one of the biggest business option in the world. Businesses are shifting base and offices from China and setting up shops elsewhere. For a business professional, this calls for a specialized plan that can adapt to any country’s social and economic culture and also be adaptable to return to China in the future. The same plan of action has to be modified for domestic markets as well.
Strategic workforce planning
A corollary to businesses adopting remote working and shifting their offices from China would result in substantial strategic workforce changes. Skills in Human Resource management, Business Communication and Negotiations would become essential for professionals, and so will Cross-cultural management and International Marketing. Contracts would become flexible, calling for an expert on International Business laws.
Change in Logistics, Supply chain, and Finance
The most significant repercussion of the COVID-19 crisis has been on production. Across industries, the global shortage of supplies is becoming a real threat. As mentioned earlier, businesses are looking to shift operations to a domestic base. This means that financial policies related to a particular base in a different country will be altered to reduce tax pressure. Additionally, businesses will rethink their international business model from scratch. An International Business professional with expertise in International Finance management, International Logistics & Supply Chain Management, and Mergers & Acquisitions & Corporate Restructuring, would be valued highly.
Corporate Social Responsibility will take precedence
In the post COVID world, businesses will become more accountable for their actions on the climate and society. Technology giants who majorly outsource work will have to redirect their finances to include more benefits primarily for the health and wellbeing. A strong understanding in cultural management will play a key in navigating through complex ethical issues. A career in International Business would still be rewarding albeit would demand newer skills and expertise. The International Business program at the School of Business prepares a student with industry-ready future-proof skills. Thanks to the 16-year legacy of UPES, it also benefits from the expertise of other schools in imparting technical skills. With an impressive placement of 97% in 2019 and UPES ranking 56th in NIRF (National Institutional Ranking Framework) of MHRD in the Management Category, a career in International Business is just a click away. Visit upes.ac.in to know more about the courses, and lead the changing dynamics of international business in a post-COVID world.