No matter how much technology we have, we’ve discovered we cannot escape nature’s grip. And yet, no matter how humbling this crisis has been, it should remind us that even a massive jolt to the planet cannot change the trajectory of the Fourth Industrial Revolution. If anything, we’re emerging from this crisis with an even greater desire to harness smart technologies, artificial intelligence and vast pools of data to transform pretty much everything we do. COVID did not crush the future. It merely brought it forward.
In the short term, the economic recovery won’t be as fast as the consumer and social changes that are hitting every business and community. The scar tissue will take time to heal. We estimate that even with a modest recovery, the Canadian economy will operate below pre-crisis levels until 2022, and the loss of economic output for Canada may exceed $500 billion.
The rise of tech platforms and e-commerce is helping every small business see the power of data to better serve customers.
What we’re seeing
- Hybrid work models will be the norm
- 90% of business leaders would allow employees to work remotely, at least part time.
- 65% would allow flexibility on when people work.
- Productivity tools are booming
- 26% would make changes to productivity monitoring for remote employees.
- Salesforce acquired Slack for $27.7 billion to enter the workplace collaboration market.
- A study from a graduate school in Beijing found that under 10% of participants surveyed said they were more efficient working from home, while nearly 40% reported being less efficient.
- Mental health stress numbers TK
- Decline in innovation
- Chicago study TK
What this means
- Rooting technology in every talent strategy
- Getting software and equipment to workers wherever they are
- Investing in distributed cybersecurity
- Advancing video and collaboration tools to enhance group work and innovation
- Radical changing performance management
- More focus on outputs than inputs and through-puts
- Monitoring potential signs of distress in employees, with more access to personal days and more autonomy for time management
- Increase recognition
- Redesign of shared services
- Active testing and tracing in the workplace
- Return to corporate facilities such as staff canteens, in place of food courts
- Concierge and delivery services to offices
What’s needed
- Every organization will need to rethink its approach to innovation to allow for remote teamwork and distributed decision-making.
- Physical spaces can be reimagined to allow for both physical distancing and creative brainstorming.
- Employers who help develop the new skills needed to thrive in a disrupted and distributed work model will gain a quick competitive advantage.
The recovery could spark a return to healthy living, with more physical fitness, mental health awareness and focus on better foods.
What we’re seeing
- Hybrid work models will be the norm
- 90% of business leaders would allow employees to work remotely, at least part time.
- 65% would allow flexibility on when people work.
- Productivity tools are booming
- 26% would make changes to productivity monitoring for remote employees.
- Salesforce acquired Slack for $27.7 billion to enter the workplace collaboration market.
- A study from a graduate school in Beijing found that under 10% of participants surveyed said they were more efficient working from home, while nearly 40% reported being less efficient.
- Mental health stress numbers TK
- Decline in innovation
- Chicago study TK
What this means
- Rooting technology in every talent strategy
- Getting software and equipment to workers wherever they are
- Investing in distributed cybersecurity
- Advancing video and collaboration tools to enhance group work and innovation
- Radical changing performance management
- More focus on outputs than inputs and through-puts
- Monitoring potential signs of distress in employees, with more access to personal days and more autonomy for time management
- Increase recognition
- Redesign of shared services
- Active testing and tracing in the workplace
- Return to corporate facilities such as staff canteens, in place of food courts
- Concierge and delivery services to offices
What’s needed
- Every organization will need to rethink its approach to innovation to allow for remote teamwork and distributed decision-making.
- Physical spaces can be reimagined to allow for both physical distancing and creative brainstorming.
- Employers who help develop the new skills needed to thrive in a disrupted and distributed work model will gain a quick competitive advantage.
The pandemic gave people more time and digital connectivity to mobilize around issues and work with fluid groups and networks to challenge government, big business and powerful interests. As the economy reopens, businesses will need to embrace the new normal of digital dissent.
What we’re seeing
- Hybrid work models will be the norm
- 90% of business leaders would allow employees to work remotely, at least part time.
- 65% would allow flexibility on when people work.
- Productivity tools are booming
- 26% would make changes to productivity monitoring for remote employees.
- Salesforce acquired Slack for $27.7 billion to enter the workplace collaboration market.
- A study from a graduate school in Beijing found that under 10% of participants surveyed said they were more efficient working from home, while nearly 40% reported being less efficient.
- Mental health stress numbers TK
- Decline in innovation
- Chicago study TK
What this means
- Rooting technology in every talent strategy
- Getting software and equipment to workers wherever they are
- Investing in distributed cybersecurity
- Advancing video and collaboration tools to enhance group work and innovation
- Radical changing performance management
- More focus on outputs than inputs and through-puts
- Monitoring potential signs of distress in employees, with more access to personal days and more autonomy for time management
- Increase recognition
- Redesign of shared services
- Active testing and tracing in the workplace
- Return to corporate facilities such as staff canteens, in place of food courts
- Concierge and delivery services to offices
What’s needed
- Every organization will need to rethink its approach to innovation to allow for remote teamwork and distributed decision-making.
- Physical spaces can be reimagined to allow for both physical distancing and creative brainstorming.
- Employers who help develop the new skills needed to thrive in a disrupted and distributed work model will gain a quick competitive advantage.
Icons
![]() |
8. Remote learning is not the same as digital learning |
![]() |
2. Self-care will be the new health care |
The rise of tech platforms and e-commerce is helping every small business see the power of data to better serve customers.
What we’re seeing
- Hybrid work models will be the norm
- 90% of business leaders would allow employees to work remotely, at least part time.
- 65% would allow flexibility on when people work.
- Productivity tools are booming
- 26% would make changes to productivity monitoring for remote employees.
- Salesforce acquired Slack for $27.7 billion to enter the workplace collaboration market.
- A study from a graduate school in Beijing found that under 10% of participants surveyed said they were more efficient working from home, while nearly 40% reported being less efficient.
- Mental health stress numbers TK
- Decline in innovation
- Chicago study TK
What this means
- Rooting technology in every talent strategy
- Getting software and equipment to workers wherever they are
- Investing in distributed cybersecurity
- Advancing video and collaboration tools to enhance group work and innovation
- Radical changing performance management
- More focus on outputs than inputs and through-puts
- Monitoring potential signs of distress in employees, with more access to personal days and more autonomy for time management
- Increase recognition
- Redesign of shared services
- Active testing and tracing in the workplace
- Return to corporate facilities such as staff canteens, in place of food courts
- Concierge and delivery services to offices
What’s needed
- Every organization will need to rethink its approach to innovation to allow for remote teamwork and distributed decision-making.
- Physical spaces can be reimagined to allow for both physical distancing and creative brainstorming.
- Employers who help develop the new skills needed to thrive in a disrupted and distributed work model will gain a quick competitive advantage.
2. Self-care will be the new health care
The recovery could spark a return to healthy living, with more physical fitness, mental health awareness and focus on better foods.
What we’re seeing
- Hybrid work models will be the norm
- 90% of business leaders would allow employees to work remotely, at least part time.
- 65% would allow flexibility on when people work.
- Productivity tools are booming
- 26% would make changes to productivity monitoring for remote employees.
- Salesforce acquired Slack for $27.7 billion to enter the workplace collaboration market.
- A study from a graduate school in Beijing found that under 10% of participants surveyed said they were more efficient working from home, while nearly 40% reported being less efficient.
- Mental health stress numbers TK
- Decline in innovation
- Chicago study TK
What this means
- Rooting technology in every talent strategy
- Getting software and equipment to workers wherever they are
- Investing in distributed cybersecurity
- Advancing video and collaboration tools to enhance group work and innovation
- Radical changing performance management
- More focus on outputs than inputs and through-puts
- Monitoring potential signs of distress in employees, with more access to personal days and more autonomy for time management
- Increase recognition
- Redesign of shared services
- Active testing and tracing in the workplace
- Return to corporate facilities such as staff canteens, in place of food courts
- Concierge and delivery services to offices
What’s needed
- Every organization will need to rethink its approach to innovation to allow for remote teamwork and distributed decision-making.
- Physical spaces can be reimagined to allow for both physical distancing and creative brainstorming.
- Employers who help develop the new skills needed to thrive in a disrupted and distributed work model will gain a quick competitive advantage.
This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. The reader is solely liable for any use of the information contained in this document and Royal Bank of Canada (“RBC”) nor any of its affiliates nor any of their respective directors, officers, employees or agents shall be held responsible for any direct or indirect damages arising from the use of this document by the reader. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates. This document may contain forward-looking statements within the meaning of certain securities laws, which are subject to RBC’s caution regarding forward- looking statements. ESG (including climate) metrics, data and other information contained on this website are or may be based on assumptions, estimates and judgements. For cautionary statements relating to the information on this website, refer to the “Caution regarding forward-looking statements” and the “Important notice regarding this document” sections in our latest climate report or sustainability report, available at: https://www.rbc.com/community-social- impact/reporting-performance/index.html. Except as required by law, none of RBC nor any of its affiliates undertake to update any information in this document.