How will you and your organisation come out of COVID: will you survive or thrive?
The Federal Government has formed a National COVID-19 Coordination Commission (NCCC) that will coordinate advice to it as to actions to anticipate and mitigate the economic and social effects of the global coronavirus pandemic. (The Government said the formation of the NCCC is “about working cooperatively across private-to-private and public-to-private networks to unlock resources, break bottlenecks and fix problems so Australian families, businesses and communities are supported through the challenging months ahead.”)
AusTTA notes that, while there are exceptions, most Australian organisations had enjoyed steady growth over the past several decades and not had to face great challenges and change as they do now.
Kyle Loades, Chairman of AusTTA, said: “The world is continually changing, and will change even moreso after COVID-19, and business leaders need to embrace new ways and techniques to transform to following this major change – and they should start preparing now.”
Respondents to a recent AusTTA survey suggested:
- Corporate leadership should be challenged as age old beleifs and customs will not aid transformation in these times. I believe that we need to watch and learn from those who are successfully pivoting their business to meet the times. Look at the stories and the innovation coming from all angles.
- Our organisation has found that setting aside time every day to come together as a group to share ideas and learnings has fostered some great opportunities for us to explore and to keep busy across the period, finding previously unknown avenues of potential revenue to explore. Whether we survive is unknown, that depends on time and distance, but we will not have sat on our hands, and waited for those further up the hierarchy.
- Expertise in very rapid reinvention focusing on cash.
- Learn to be kind and gentle to people …esp. When they’re having a moment!
- Australia needs to become more self-sufficient, make more goods in Australia. Don’t import so much from CHINA
- Investment in technology to leverage efficiencies.
- Learn from employees about their experience and ideas to implement better actions and outcomes. These are relevant for any catastrophe.
- COVID19, as well as challenges, is presenting an opportunity to uplift collaboration tool adoption, embed digital, adapt to virtual processes and streamline customer journeys!
- Understanding the critical elements of ‘core’ business, cash flow and what keeps it flowing, strategic decision making by the Exec in the fact of rapidly changing international markets and trade, capacity to pivot and reorganise workforces to maintain viability and have a thorough understanding of how government assistance packages can be maximised to sustain business models and employees. Thinking now about how to recover, what will be important, how to open back up communication and trade channels and thinking/planning for what the new operating environment might look like.
- Building capability and capacity of leaders and team to rapidly shift in uncertain times
- Tax reductions – maybe lift the bands, certainly the lowest one, will simply drive more consumption by probably 50% of population
- Selective return to work based on improved testing so that confidence starts to return.
- Develop a long-term political strategy that ensures the economic system is less reliant on continual growth.
- Right now, businesses need customers more than workers.
- The virus is spurring work to be ‘automated’ and ‘streamlined’ at an unprecedented rate.
- When we emerge from this crisis, the world will not be like it was. Whole sectors will be changed forever (travel, education and more) while jobs that used to be done by people will be done by machines.
- We have replaced muscles with pistons. We are now replacing many ‘rules-based’ decision-making processes with AI that are much better at adapting to context, greatly reducing the need for human intervention in the future workplace
- Businesses may need customers, but customers need money to express their needs.
- Let’s take this opportunity to re-think our organisations and the value they create end-to-end. This pandemic presents an opportunity to re-think:
Collaboration models within the firm … we are changing perceptions on work from home versus daily office grind.
2. We can take the opportunity to deepen customer engagement across the firm (not only front-line employees).
3. We can start to re-examine our value proposition (is it our product or how we deliver it?)
- We have an unprecedented opportunity to re-think strategy – no longer assuming what worked in the past will be successful in the future.
- Leaders need to admit the need for transformation. They also need to admit if they don’t know what to do. (Old operational management actions are not a remedy and will no longer suffice).