Covid 19 effect will be felt by every company differently, but the fact remains that the corporate landscape has changed vastly. The Covid led disruptions is nothing short of a tsunami – a devastating catastrophe. Volatility has become the state of dynamic instability that creates a risk of rapid change in opportunity for value-creation with the ambiguity of navigating in fog. Any lack of compelling vision, a basic structured approach and road-map, and failure to address the unthinkable, will be nothing but wilful blindness. We cannot fail to adapt and cope with unprecedented social and economical upheavals. Major disruptions create new normal, and organizations need to see disruptions as opportunities and set-backs as mere temporary. Strong, passionate and compassionate culture will help in this shifting work landscape. Putting people before profits will give dividend in the end. Public perception in what difference the company made to the society will count.
This will require an agile and resonant leadership with a multiple stakeholder and customer centric dynamic strategy. Covid 19 pandemic has been an unprecedented human tragedy, one of the worst health and financial emergency with far reaching repercussions. It has put breaks on the economic growth with RBI predicting a minus (-) 4.5% growth this financial year. This will certainly put India dreams of 5 trillion usd economy by 2024 a few years forward. The Pandemic has been unrelenting and threat to our health and the economy are real. Covid 19 has become the ‘known – unknown’. And it is not going away any time soon.
We will need a digital recovery through upscaling with safe, contact-less engagement, strike an emotional connect - with our teams, with our circumstances and with technology on an ongoing basis to build a social capital and a culture of excellence. There is a need to understand and action team-work, effective communication and resilience to adapt with an open and flexible learning mind-set. We need to pause, assess, anticipate and then act, displaying courage, consideration, calculation and decisiveness.
While agility, innovation and collaboration point the way forward, the data-rich cloud technology platforms provide the extra edge. There is no window-dressing which will help us. Working remotely has become a new normal. Though remote-working has not been a panacea but old days are not likely to come back again. We will need to retain some positives of remote working and video conferencing and speedily focus on recovery of our business. Future of organization is intrinsically tied to future of work and work place. Future of work is not only a management issue, it is interrelated to the matrix of the outcomes of the organization. Focus has to be on action and understanding the immediate needs of the organization, use technology to monitor the pulse of changing environment and help empower current and future talent. Addressing and bolstering the immediate needs for technology and connectivity and looking at new ways of interaction within the matrix of the organization will be the way to go.
We need to convert crisis into opportunity. Risk oversight, vision, mission, objectives, managing risk, risk appetite, culture, ERM, Cyber security all these become important in their own way. The strategy has to be dynamic, digitally driven, with long-term view, life cycle planning and sustainability; keeping pace with technology that is creative, innovative and compliance oriented. Diversity and inclusiveness, both are required with human resources. While diversity is about counting the numbers, inclusiveness is about making the numbers count. Critical issues have to be taken head-on and right amount of tension needs to be maintained to not allow slipping into comfort zones. If we are too rigid we cannot be shifting gears fast enough. We require a very supple change, with emphasis on transparency and disclosure. There is need to listen to diverse perspectives to help drive innovation while fostering an inclusive environment.
We will hence need to spot the key strategy drivers through the challenge of digitalization and technology, and execute effective hedging strategy with risk appetite. The emphasis has to change from monitoring and compliance to creativity and innovation.
Navigating in this way through the new normal will lead to improved market position and brand value. The success of this strategy will essentially determine the strategy of return to work in the future of work. We need to maintain a progressive and forward-looking agenda and stay focused on the long term. History demonstrates that the most significant shifts in sector’s competitive ranking occur during moments of crisis and uncertainty, with winners differentiated by their ability to play both offence and defence and seizing the opportunity to better address stakeholder needs.
It is important to maintain momentum throughout the recovery period, like we are in right now. We should be committed to achieving worthwhile and transformational outcomes in all our respective capacities. The next few months are important for this and we must use this time optimally.