Human Capital and Job Satisfaction During a Pandemic
Liliya Nedkova Nedeva – University of Plovdiv “Paisii Hilendarski”, Plovdiv, Bulgaria
7th International Scientific ERAZ Conference – ERAZ 2021 – Conference Proceedings: KNOWLEDGE BASED SUSTAINABLE DEVELOPMENT, Online/virtual, May 27, 2021
ERAZ Conference Proceedings are published by: Association of Economists and Managers of the Balkans – Belgrade, Serbia
ERAZ conference partners: Faculty of Economics and Business, Mediterranean University, Montenegro; University of National and World Economy – Sofia, Bulgaria; Faculty of Commercial and Business Studies – Celje, Slovenia; AMBIS University, Prague – Czech Republic; Faculty of Applied Management, Economics and Finance – Belgrade, Serbia
ERAZ Conference 2021 Conference Proceedings: ISBN 978-86-80194-46-2, ISSN 2683-5568, DOI: https://doi.org/10.31410/ERAZ.2021
Abstract: The pandemic caused by COVID-19 is a global crisis that imposes travel restrictions, quarantines, and suspensions of much of its daily activities. The pandemic changed the real interest rates and the balance in the economy, made it difficult and almost impossible to financially forecast and plan the activities of organizations, increased the level of uncertainty in the economies of each country.
This topic identifies possible and observed problems that have arisen in an unhealthy social environment and their impact on social resources (people), which integrate institutions, organizations and networks to perform actions of common benefit, through the challenge to transform their overall approach and model of business and social life management. The problems caused by the health crisis are identified and solved in progress, without prior preparation and without high expectations as a reflection on social units.
During a pandemic, the prevention of human health, on the one hand, and ensuring business continuity, on the other, require adaptability and rapid solutions, adequate responses in unforeseen and unpredictable environments, related to effective transformations to reorganize the work regime, to engage, motivate and attract people in an online environment, but also keep the relationship with them alive. The so-called “new normal” causes changes in a person’s daily life, both as an individual and in society.
Among the urgent new challenges is the question: “Does working from home contribute to higher productivity and wider development of one’s potential, and in this sense does the contribution to the development of the respective sector increase or is the “home office “perceived” as a constraint and demotivation?” The topic discusses and develops the idea of changing approaches to human capital, in order to feel safe and productive in the new job, which helps us in the process of overcoming the difficulties associated with an unhealthy Environment.
Faced with a catastrophic decline in all elements of social capital, a positive start must be developed and a formula found for one’s own satisfaction, both for ourselves and for those with whom we are virtually connected. Investments in the changing work profiles, as well as in the change in the required qualities and competencies of the employees, corresponding to the new normality, should be seen as levers for convincing and effective support of the skills of the workforce and as a long-term advantage.
Innovation, entrepreneurship, and knowledge are the basis for increasing the competitiveness of any company and its growth. Social capital helps the management of each company to actively respond to changes in the market in which they operate, to understand and meet customer needs in the most adequate way. Therefore, companies should be able to use their social capital in the most effective way to stimulate all their activities and, through the digitalization of processes and accumulation of new knowledge, to be able to meet various market challenges.
While all companies strive to survive in a pandemic, the pressure of the pandemic has created an opportunity to use innovations and integrate capital management into e-business, forcing them to prioritize their processes and activities towards innovative flexible solutions.
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