We’ve known for a long time that periods of stress in the American economy accelerate change in a way that’s sometimes generational. Think about the Great Depression and the resulting economic protectionism. Or the women World War II brought into the workforce. Those were really good things that came out of exceptionally tough times.
It’s fair to ask how this period, “The Pause” will fundamentally change us and the way we do business. I’ve heard de-globalization, updated tech infrastructure, healthcare innovation and a more “digital” economy tossed around as movements that have been fast-tracked in the last few months. (For many, there’s also been an increase in time spent with family, in nature or playing catch up on long-neglected tasks. A good thing.)
It’s been said that every storm runs out of rain. Some analysts think that the market will recover from the damage caused by the virus more than twice as fast as it did after the 2008 Financial Crisis. I’m confident we’ll emerge stronger because of how much we’ve evolved in a such a short time.