The COVID-19 Crisis Is Reframing Our Understanding Of What Matters (Demian Hodari)
By Demian Hodari
The COVID-19 crisis is unique in many ways, not least of which is that it led the interconnected world of business to experiment with its first global, supply-side disruption. In the hospitality industry, for example, during the first wave of the pandemic (April-May 2020), more than 70 percent of hotels in Europe were closed, international flights were less than 5% compared to the same period in 2019, and restaurants were forced to close and, if lucky, provide takeaway and delivery. The willful and concerted shutting down of the productive capacity of the economy thus forced managers, leaders, and educators to rethink their problem-solving approaches as past perspectives proved, in many cases, to no longer be as relevant as before. This has been shown to be true not only at the macroeconomic level of nations, but in all management fields as industries, firms, and individuals, began to make sense of the likely long-term impacts on their ecosystems.