Embracing The New Normal

A few days into the lockdown I wrote a post about early reactions and reflections on the virus. As we are all settling into this new normal, question is what will change when this will change? I recently read a report by KPMG on the impact of this pandemic on the Indian economy and various sectors. Among other things, this report from KPMG talked about 7 ways in which the business landscape could shift. I am using the same framework for an individual reflection

Snow White and 7 Dwarfs

We all have heard and read this story many times. It is funny how this story applies to self and business in the current context. I am just highlighting a few aspects of the story with the hope that you see what I see.

The snow-white had no clue why the huntsman was taking her into the woods. Her life changed in a moment and she didn’t come prepared for it.

She finds the cottage in whiche live the 7 dwarfs who work in “jewel mines”. She “cleans” the cottage and later shares her story with them. They mutually decide to stay together in the cottage. The names of 7 dwarfs are – “Bashful”, “Doc”, “Dopey”, “Grumpy”, “Happy”, “Sleepy” and “Sneezy”

So, is it just coincidence that the KPMG report dishes out 7 ways to deal with the world post-Covid-19?

Covid-19 has hit us as individuals, communities, and economies. This black swan did not come with any warning whatsoever and none of us were prepared either at the individual or institution level.

We all have been confined to our respective cottages (literally in our house and metaphorically in our minds). There is enough time to look at the mess we have around us and clean it. Engage with the 7 dwarfs within us and decide on our next course of action. Remember these 7 dwarfs work in the jewel mines!

The KPMG Report

Reference: https://home.kpmg/content/dam/kpmg/in/pdf/2020/04/potential-impact-of-covid-19-on-the-indian-economy.pdf

This is the framework suggested by the report to deal with the post-Covid-19 world. It’s an interesting framework and I am sure businesses of various sizes will benefit by reflecting on this and defining their responses accordingly.
The idea of this article is not to critically or otherwise evaluate this report. We want to use these 7 levers indicated in the report and apply them to the self.

The 7 Levers Applied to Self

1. Shift Towards Localization

The keywords here are protectionism and risk aversion. I am thinking on similar lines as an individual. I would like to avoid taking unnecessary risks while focusing primarily on protecting what I have. These behaviours at the individual level mean I am questioning everything I do and the commercial and otherwise value or joy it brings to me.
These behaviours in me are primarily coming from my reptilian brain. Here my instincts would be of aggression, territory, and rituals. The impact of these behaviours on self and groups is a matter of great interest to me at this stage.

2. Digital gets a real push

Here I have a professional and personal reflection. From a professional standpoint, I am very happy that this is happening. I am excited about the opportunities it creates for me professionally to engage in conversations where we reimagine business processes and evaluate how we digitize them.
On a personal level, this tells me how little I know in this changing world. It puts me under pressure to learn more about technology and technological tools. This creates a dynamic where I need to prioritize the “digital noise”. If you have struggled with the choice of content across multiple OTT platforms try selecting personal productivity tools or business productivity tools.

3. Cash is king

Financially prudent and conserve cash. Isn’t that what we were told by our parents too? Are you over-leveraged individually? This means that if your income stops today, you will default on your home loan, car loan and any other loan you may have. I have been there and fortunately, today I am in a situation where I am a little under-leveraged. This event has taught us this lesson the hard way.

4. Move toward variable cost models

This is an interesting lesson at the self-level. In the recent past, I have been questioning the need to own a car or even a house. I currently do not own a car and am completely dependent on public transport and the sharing economy. While working in another city than where I own a house, I have been making use of the share economy option for a year. This has been extremely liberating and has given me great flexibility.
However, it makes me crave continuity and familiarity. These are big aspects of our lives and we notice them only when they are absent. If these are going away in our workplaces, I am wondering what dynamic that will create for us.

5. Building sensing and control tower capabilities

I read this primarily as the ability to process structured and unstructured data. Our natural ability or skill to process the huge amount of data available to us today has diminished. We all have chosen to dumb ourselves down.
I am personally looking to learn this skill in times to come. At a personal level data about my behaviour via journaling has been a great tool for me to notice my behavioural patterns and become aware of them. I am increasingly looking at other such tools that would help me capture and analyze structured and unstructured data about my behaviour.

6. Supply Chain Resilience

Resilience is defined as one’s ability to recover quickly from difficulties. In an individual context, even our supply chains are impacted. Most of us must do household work which was done by housemaids for us.
Building resilience at an individual level is a journey. My current understanding of building resilience in self is limited and I am still learning. This period has allowed me to check what I know and how it has helped. I am also looking at manners or habits that help me build resilience. This is a great time to experiment with these approaches to continue in the post-Covidian era.

7. Building Agility

This is a scary ability for an ageing individual. Maintaining and improving our physical, emotional and skill agility takes effort and practice. It’s no surprise it comes after resilience. However, I believe they need to co-exist and be maintained in balance. Too agile and you will break. Too resilient and you would break too.
On a personal level, I am looking to build the agility of application. Are my experience and abilities agile? Can they be of use in other areas where I have not applied them before? Can I use these times to experiment with the same? These are some of the questions I am grappling with.

Closing Remarks

If you have read this up to this point, I assume you already see my point. I believe the 7 dwarfs as they appeared in the Snow-white story or these 7 aspects that KPMG is talking about, both are relevant for personal reflection and learning.
We all need to reflect on these aspects and create our plan of action to help us cope and survive in the post-Covid-19 world.
I hope you stay healthy and safe and engage with these 7 aspects along with your 7 dwarfs.