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Items filtered by date: August 2020
Tuesday, 29 September 2020 15:02

Business Resilience Resource Centre

In the face of a crisis or economic slowdown, resilient organizations ride out uncertainty instead of being overpowered by it...

Give Em What They Want

How Did Business Create Resilience During & After The 2008 Recession?

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In 2008 we went through a worldwide recession and companies that implemented the strategy of resilience came back faster and even leaped ahead of their competition. Now Covid has thrust us into an equally challenging time. Find out how adopting resilience can help you though these unprecedented times.quickly.  access the resilience resource centre »

Source: McKinsey & Company

 

Tuesday, 29 September 2020 14:19

Building Resilient Enterprises

Building Resilient Enterprises

Companies can structure their organizations and decision processes for resilience by embracing six principles of long-lasting systems:

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  • Redundancy buffers systems against unexpected shocks, albeit at the expense of short-term efficiency. It can be created by duplicating elements (such as by having multiple factories that produce the same product) or by having different elements that achieve the same end (functional redundancy).
  • Diversity of responses to a new stress helps ensure that systems do not fail catastrophically, albeit at the expense of the efficiencies obtainable through standardization. In business, this requires not only employing people from different backgrounds and with different cognitive profiles but also creating an environment that fosters multiple ways of thinking and doing things.
  • Modularity allows individual elements to fail without the whole system collapsing, albeit while forgoing the efficiency of a tightly integrated organizational design. Because a modular organization can be divided into smaller chunks with well-defined interfaces, it is also more understandable and can be rewired more rapidly during a crisis.
  • Adaptability is the ability to evolve through trial and error. It requires a certain level of variance or diversity, obtained through natural or planned experimentation, in combination with an iterative selection mechanism to scale up the ideas that work best. Processes and structures in adaptive organizations are designed for flexibility and learning rather than stability and minimal variance.
  • Prudence involves operating on the precautionary principle that if something could plausibly happen, it eventually will. This calls for developing contingency plans and stress tests for plausible risks with significant consequences — which can be envisioned and prepared for through scenario planning, war games, monitoring early warning signals, analyzing system vulnerabilities, and other techniques.
  • Embeddedness is the alignment of a company’s goals and activities with those of broader systems. It is critical to long-term success because companies are embedded in supply chains, business ecosystems, economies, societies, and natural ecosystems. Articulating a purpose — the way in which a corporation aims to serve important societal needs — is a good way to ensure that the company does not find itself in opposition to society and inviting resistance, restriction, and sanction.  read on »

Source: Harvard Business Review / Written By: Martin Reeves & Kevin Whitaker

 

Monday, 14 September 2020 15:09

Respond, Recover, Thrive...

The essence of resilient leadership: Business recovery from COVID

Respond Recover Thrive

Resilient leaders shift organizational mindsets, navigate uncertainties, and invest in building trust in order to develop a recovery playbook that serves as a solid foundation for the post-COVID future.

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Whereas organizations used to describe agile change as “fixing the plane while it flies,” the COVID-19 pandemic has rewritten the rules of upheaval in modern times. Those of us leading any organization—from corporations to institutions to our own families—are not fixing the plane in midair, we’re building it. Times like these need leaders who are resilient in the face of such dramatic uncertainties.

The first article in this series described the essential foundations leaders need in order to effectively navigate through the crisis.1 Resilient leaders are defined first by five essential qualities of who they are, and then by what they do across three critical time frames: Respond, Recover, and Thrive.

As we progress into the Recover phase of the crisis, resilient leaders recognize and reinforce critical shifts from a “today” to a “tomorrow” mindset for their teams. They perceive how major COVID-19-related market and societal shifts have caused substantial uncertainties that need to be navigated—and seized as an opportunity to grow and change. Amid these uncertainties, resilient leadership requires even greater followership, which must be nurtured and catalyzed by building greater trust. And resilient leaders start by anticipating what success looks like at the end of recovery—how their business will thrive in the long term—and then guide their teams to develop an outcomes-based set of agile sprints to get there.

Resilience is not a destination; it is a way of being. A “resilient organization” is not one that is simply able to return to where it left off before the crisis. Rather, the truly resilient organization is one that has transformed, having built the attitudes, beliefs, agility, and structures into its DNA that enable it to not just recover to where it was, but catapult forward—quickly.  read on »

Source: Deloitte Insights / Written By: Bill Marquard

 

Thursday, 03 September 2020 15:17

How To Solve The No. 1 Small Business Problem

"Every company’s biggest problem is communication,” says Scott McGohan." Read on to discover some solutions.

Number One Problem

 

“It really doesn't matter how many times you do it,” says Scott. “If you do any of it, then you have a problem. If you do a lot of it, it's still going to be the number one problem.”

It’s a lesson he learned at an early age from his father, Pat McGohan, who started the business more than 45 years ago. “Growing up in the business and hearing from my father that the number one problem every business has is communication, I believed it,” says Scott. Over the years, he also saw it first-hand.

Here are 4 key ways to become more conscious and mindful about effective workplace communication.

1. Let employees do it on their time

Scott learned the most powerful way to communicate is to deliver content in a way that employees can consume it on their own time. “From a leadership standpoint, it's understanding that we have to recognize that our people aren't available to learn from us on our time. We have to figure out how to do that on their time,” he says.

Envision different channels you can use to deliver stories to employees in a way they will embrace.

For example, McGohan Brabender has a podcast they create in-house and they have a YouTube Channel. McGohan Brabender has learned that the podcasts are popular with employees since they can listen to it on-demand, whenever they have time.

“Some people like to see things, some people like to hear things, some people like to touch things,” says Scott. As a leader, your vision is to get people to feel things.

Right now, Scott focuses on trying to be short, simple, and sweet with content. “We’re embracing the fact that a lot of people today want to learn via their eyes and ears, in probably less than two minute snips. Any longer than that, we lose people's attention.”

2. Stick with it

McGohan Brabender has monthly meetings with all employees. “We look at: Where did we win? Where did we lose? Where are we at? How are we performing?” says Scott. It’s a meeting that encourages transparency and connection between employees.

They also have quarterly employee luncheons. “We'll invite the whole company in, and we'll have lunch. They can bring their kids, they can bring guests, and we've even had parents there.” Over lunch, they also talk about how the organization is doing, how they are performing, and where there is opportunity.

Another way Scott feels the pulse of the organization is through a weekly blog. He’s published the internal blog for more than 5 years.

Whatever a leader decides to do in terms of communication, the most important part is consistency. “If you say to your employees you are going to write a weekly blog, you have to it every week. You can’t miss. Our blog is five years in the running and it shoots out every week,” explains Scott. “Be consistent and be on time.”

3. Use affirmations

“Affirmation is probably the one thing that everybody desires,” says Scott. Scott’s learned to be intentional about how he uses affirmations to his people. In doing so, he’s able to energize and inspire his people.

“ As a leader, when you're telling stories about people in your organization, it affirms the great work they are doing.  The magic happens when it inspires other people to want to be a part of a story,” says Scott.

“They hear what others are doing, and they want to be a part of that story. They want to have a chapter written about them. There’s magic in that—that’s what storytelling does.”

4. Show vulnerability

As a leader, have the kind of self-awareness that allows you to show vulnerability through your communication.

“Some may think if you are vulnerable, you’re looked upon as weak,” says Scott. “Vulnerability is a sign of strength. It lets people know they are not alone.”

Find a channel or format of communication that allows you to authentically open up with your people. “For example, for a lot of people, there's an uncanny way for people to be vulnerable in writing versus face-to-face with people. It is an opportunity for leaders to talk about areas in their life where they're vulnerable, or maybe where they're afraid,” says Scott.

“And it lets other people know that you might just be human. You might be just like them.”

When you get vulnerable, your people will respond with trust and openness, too. The result is a culture where employees experiment, take risks, and drive innovation.

Source: Forbes / Written By: Aileron

 

Published in More Success