COVID-19’s Impact on Tech Companies: The Good and Bad

The expansive tech field weathered the COVID-19 pandemic better than most. Public health measures changed worldwide workspaces, resulting in more reliance on technology. COVID-19’s impact on tech companies includes a few good and bad effects that may point to what the future holds.

Industry experts and clients can read the following changes to learn from the pandemic or craft a responsive business plan. Reflection is necessary for growth, so take a look back on how the industry responded to a once-in-a-lifetime global event.

Productivity Has Streamlined

In the pre-pandemic world, tech teams often had spontaneous meetings or brainstorming huddles. If people worked together and met frequently, it was supposed to improve their productivity. Employees and managers now realize that recurring meetings were a waste of time. Now, emails are a faster way to communicate with teams both small and large.

When most people began to work from home at the beginning of 2020, their varying schedules made it more challenging to get everyone together for a meeting. Writing constructive criticism and plans in an email is much more effective because everything’s in writing and easy to check if anyone has questions. People can work faster and more cohesively when they don’t waste time zoning out during in-person meetings.

Remote Work Presents New Burnout

Remote workers in the tech industry experience new burnout symptoms that might be difficult to spot. Instead of commuting to an eight-hour shift at the office, they work through lunch breaks or channel their pandemic-related stress into clocking more hours.

Living and working at home removes important boundaries that benefit mental health. Managers now have to check-in with their teams more regularly to ensure that everyone knows how to balance their work and personal lives in a changing world.

Reliance on Tech Has Increased

More people need personal computers and tablets to work from home. The dependence on home-based tech increased industry sales by 24% through 2020. Many of the new remote positions will exist after the pandemic, so tech companies have to prepare for continued higher demand for products and services.

It may result in hiring more in-house employees or needing more storage space for stocking inventory. Expanded teams and more sales mean businesses can remodel current commercial spaces to aid their growth. Companies that service tech problems or sell popular products should consider any needs that might come from this reliance on at-home tech.

In-Person Networking Has Slowed

Many tech companies began expansion plans and partnerships through in-person networking events. Those came to a screeching halt in 2020 and likely won’t return until late 2021, so virtual networking must continue.

This is mainly hurtful for startups and small tech businesses who need personal relationships within the community to bolster business. Still, people within the industry can learn to network virtually to make the best of this temporary situation. It could even connect them with the community if they participate in other local online events where possible future clients can discover them.

Look to the Future

COVID-19’s impact on tech companies resulted in good and bad changes. People in the field and interested consumers can learn from the adjustments. Everyone benefits from efforts like providing more virtual services and relying on innovative new technologies, but only if reflection points the way forward.