Everything must change. The COVID-19 virus is transforming the way we do things – work, exercise, eat, learn, study, shop, and communicate. It has brought about one of the most extreme workplace transformations ever. And leaders from the private, public, and social sectors are responding to the situation with diverse strategies.
We set out to compile key messages and found a few common strands. Most organizations are focusing on the transformation of functions around employees, supply chains, customers, and leadership. Here’s an overview of our findings, which could help organizations weather this storm.
Resolve. Resilience. Return. Reimagine. Reform.
A McKinsey report shares five key actions for organizations.
1. Resolve: immediate challenges of the workforce, customers, and partners.
2. Resilience: address near-term cash management challenges
3. Return: with a detailed plan to bring business back to scale quickly
4. Reimagine: think about the next normal and how the organization should reinvent
5. Reform: how regulations and the role of government could evolve
Here are the actions to take:
- Create new team structures that work remotely; for an eg, smaller, cross-functional network of teams.
- Introduce new ways of leading remotely that may include multi-channel team communication, clear milestones, and clear outcomes.
- Invest in the right collaboration tools to support remote working.
- Build a caring culture and engage in informal virtual socializing.
- Build a plan to prioritize and protect valuable customers by understanding what matters to them at this time.
- Build/maintain trust through transparency by offering more frequent updates and engagement.
PwC delves into the key considerations for building agile and secure work practices to combat the impact of COVID-19 on various areas of business.
Talking about impact, it even shares an online tool. It will help you assess the potential impact of the situation on your business and your readiness to respond.
Here are the key takeaways from the report.
Crisis response management
Organizations must create a crisis response structure, which could include: proper workstreams, clear responsibilities, and accountabilities. They must delve into likely worst-case scenarios and their potential impact to support crisis and response planning.
IT and security tools
Even a small IT or cybersecurity issue can derail an organization in a situation that is already tough. Organizations must equip employees with resources such as a virtual private network (VPN), official laptop/desktop/mobile devices, and proper tools for tracking performance and reporting work.
Supply chain functions
Organizations dependent on supply chain functions and third-party partners must perform an operational risk assessment and plan for the impact of disruption on functions.
Organizations must prioritize cash flows during this period. Regularly monitor market risk exposures, evaluate and forecast cash flow models.
Every company, every individual is grappling with the impact of COVID-19 – current and the possible long-term consequences. How we act today will determine how we are able to cope with the future when we enter, perhaps a new normal, a transformed workplace, business, and economic renaissance.
Also, read how Factsuite realigned itself in response to the COVID-19 pandemic to continue to serve our clients in our previous blog Working the time of COVID-19.