Sustaining COVID-era urgency for the long run - PwC
When the coronavirus pandemic hit, companies that had slow-walked their responses to previous crises reacted urgently and in real time to the existential threats posed by the disease. Fueled by adrenaline, businesses laid waste to their traditional models and processes, and did so in days instead of weeks or months or years. Pivoting to digitisation, many leaders quickly engineered fundamental transformations that enabled them to reach customers in new ways.
Now that we can begin to see the light at the end of the tunnel, companies will actually face their biggest test, one that will have implications for decades: Can they avoid reverting to their pre-COVID bad habits? Can they make fundamental change decisions on an accelerated timeline? Are they able to apply, to a post-virus environment, the agile and crisply executed managerial processes they embraced when survival was at risk? The preexisting threats have, if anything, grown in strength. Just as it would be self-defeating for companies to revert to their pre-COVID bad habits, they should also recognise that pandemic operating norms can’t carry them forward. To maintain urgency without stressing organisations too much, it will be essential to retain some of these fast decision-making elements.
Identify and focus on the big issues that matter most to your company. Because COVID was obviously an existential issue, everybody addressed it immediately. When decision-making slows down, it is often because of competing priorities, which ensure that no single issue is targeted effectively enough.
Engage a lot of people, especially relevant experts in the organisation and the company’s ecosystem and people who will be affected most by the decision, then make rapid choices and execute quickly. When you are inclusive, it spreads responsibility. More significantly, people around you know what the issue at hand is and find answers promptly—and you may discover the hidden potential in individuals at your firm.
Revisit critical decisions often, checking performance metrics and fixing aspects of your plan that fail to meet expectations. Identify constraints that are hampering the strategy and focus on diminishing or removing them. In the pandemic, the obvious limitation was the need to keep people safe even as the business continued to operate. Within days, virtually every company was able to come up with remote working tactics that accomplished both aims. Can that clarity be maintained?
Think about unanticipated consequences of your decisions—particularly to society at large and the environment you operate in—and be prepared to mitigate them. During COVID, some companies, including a few meat packers, ignored worker safety to maintain profits. That choice came back to harm them, in fines and reputation. In the post-virus landscape, companies will have to take into account the impact that their strategies and operations have on issues like climate change, income disparity and technological intrusions into people’s lives, among other things. They have to move fast without breaking things.
Engage in parallel processes. After you have identified the business imperatives that you must address, develop answers to each of them simultaneously. The apparent success in producing a COVID vaccine in record time can largely be chalked up to the fact that, even as researchers at many sites were working on the science, the manufacturing and distribution were being built out in advance of the drug’s approval.
Take care of people and adapt to their work preferences. Understand that individuals work at different speeds and that their most productive setting might vary. Some prefer to work alone; others, in groups. Be flexible and allow your most valuable workers the freedom to choose their own work styles within the constraints of the organisation. One organisation saw employee satisfaction rise from 80% to 99%, a virtually unheard-of number, because of how it incorporated the circumstances of individual employees in addressing work requirements. PwC research shows that many employers are similarly committed to giving remote workers what they need to be more productive.
Manage pace. The best firms operated in the pandemic like great athletes who train with intervals of exertion followed by periods of rest. Intense effort was required to address the set of challenges presented by COVID. The most successful firms took time to marshal resources before the next challenge hit, sometimes even mandating personal breaks.
As we consider these intentional approaches and strive to sustain the urgency to attack large problems, there’s a final factor to consider: we can lean into the possibilities of creating hope. The pandemic remains an awful, often overwhelming and incomprehensible event. Those who addressed issues the best focused energies on things people could control and created a sense of purpose and possibility. They led with empathy and showed a willingness to listen. In the process, they didn’t simply develop new models of vaccinology or new ways of working—they helped people construct a bridge to a brighter future.
Please click here to read the full article from PwC