The term \u201cresilience\u201d is often used loosely in discussions about business. As a result, nuances of meaning are easily lost. <\/p>\n\n\n\n
\u201cResilience\u201d refers specifically to a company\u2019s ability to adapt quickly to unforeseen negative events while protecting its various components and interests, including financial assets, employees and market share<\/strong>.\u00a0\u00a0<\/p>\n\n\n\n In terms of the COVID-19 pandemic, resilient businesses have been able to adapt to a range of potentially damaging circumstances – such as reduced revenue, government restrictions and shifting customer behaviour – with limited damage to their \u201cassets\u201d. <\/p>\n\n\n\n Corporate shifts that exemplify resilience include, among other things, transitioning to remote work, focusing on online sales, opting for alternative supply chains and leveraging new advertising mediums. In all cases, fast and efficient changes like the ones just described have been made possible by systems, processes and \u201ccompany mindsets\u201d which allow for a high degree of resilience. <\/p>\n\n\n\n With all that in mind, let\u2019s take a look at how companies have adapted to the ongoing and ever-changing COVID-19 pandemic. <\/p>\n\n\n\n Corporate decision making, especially as it pertains to high-level strategy, is typically an involved process, requiring multiple meetings, evaluation of alternatives and forecasts, and outside consultation. Internal checks and bureaucracy can further add to the time it takes to reach a resolution. <\/p>\n\n\n\n In crises, when companies need to change direction in a short space of time, this approach can be counter-productive at best and severely damaging at worst. That\u2019s why many businesses shifted to alternative processes that allowed high-level managers and C-suite executives to act quickly outside of usual constraints<\/strong>. This has led to many notable corporate pivots, particularly in the events industry<\/a>.\u00a0\u00a0<\/p>\n\n\n\n The ways in which expedited decision-making responsibility is allocated within a company should be explicitly outlined in contingency plans, thus allowing for a fast transition when the need arises. <\/p>\n\n\n\n Throughout the pandemic, many companies have discovered a direct correlation between resilience and digital \u201cmaturity\u201d. Companies that could rely on already-established, up-to-date digital infrastructures, or were able to build them quickly, transitioned to remote working practices much more effectively and with little training required. <\/p>\n\n\n\n Technology enables businesses of all sizes to respond to unforeseen situations with a level of speed that simply isn\u2019t possible with legacy systems. Everything from hiring new staff to establishing new supply chains to processing important documents becomes easier with access to an up-to-date, integrated software suite and\u00a0cloud-based computing hardware<\/strong>.\u00a0\u00a0<\/p>\n\n\n\n While the broader economy has been detrimentally affected by COVID-19, with rising unemployment and corporate layoffs, certain sectors of the job market have grown. One such example is crisis management, where skilled individuals are facing increased demand. And this growth is indicative of a renewed focus on crisis planning. <\/p>\n\n\n\n A crisis management plan<\/a> is an established protocol within a company that is designed to be implemented whenever an emergency arises, whether that emergency is societal, environmental or organizational.\u00a0\u00a0<\/p>\n\n\n\n Crisis planning is a critical component of corporate resilience because it enables action to be taken promptly and without extensive\u00a0deliberation<\/strong>. Many companies are allocating resources to ongoing crisis management in the context of the COVID-19 pandemic, which includes outlining possible scenarios and warning signals, defining employee responsibilities and practices, stipulating access to emergency cash reserves, identifying alternative supply chains and more.\u00a0\u00a0<\/p>\n\n\n\n A company\u2019s workforce forms the backbone of its success. And employee resilience is a major component of broader corporate resilience. There have been numerous examples of initiatives designed to foster employee resilience throughout the COVID-19 pandemic. <\/p>\n\n\n\n1. Implementation of Speedy Decision-Making Processes\u00a0<\/h2>\n\n\n\n
2. Creation of Up-to-Date and Flexible Digital Infrastructures\u00a0<\/h2>\n\n\n\n
3. Renewed Focus on Ongoing Crisis Planning\u00a0<\/h2>\n\n\n\n
4. Emphasis on a Workplace Culture Designed to\u00a0Support\u00a0Employee\u00a0Resilience\u00a0<\/h2>\n\n\n\n
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