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

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.

Headnote

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

INTRODUCTION

The contemporary managerial approach is focused on addressing challenges and improving organizational performance. Today's business environment is characterized as fast-paced, influenced by globalization, modem technology and uncertainty. Therefore, the need for adaptability of the business organizations is emphasized, allowing leaders to change plans in response to new information, market trends, or unexpected events and crisis. It is important to mention that management practices have evolved towards a more modem and flexible approach. This includes decentralization of power, a focus on empowering employees, nurturing a positive business culture, and the ability to adapt to the dynamic nature of today's business environment. Furthermore, the contemporary management theories promote agility, innovation, and a people-centric approach.

The role of specific management practices and approaches in navigating and succeeding in modern turbulent working conditions is crucial. Turbulence may arise from factors such as rapid technological advancements, market uncertainties, and global events like economic downturns or pandemics. The change management concept can be described as not tolerating decisions based solely on the past or simple extrapolation of current trends. This highlights the need for forward-looking decision-making that takes into account the dynamic and unpredictable nature of the business environment. Change management is seen as instrumental in finding an optimal modality that provides the organization with a competitive advantage in the market. This aligns with the idea that strategic management decisions, based on a nuanced understanding of the environment, can position the business organization ahead of its competitors.

The COVID-19 pandemic has had a profound impact on global business trends, reshaping industries, accelerating changes, and highlighting the importance of adaptability and resilience. The pandemic accelerated the adoption of digital technologies across industries.

Overall, the COVID-19 pandemic acted as a catalyst for changes that were already underway in many industries, while also revealing new opportunities and challenges. As the world continues to navigate the pandemic's aftermath, businesses will need to remain adaptable and responsive to ongoing shifts in global business trends.

1. PANDEMIC INDUCED CHANGES IN THE BUSINESS ENVIRONMENT

The business world has faced significant challenges over the years, from financial crises to political events and health crises, such as the COVID-19 pandemic. Businesses during the era of the pandemic have faced unprecedented challenges and opportunities as they navigated through uncertain and rapidly changing circumstances. The pandemic had caused massive dislocation among small businesses just several weeks after its onset and prior to the availability of government aid (Bartik, Bertrand, Cullen, Glaeser and Stanton 2020). As a result, contingency planning and incorporation of the uncertainty in decision making has become a core consideration for the business organizations.

Many businesses quickly transitioned to remote work arrangements to ensure the safety of their employees. This required investments in technology, communication tools, and adjustments to workflow processes. The pandemic accelerated the adoption of digital technologies, from e-commerce platforms to digital marketing and virtual collaboration tools. Businesses that were already digitally equipped had an advantage in reaching customers and clients.

Businesses faced financial challenges due to reduced demand and operational disruptions. The pandemic exposed vulnerabilities in global supply chains, leading businesses to diversify suppliers, explore local sourcing options, and improve inventory management. Innovation became a survival strategy, with business organizations exploring new revenue streams and cost-saving measures. Many businesses had to pivot their business models to survive. For instance, restaurants turned to takeout and delivery, event organizers shifted to virtual events, and fashion companies began producing masks.

The pandemic highlighted the importance of resilience, adaptability, innovation and long-term planning. Businesses began incorporating risk management strategies to prepare for future crises. The lessons learned during this time are likely to influence business practices and strategies for years to come.

The problems generating from COVID-19 have been particularly notiable for industrial manufacturers with integrated global supply chains and complex business operating environments. Therefore, high-level responses from governments, businesses and institutions are essential. The main failings in handling of the pandemic are considered through the lenses of crisis prevention, change management, and high reliability organization (Mirvis 2020).

According to an effective pandemic response should be consisted of 5 key steps: repair, rethink, reconfigure, report and restart (PwC, 2022).

First, all key stakeholders need to manage the economic damage of the crisis. Countries need to consider the essential local economy, security and crisis management aspects. Governments must address increased national debt, reduce tax base, and higher short-term spending. Businesses need to address weaker balance sheets, revenue declines and weakened supply chains. In a period of great uncertainty, people need more transparent information sharing on a broader range of issues.

Second, both governments and businesses need to review their responses to the pandemic, understand best practices, and prepare for the next potential crisis. In this regard, business organizations must redesign their business model, operating model and supply chain model. Also, organizations must perform systemic rethinking.

Third, the organizations in both the public and private sectors need to restart at any point in the repair-rethink-reconfigure process. As uncertainty grows, this process becomes the new normal and organizations that have not learnt the lessons of this experience will be back in repair mode.

2. COMPETION AND MARKET CHALLENGES DUE TO THE COVID-19 PANDEMIC

During the pandemic, the demand was volatile and created a variety of pricing challenges. Business organizations that focused on long-term value rather than shortterm gain are best positioned. Market competition is needed to keep prices low in normal circumstances, but with the COVID-19 crisis collaboration has taken precedence. Due to pandemic's economic impact, governments needed to balance between defending competition and granting exemptions to competition rules in order to ensure the survival of various economic sectors (UNCTAD, 2020).

In order to stay competitive in the new business and economic environment, organizations require new strategies and practices. According to McKensey (2020) findings, executives recognize the strategic importance of technology as a critical component of the business, not just a source of cost efficiency.

History has shown that the same basic principles of competition economics apply during times of economic recession as during times of economic expansion. The sound competition policy is very important to ensure that the crisis is solved as well as the subsequent economic recovery. Considering this, competition authorities should help the overall governmental policy to deal with this type of crisis in a sustainable way. On the other hand, governments need to accept competition authorities' advices in order to respect competition principles while paving the way to recovery. The OECD (2021) is contributing to a coordinated policy response across countries and competition policy is one dimension of that response. Assessing the economic impact of the COVID-19 pandemic is essential for policymakers, but challenging because the crisis has unfolded with extreme speed (Baker, Bloom, Davis and Terry 2020).

3. ORGANIZATIONAL CHANGES IN THE ERA OF COVID-19

The COVID-19 pandemic has brought about unprecedented challenges and disruptions to business organizations worldwide. The need to adapt to new ways of working, ensure employee safety, and navigate economic uncertainties has led to significant organizational changes. The extent and nature of uncertainties change over time, sometimes gradually and sometimes abruptly, altering the outlook for decision makers and affecting their choices (Altig, Barrero, Bloom, Davis, Meyer and Parker 2022). Some organizations turned the crisis into good business, proving to be resilient and resourceful by bricolaging rapid responses to a radically changed situation (Sarkar and Clegg 2021). Many organizations have transitioned to remote work to comply with lockdowns and social distancing measures. This has required the adoption of new technologies, changes in communication strategies, and adjustments to performance management. Also, organizations have had to implement new health and safety protocols in the workplace to ensure the well-being of employees who are required to be on-site. Some organizations adopted hybrid work models that combine remote and on-site work. This required rethinking office spaces, communication strategies, and employee engagement initiatives. The changing nature of work has prompted organizations to invest in the upskilling and reskilling of their workforce to meet evolving business needs.

The pandemic has accelerated digital transformation efforts. Organizations have invested in technology to support remote collaboration, online services, e-commerce, and digital communication channels. Changes in customer behavior have led organizations to adapt their approaches to customer engagement. Increased reliance on online channels and the need for personalized digital experiences have become focal points.

Disruptions to global supply chains have emphasized the need of réévaluation and restructuring of the supply chain strategies, thus building resilience and diversification in supply chains. The economic uncertainties have prompted organizations to implement cost-cutting measures, including réévaluation of budgets, operations restructure, and streamlining processes in order to enhance efficiency.

In the midst of a Covid-induced recession, and with some industries on the brink of extinction, change is not related with fine-tuning, it is existential (Jensen Clayton, 2021). To improve change readiness, organizations need to work carefully with the purpose category of a change effort to define the goal of the change effort, identify the reason behind the change, establish the need for change and develop a sense of urgency (Naslund and Norrman 2022).

Organizations have developed or strengthened crisis management protocols to better respond to unforeseen events. This includes refining business continuity plans and improving communication strategies. The uncertainty of the pandemic has especially emphasized the importance of agile decision-making. Organizations have had to adapt strategies quickly, respond to changing circumstances, and implement agile principles to stay resilient.

These changes reflect a broader shift in organizational thinking, with an increased emphasis on flexibility, adaptability, and the well-being of both employees and the business itself in the face of ongoing uncertainties. Successful adaptation during the pandemic era requires a combination of strategic planning, effective communication, agile change management and a commitment to learning and innovation.

4. CHANGE MANAGEMENT PRACTICES IN TIME OF CRISIS

The conditions for business development are different from those of the past two decades. Major internal changes are occurring within organizations, and the external environment is also undergoing transformations. This underscores the need for managers to operate in a context marked by continual change. When considering recent global crises and major changes such as the COVID-19 pandemic, it is evident that change has become the 'new normal' (Karasvirta and Teerikangas 2022). Managers need to undertake timely reaction to changes considering the fact that timely responses to evolving conditions are a fundamental aspect of the change management practices. The success of a business organization is being measured by its capacity to adapt to current trends, reflecting the importance of agility in decision-making. This suggests that businesses are no longer judged solely on past performance or historical success but on their ability to navigate and respond to ongoing changes. Leaders should view change not as an occasional disruptor but as the very essence of the management job (Schaffer 2021).

The contemporary business landscape requires dynamism and flexibility as inherent features of everyday decision-making which implies a state of constant readiness to adapt strategies and approaches based on the evolving circumstances.

Modern managerial work is characterized by the application of various methods and procedures that best respond to numerous challenges. Considering this, no one-size-fitsall solution, and managers must leverage a diverse toolkit to navigate the complexities of the changing business landscape. Modern managers need to exhibit agility, flexibility, and a proactive approach in responding to ongoing changes. The success of a business organization is no longer guaranteed by static or traditional methods but is closely tied to its ability to adapt and thrive in the face of evolving trends and challenges.

The landscape of change management is evolving in response to the accelerating pace of change in the business environment. The move towards more agile approaches reflects a recognition that traditional change management models may struggle to keep up with the demands of a rapidly evolving world or specific crisis.

The speed of change is increasing, and organizations need to adapt accordingly. The ability to respond quickly and flexibly to change is becoming a critical competency. The constant radical reinvention is often necessary, implying a mindset shift from episodic, large-scale change initiatives to a continuous process of adaptation and evolution.

Organizations must understand the importance of effective change management, especially in times of major economic, health and social shifts (Keenan, et al. 2012). The need for organizations to navigate change successfully becomes even more critical during such periods. Therefore, new change theory that is based on change agents which are engaged in four areas: awareness, design, tailoring, and monitoring should be promoted (Worley and Mohrman 2014). To thrive and adapt in the new economy, organizations must simultaneously build up their corporate cultures and enhance shareholder value (Beer and Nohria 2000).

The traditional foundational approaches to change management may no longer be sufficient. The limitations of stability and control-focused models are becoming apparent in the face of dynamic business environments. More convenient solution in the time of crisis will be the adoption of agile methodologies as a response to the need for speed and flexibility. The success of agile in software development and its subsequent expansion into broader business practices highlights its effectiveness in dynamic environments (Kohnke and Wieser 2019).

5. AGILE CHANGE MANAGEMENT PRACTICES

Agile change management is a flexible and iterative approach to managing organizational change. It emphasizes adaptability, collaboration, and customer feedback. In times of crisis, such as a global pandemic or economic downturn, organizations may face rapid and unexpected changes that require an agile approach to navigate successfully.

There are some principles and strategies for implementing agile change management in times of crisis:

* Embracing uncertainty: Acknowledging that the crisis brings uncertainty. Agile change management accepts that not all aspects of the change can be planned in advance. Plans should be adjusted as the situation evolves.

* Iterative planning: Breaking down the change into small, manageable increments. Performing short-term planning which allows the organization to respond quickly to changing circumstances.

* Cross-functional teams: Creating cross-functional teams that include individuals with diverse skills and perspectives. This promotes collaboration and enables the organization to respond more effectively to the crisis.

* Frequent communication: Establishing clear and frequent communication channels. Transparency is crucial during a crisis. Stakeholders should be informed about the progress of the change, any adjustments to plans, and the reasons behind those adjustments.

* Feedback loops: Implementing feedback loops to gather input from employees, customers, and other stakeholders. This enables the organization to learn from its experiences and make necessary adjustments in real-time.

* Prioritizing high-value changes: Identifying and prioritizing changes that deliver the most value in the short term. This ensures that resources are focused on initiatives that have the greatest impact on the organization's ability to navigate the crisis.

* Training and skill development: Investment in training and skill development to empower employees to adapt to new ways of working. This can include virtual training programs, resources, and support to enhance their capabilities during the crisis.

* Adaptive leadership: Fostering adaptive leadership that is responsive to changing circumstances. Leaders should be willing to listen, learn, and adjust their approach based on feedback and the evolving needs of the organization. Leadership behaviours tend to be associated with effective change management (Higgs and Rowland 2005). Leadership shuld be feframed and explored in terms of complexity, resilience and adaptation (Crevani, Uhl-Bien, Clegg and Todnem By 2021).

* Continuous improvement: Encouraging culture of continuous improvement. Regularly assessing the effectiveness of the change initiatives and adjusting strategies based on lessons learned.

* Agile tools and techniques: Utilizing agile tools and techniques, such as Kanban boards, retrospectives, and daily stand-up meetings, to enhance communication, visibility, and collaboration among team members.

The key to agile change management in times of crisis is the ability to adapt and respond quickly to changing conditions. Regular reassessment of the situation, gathering feedback, and making adjustments as needed are the most important steps in navigating the organization through the challenges posed by crisis. The global pandemic has made it clear that emphasis should be placed on developing leaders and followers who can lead in complexity (Uhl-Bien 2021).

The application of agile principles in change management involves breaking down change initiatives into smaller, manageable increments, fostering collaboration, and maintaining flexibility in response to feedback and changing conditions. Change management should be considered as a strategic function that aligns with the overall business strategy. This involves integrating change management practices seamlessly into the organization's operations emphasizing the culture of learning and iteration. The ability to continuously learn from experiences, adjust strategies, and iterate on approaches is essential for success in a rapidly changing landscape. In time of crisis, organizations strive to find a balance between stability and flexibility. While agility is crucial, organizations still need a degree of stability to maintain core functions and strategic direction.

As the business environment becomes more dynamic, change management must evolve to meet new challenges. Agile methodologies provide a framework that aligns well with the need for speed, flexibility, and continuous adaptation in the face of ongoing change. Organizations that can successfully integrate agile principles into their change management practices are likely to be better equipped to thrive in an era of constant transformation.

6. POST PANDEMIC MANAGEMENT AND BUSINESS TRENDS

Covid-19 pandemic made it evident that the previously 'established' way of doing business is impacted and organizations should be able to adapt and remodel, taking advantage of their strengths and creating new opportunities in the post-crisis business world.

According to Fujitsu's survey (2020) with business leaders, the resilience and the capability to respond to changes have been recognized as top priorities in the post pandemic. The business process automation, data-driven management and customer experience have been highlighted as critical. In addition, human-centric management (empowerment) is cited as important, along with purpose-driven management, customers and communities trust, and ecosystem business models. The summary of most important elements to business sustainability in the new world after COVID-19 is the following:

* Resilience

* Automation of business processes

* Human-centric management

* Data driven management

* Purpose driven management

* Trust from customers and communities

* Providing seamless customer experience

* Ecosystem business model

Responsible businesses are the ones that will help in building a more sustainable world, especially focused on technology and innovations. Business leaders have identified five important future scenarios or trends that will shape the new world after the inflection point and these are (Fujitsu 2020):

* Sustainability - increasingly important for business. A positive contribution to society as indicator of business success.

* Focusing on resilience instead of efficiency in the era of uncertainty. Flexible and agile management driven by real-time data.

* Eliminating borders between office and home, physical and digital, urban and rural. Maximizing people's potential and well-being.

* Ecosystems of organizations as key mechanism for creating business value. Co-creation of experiences across the ecosystem as factor for success.

* Integrating trust and ethics into the use of technology and enabling automation in collaboration with people. Prediction-based business as mainstream.

7. ANALYSIS OF THE COVID-19 EFFECTS ON THE MANAGEMENT PRACTICES OF SMEs IN NORTH MACEDONIA

The World Bank (2022) study shows that the behavior of business organizations is critical in emergencies and economic crisis. Business organization agility, flexibility, entrepreneurial factors, dynamic abilities, innovation, and practical strategies can help combat the negative impacts of the pandemic in crisis survival. Governments can play a crucial role in supporting SMEs to keep them active in combating the adverse influence of the pandemic (COVID-19) during the financial crisis.

SMEs in small emergent economies play an indispensable role to boost business activities, providing a major portion to GDP. Joint global efforts can help combat the negative COVID-19 effects on business organizations worldwide. The point of view of business managers is critical, especially in changing or adapting the management practices and choosing crisis confrontation strategies having in mind their interest to reduce the negative effects of COVID-19 (Liu, Qu, Wang, Abbas and Mubeen 2022).

For the purpose of the empirical research, a survey was conducted with respondents (managers) from a representative sample of 50 SMEs operating in various industries in North Macedonia in the period of June to September 2022. The aim of the survey was to examine the changes in management practices across SMEs in order to ensure the sustainable development and competitiveness handling with dynamic business environment and in time of crises as the COVID-19 pandemic. The focus of the research is the use of agile change management approach and its contribution.

The general assumption for the survey was that If SMEs undertake agile change management approach, they will successfully overcome crisis periods with sustainability and competitiveness.

The analysis of the survey questions gave the following results:

On the claim: Change management practices have been already established, out of 50 respondents, with Completely disagree replied 0 respondents, with Partially agree 5 respondents answered, with Agree 9 respondents, with Significantly agree 16 respondents and with Completely agree 20 respondents. The percentage of these answers is presented in Figure 1.

Change management practices have been already established

On the claim: Leadership style has been adapted to the change management practices, out of 50 respondents, with Completely disagree replied 0 respondents, with Partially agree 3 respondents answered, with Agree 11 respondents, with Significantly agree 12 respondents and with Completely agree 24 respondents. The percentage of these answers is presented in Figure 2.

Leadership style has been adapted to the change management

On the claim: Change competencies have been build and supported among managers, out of 50 respondents, with Completely disagree replied 0 respondents, with Partially agree 2 respondents answered, with Agree 8 respondents, with Significantly agree 13 respondents and with Completely agree 27 respondents. The percentage of these answers is presented in Figure 3.

Change competencies have been build and supported among managers

On the claim: Transparency and open communication has been established for empowerment in dealing with uncertainty and dynamics, out of 50 respondents, with Completely disagree replied 10 respondents, with Partially agree 6 respondents answered, with Agree 19 respondents, with Significantly agree 12 respondents and with Completely agree 22 respondents. The percentage of these answers is presented in Figure 4.

Transparency and open communication has been established for empowerment in dealing with uncertainty and dynamics

On the claim: Continuous observation and regular reflection cf the mood in the organization has been applied in the change cfperspectives, out of 50 respondents, with Completely disagree replied 0 respondents, with Partially agree 8 respondents answered, with Agree 15 respondents, with Significantly agree 17 respondents and with Completely agree 10 respondents. The percentage of these answers is presented in Figure 5.

Continuous observation and regular reflection of the mood in the organization has been applied in the change of perspectives

On the claim: Demonstrating clear and inspiring vision is considered as crucial in the direction cf agile change management approach, out of 50 respondents, with Completely disagree replied 0 respondents, with Partially agree 2 respondents answered, with Agree 6 respondents, with Significantly agree 10 respondents and with Completely agree 32 respondents. The percentage of these answers is presented in Figure 6.

Demonstrating clear and inspiring vision is considered as crucial in the direction of agile change management approach

On the claim: Best practices and knowledge exchange have been applied in the process cf undertaking agile change management, out of 50 respondents, with Completely disagree replied 0 respondents, with Partially agree 8 respondents answered, with Agree 20 respondents, with Significantly agree 14 respondents and with Completely agree 8 respondents. The percentage of these answers is presented in Figure 7.

On the claim: Implementing agile change management approach incotporates creating enablers, multipliers and supporters among employees, out of 50 respondents, with Completely disagree replied 0 respondents, with Partially agree 2 respondents answered, with Agree 5 respondents, with Significantly agree 12 respondents and with Completely agree 31 respondents. The percentage of these answers is presented in Figure 8.

On the claim: Agile change management provides stability and psychological security in the organization in time cf crisis, out of 50 respondents, with Completely disagree replied 0 respondents, with Partially agree 3 respondents answered, with Agree 9 respondents, with Significantly agree 12 respondents and with Completely agree 26 respondents. The percentage of these answers is presented in Figure 9.

Oil the claim: Agile change management can be considered as factor cf sustainability in time cf crisis, out of 50 respondents, with Completely disagree replied 0 respondents, with Partially agree 0 respondents answered, with Agree 8 respondents, with Significantly agree 12 respondents and with Completely agree 30 respondents. The percentage of these answers is presented in Figure 10.

The research results have shown that agile change management can be strongly beneficial in time of crisis. In the Republic of North Macedonia, managers of SMEs are generally aware of the importance of establishing the change management practices as systematic approach and the necessity of building change competences among managers and employees in order to secure their sustainable development especially in time of crisis and uncertainty. Therefore, the transparent and open communication, the clear and inspiring vision and creating multipliers and enablers have been confirmed as crucial in the direction of successful implementation of agile change management approach.

However, there is still possibility to learn and apply best practices in the process of undertaking agile change management as one of the new management trends.

CONCLUSION

The Covid-19 pandemic has affected a wide range of topics and aspects of the business world. This paper offers a holistic approach to understanding and addressing the effects of the pandemic on the business world. By analyzing changes in the industries, identifying future trends, and emphasizing sustainable and inclusive growth, innovation, and adaptability, the paper provides actionable insights for businesses to thrive in the evolving post-pandemic landscape.

The pandemic introduced new competitive dynamics as businesses had to adapt to changing consumer needs and preferences. Some companies were better positioned to pivot, while others faced challenges in maintaining their market share. It's important to note that the pandemic's impact on businesses varied widely depending on the industry, geographic location, and the effectiveness of the government response. This paper provides a comprehensive analysis of how these different factors interplay and shape the overall economic landscape in the wake of the COVID-19 pandemic. Based on the research conducted, the emerging trends that will shape the future of business are highlighted. These trends are a result of the shifts brought about by the pandemic, such as increased digitalization, remote work adoption, changes in consumer behavior, and the acceleration of certain technological innovations.

Sustainable and inclusive growth for business is very important in post-pandemic period and this involves discussions on how businesses should consider their social and environmental impact while pursuing profitability. Embracing sustainability can also be a strategic advantage in attracting conscious consumers and investors.

The world has changed with Covid-19: it is even more competitive and more digital. The old formula "align people, technology and processes around a winning strategy" will not change in post-pandemic world. The big change is essentially in how organizations should put this into practice.

Change management can play even greater role and represent a competitive factor and factor of sustainable development especially in time of crisis. Agility is currently a strong trend in organizations in a wide range of industries. Using various agile methods, organizations are trying to become faster and more flexible, primarily driven by increasing competitive pressure and the dynamics of change. In this context, agile change management can be transformed from trend to standard for organizations operating in the contemporary dynamic business environment.

The main recommendation to business leaders is to innovate in order to navigate the post-pandemic landscape successfully. Additionally, focusing on human-centric management implies valuing employees, customers, and stakeholders' well-being and needs in the decision-making process. Each sector and industry is encouraged to reinvent itself to facilitate recovery and development. This could involve reimagining business models, adopting new technologies, and reassessing operational strategies and management practices to align with the changing market demands. Resilience and flexibility are highlighted as crucial priorities in the post-pandemic global business environment. This acknowledges the volatile nature of the current landscape and the need for businesses to be agile in adapting to unforeseen challenges.

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JEL classfication'. MIO; M21; L20

References

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