The Covid-19 pandemic has brought massive and unexpected life twists, but it did not grind everything to a halt. While it is true the coronavirus has caused catastrophic health, social and economic impacts, we are still fortunate that technology has advanced so much that we can continue communicating and working with one another, albeit only virtually. However, we may have allocated excessive trust and what technology can and cannot do for us. Videogames, digital investment platforms, wellness apps, and social media have given us a perverse sense of lifestyle and professional freedom that are difficult to sustain.
What are the flaws?
Simply put we cannot live without human interaction, and we need to produce real outputs to generate a stable income and have an impact. Most Covid tech success stories, such as Peloton (remote fitness), Netflix (digital streaming), Coinbase (investment platform), DocuSign (contract signing platform), Robinhood (zero cost stocks trading) are down between 400-1200 %. People across the world were able to generate significant incomes by joining videogames and investment platforms as most people were forced to be connected to the net. This is no longer the case as most people are returning to their older people based and less digital lifestyle.
What to expect going forward?
In a post-Covid-19 world, many companies will likely continue operating remotely to reduce real estate costs and boost productivity. After all, why would a company require employees to commute for hours when they could use that time more efficiently? The remote work trend began well before the pandemic, but Covid-19 has accelerated it multifold. The work-from-home model opens expansive opportunities for economic growth, global talent recruitment, job creation and, eventually, improved human prosperity and well-being. However, the inherent risk of this model is that those who are not able to access the internet (today, approximately 4 billion out of the 8 billion world’s population) will be even more disenfranchised than before, and the issue of universal internet access will become even more important than it is now.
For individuals, this is time to take stock of what role digitization can play in their future, without miscalculating the risk of being over-reliant on tech for our living and income generation.