Tag Archives: covid19

Skills you need in order to succeed in a post-coronavirus business world

The business world is dynamic in nature and so the skills that are needed to thrive in this world also continue to evolve, from navigation skills to IT skills and much more. To handle the aftermath of Covid-19, we need to adapt and evolve, as the business world does. So, what competencies will be most important in the next few years? What are the skills needed to succeed in the near future?

Communication 

Communication is the key to success. Working in this world is bound to involve constantly working with other people. As a result, it is important for individuals to have good communication skills. In order to achieve that, you must first be an active listener before being a good speaker.

Companies all around the world seek employees, who are active listeners, strong public speakers and have superior verbal, written and presentation skills. In fact, now as the world moves into the digital ‘Zoom’ environment, it is more important than ever.

If the business world continues to stay online for the next few years, as predicted by many, you might want to work on those skills. As the likes of KPMG and Deloitte continue to carry out their work online, they will demand their employees to be active speakers and active listeners. So, next time you attend your online lecture – speak up, turn that camera on and work on those skills!

These expertise will never be unnecessary or unimportant. Whether we like it or not, we will have to communicate with people for the rest of our lives. There are also hundreds of great short courses on how to become better at this – check out corporatetraining.ie and professionaldevelopment.ie for more!

Technical Skills 

Without technology we cannot work nor study in today’s world. Some examples of increasingly necessary technological competencies include knowledge of programming languages, design programs, data analysis, or even basic presentation-making skills.

Once again, many companies demand these skills, as they can help employees and businesses become more resilient to future pandemics. People who know how to use IT will be crucial to all companies in the next few years, not just in the business world, but in law, manufacturing and many other disciplines and industries.

Do not be afraid if your IT skills are not perfect! There are lots of certifications and online courses that can help you learn such as MCSE (Microsoft Certified Solutions Expert) or CAP (Certified Analytics Professional). Take advantage of the free resources that are out there. Countless inspirational talks, webinars, articles, podcasts, and videos are available online for free – make sure to check them out.

Creativity 

In the past year, we have all seen the importance of constant innovation. The businesses that were able to come up with creative ways to offer their services to customers have shown how important it is to be original and inventive in today’s environment and adapt to this dynamic world. 

Due to global restrictions and lockdowns, Airbnb and Bumble collaborated in an effort to encourage people to try virtual dating. With millions of people using video calling services like Zoom to meet while in isolation, Airbnb and Bumble managed to bring their customers together in a virtual date setting. This is just one of many examples of how companies are adapting to the current situation – creative right? 

There are loads of ways to improve your own creativity: 

  • Brainstorm; 
  • Shifts negative thoughts into a positive mindset; 
  • Avoid being a perfectionist; 
  • Watch stimulating videos (TED talks); 
  • Determine your goals; 
  • Surround yourself with nature 

Trinity offers a number of creativity and innovation modules to undergraduate business students. However, if you want to step up your game, there are numerous programs online and face-to-face to improve these skills, including the postgraduate certificate in Creative Thinking, Innovation & Entrepreneurship, ran by Tangent, Trinity’s Ideas Workspace.

Leadership 

If the business world stays online for the foreseeable future, more people at all levels in companies will find themselves in a position where they have to lead others and work on group cohesiveness; bringing everyone together. Being self-aware is particularly important during these challenging times.

Professionals with strong leadership skills and the ability to bring out the best and inspire teams as well as encourage them, will be in serious demand. A number of tips on to improve your leadership skills include:

  • Being decisive 
  • Being visionary 
  • Analysing your strengths and weaknesses 
  • Showing a willingness to seek input from others
  • Problem solving
  • Seeking to boost your own self-confidence 

There are also online courses in DBS, UCD, and FutureLearn – check them out!

Commit to a Lifetime of Learning 

It is important to note, that the only way to remain skilled in a post-coronavirus world, is to commit to a lifetime of learning. It is very likely, that the skills needed in the business world will be change more than once in the coming years. 

Improving your skills has never been easier – there are so many resources online on how to become better at certain things. Search for the skills you want to develop and check out platforms such as Coursera, edX, Udacity, or FutureLearn as well.

If you have some spare time during the next few weeks, work on your self-development – it will definitely help you in the future.

Stay safe and innovative! 

Budget 2021: What We Know So Far

By Paul Ralph

  • Minister announces no changes to PAYE, USC or PRSI.
  • Central Bank Governor Gabriel Makhlouf calls for path to “sustainable debt” and a focus on building resilience to future shocks.
  • IBEC lobbies for gradual tapering of business supports into 2021 as opposed to a “cliff-edge” end.

Last Wednesday, the Minister for Finance Paschal Donohoe confirmed that there would be no changes to income tax, USC or PRSI. At a press briefing he explained that cabinet had agreed that increases in taxation would be counterproductive. The Minister wants to “give confidence to those earning income or who a have level of deposits in our economy” in a time of “heightened economic uncertainty”. The main focus of the government is the management of the Covid-19 crisis and the looming prospect of a no-deal Brexit at the end of the year. This was made clear when the Minister explained that only “future budgets” would be guided by the commitments made in the Programme for Government agreed between the three governing parties. 

Minister Donohoe declined to rule out any possible changes to welfare payments.

Donohoe’s Fianna Fáil counterpart, Minister for Public Expenditure and Reform Michael McGrath said that government spending this year would be 23% higher than forecasted due to the unprecedented scale of government intervention in the economy due to the Covid-19 pandemic.   

The unpredictability of the current crisis is adding to the difficulty of planning a budget. Speaking to RTÉ news on Wednesday, Minister McGrath said he was currently working with officials to ascertain how much extra spending will be required next year for schools, the health service, new college places and the additional costs of reduced capacity public transport.   

On the same day, the Governor of the Central Bank Gabriel Makhlouf wrote to the Minister for Finance in his pre-Budget letter outlining what policy needs to focus on. In the letter, the Governor outlined three goals of policy:

  • Policy should focus on “supporting the productive capacity of the economy”.
  • Path to lower and sustainable debt will eventually have to be forged.
  • Continued “focus on building resilience to future shocks”.

Regarding the first point, Minister Donohoe has yet to introduce any labour market activation policies such as new training programmes. He is instead opting for the continuation of a reduced Pandemic Unemployment Payment scheme until the end of the year. This has received condemnation from the opposition with Sinn Féin’s housing spokesperson Eoin Ó Broin calling for the reintroduction of the €350 weekly payment in light of increased restrictions.  

The Central Bank Governor also advised against supporting loss-making enterprises, arguing that it was “not in the community’s interest”. However, it will be difficult for the government to distinguish what firms had an unsustainable business model entering this recession given its nature. The Governor recommended that the Government make provisions for business support grants. Also, he expects that debt will be an unattractive prospect for many SMEs because of the “scarring effect” of the previous crisis, banks’ reduced lending appetite and any debt overhang during the recovery. So far, the government has not yet hinted at any changes for the whole economy after Level 3 restrictions were introduced in Dublin last Friday. Nonetheless, the government committed to an extra €30 million in aid for businesses in the Capital.    

Covid-19 restrictions have hit SMEs extremely hard. The Government’s current emergency supports are due to end in the first half of 2021. In IBEC’s pre-budget submission they call for provisions to be made for the tapering of supports to avoid a cliff edge for thousands of businesses. The group said that the package of supports would need to be in the region of €6 billion on top of the €20 billion that will have been spent by the government on business supports by the first half of 2021.

According to IBEC’s chief economist, Ger Brady, who was speaking at the launch of the group’s pre-budget submission, the Government will run a deficit this year of about €30 billion. To give this figure more context, in 2019 there was a small surplus of €1.5 billion. The last time the deficit was so large was in 2011 when it hit €30.5 billion, starkly illustrating the extent to which the Irish economy is now reliant on government stimulus.