Business transformation in COVID19 conditions

Abstract

Introduction. The features of business in today’s conditions of economic and social crises caused by the pandemic of COVID 19 are examined in the paper. The main trends and changes of approaches in the activity of modern companies in new conditions are defined. The Subject of the research is business transformation in new economic and social conditions.

Purposeof the research is identifying the main trends in development of modern business and approaches of its adaptation to changes that were caused by pandemic.

Method. General scientific methods have been used, in particular, system approach to considering of company's activity. Analysis was held in two stages. On the first stage the reaction on pandemic of separate national economies was studied based on the comparison of countries’ macro indicators. The practices of doing business by different on size and spheres companies during the pandemic have been studied in scope of the second stage.

Results. Based on the conducted analysis, cooperation, digitalization and change of approaches in personnel management are identified as the main trends in modern business. Recommendations for the survival and development of business in the future have been provided. The main changes in approaches to doing business caused by the pandemic have been presented. Prospects for business development on the basis of cooperation, digitalization and development of social capital have been defined.