Millennials and Adaptability during COVID-19 times
Updated: May 20, 2020
"Survival of the fittest" is a phrase that originated from Darwinian evolutionary theory as a way of describing the mechanism of natural selection, but we’re not about to start talking about biology here; that phrase just happens to capture the essence of one of the key skills Millennials need to have nowadays: Adaptability.
So why is adaptability so important nowadays? First let’s get back to the basics and acknowledge the fact that we are already living in the era of digitalization but this isn’t something necessarily new. This "shift from mechanical and analogue electronic technology to digital electronics began anywhere from the late 1950s to the late 1970s with the adoption and proliferation of digital computers and digital record keeping that continues to the present day". Now let’s talk numbers, did you know that 85% of companies in the original Fortune 500 list in 1955 are now gone? While we know there were several factors that led to the extinction of these companies, I’m sure we can all agree that they definitely lacked adaptability.
Transition into the era of Digitalization & Technology
Businesses have been trying to catch up and keep up with technology for decades, after all when it comes to the tech world there’s always room for innovation. Digitalization and the use of technology have influenced various aspects of our everyday life making it in a way easier, faster, better, and more fun. We are able to see or speak with anyone regardless of where we are, we can transfer money in the blink of an eye and make purchases of just about anything, we can get answers by pulling out our phones and looking things up, and essentially connect with people in ways we couldn’t before. As a matter of fact according to the United Nations agency that oversees international communications more than 3 billion people are now using the Internet so people are definitely being influenced by technology. When it comes to the businesses the benefits are there; increase of productivity, reduction of costs, access to a larger pool of clients, and more time to focus on the things that matter the most just to name a few.
Companies in present times
We know that the entire world has been trying to adapt but how fast is fast enough in order to survive? Let’s look at the scenario we are facing in 2020, COVID-19. Most of us didn’t see this crisis coming but it’s safe to assume that we are having to reinvent ourselves and readjust to new ways of doing things. Getting with the times was important before COVID-19 but now is a must in order to survive; the truth is that the need to adapt to change has always been there, but this crisis has certainly accelerated this transition by forcing companies to reevaluate not only the plans for this year but also for the future. It’s no secret that many of the companies that had already started “getting with the times” are now coping with this crisis in a better way, so why shouldn’t you?