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Pandemic Resiliency

50-50 Pandemic Response Future—What Percentage of Organizations Will Take Their Response to the Pandemic and Build More Resiliency and What Percentage Will Decide That Making It Through the Pandemic Must Have Worked?

The global health disaster COVID-19, as well as its economic and social consequences, has impacted practically every facet of life for all groups in society. Organizations across a variety of industries, on the other hand, are feeling the consequences in diverse ways.

Few businesses were fully prepared for the global market instability that emerged in 2020. A worldwide health pandemic, social and political turmoil, and severe climate events threw the private and public sectors of the world into disarray. Increasing obstacles throughout the year broadened the concept of resilience in ways that few leaders expected and put pressure on them in ways that few could conceive.

Listed below are some organizations that built additional resiliency as a result of their pandemic response, as well as those that will decide that surviving the pandemic must have been a success and will maintain or perhaps lessen their resiliency.

Building Resiliency

The following are resilient firms, according to the Deloitte Resiliency Report, that enable and support nimble strategies, adaptive cultures, and the development and effective use of sophisticated technology.

Businesses That Are Prepared

The most effective chief experience officers (CXOs) plan for both short- and long-term scenarios. More than 85% of CXOs in firms that properly balance short- and long-term objectives felt their organizations had turned extremely effectively to adjust to the events of 2020, but less than half of firms without that balance felt the same.

Businesses With Adaptable Workforce

Leaders understand the value of having people who can work in a variety of roles, especially after a year like 2020. To that end, CXOs ranked adaptability as the most important workforce quality for their companies’ long-term success.

Businesses That Collaborate

CXOs emphasized the value of collaboration inside their firms, claiming that it accelerated decision making, reduced risk, and promoted innovation. One of the top strategic activities taken by CXOs before and during 2020 was to break down divisions and increase collaboration.

Businesses That Are Trustworthy

CXOs are aware of the difficulty of establishing trust. More than a third of CXOs who responded said they weren’t sure if their companies had succeeded in building trust between executives and employees. Those who succeed emphasize better transparency and accountability with key stakeholders, as well as managing with empathy.

Businesses With Responsibility

The majority of CXOs recognize that business has a responsibility that extends beyond the bottom line. Out of all CXOs polled, 87% claimed their firms could quickly adjust and turn in response to disruptive events because they had done a good job balancing all of their stakeholders’ needs. This is over 50% more than the proportion of CXOs who answered the same thing at firms that haven’t done a good job of managing the needs of their stakeholders.

Surviving the Pandemic

Businesses With Leaderships That Are Composed and Adaptable

This crisis is a watershed point in our professional and personal lives. Now, as much as ever, how we lead our people counts. To handle this destructive and unprecedented pandemic, composed, sympathetic, knowledgeable, and flexible leadership will be necessary for the business to survive. In order to ensure the company’s solvency, leaders must display care, diligence, truthfulness, proper use of knowledge, and proper use of authority.

Businesses With a High Level of Exposure To Daily Essentials

Businesses in the travel, entertainment, hotel, and discretionary retail sectors will struggle to survive following a government-mandated hibernation.

Those with a high level of exposure to daily essentials, home delivery, and critical services have a better chance of surviving.

Businesses That Do Not Depend on People to Offer Services

Businesses that rely on individuals to give services in immediate contact to consumers, such as cab and ridesharing, beauty salons, and hospitality, would struggle to thrive under the new social distance requirements.

Businesses that do not depend on people to offer services, such as e-commerce and online banking platforms, are more likely to survive in business and generate cash flow.

Businesses With Low Fixed Costs

Businesses that can swiftly shift the majority of their costs to variable costs have a better chance of surviving.

Full-time labor is replaced with contract or casual labor, and fixed rent is replaced with a percentage of sales rent, allowing businesses to reduce expenditures in response to revenue reductions.

Low-Debt Companies with Dependable Debtors

Businesses with no or very low debt levels, as well as debtors who pay invoices on time, have a better chance of surviving the pandemic.

While banks are likely to be flexible with sustainable enterprises, you’ll want to be able to postpone payments and restrict bad debts in order to save money.

Have Questions?

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