"For an entire generation of business leaders, the actions they take now and in the weeks ahead will define them and their companies". There are two critical strategic questions to be asking right now:
1. How can we ride out the crisis to emerge stronger than others in our industry?
2. How can the organization learn through this experience to win in a new world?
From a practical, people perspective, this outbreak has stimulated a swift reexamination of HR policies and practices on employee benefits, remote working and employee engagement. Resourcing teams are responding daily to adjusting workforce demands and restructuring, and transforming processes to entirely digital (literally) over night.
For many companies, surviving this downturn requires immediate scenario planning - staffing, product, innovation, revenue - to being as much business continuity and stability as possible.
Leading companies are reallocating resources to pockets of current and future growth, eg e-commerce, to protect revenue. As well as 'hand brakes' on non-essential purchases and activities.
As Covid-19 cases drop off and economic life starts to stablise, those who adapt fastest to the initial upswing, and eventually the new environment, will emerge strongest. It's reasonable to forecast a rush for demand that's been on hold. These "burst of demand" will be best navigated through combination of AI forecasting and frontline feedback.
The biggest hurdle and hardest to resist challenge will be slipping back into old ways. There is no doubt that they will have been doing business differently and perhaps better in these unprecedented times. Digitisation and automation will have accelerated and will continue to do so. The services and assistance customers values could have shifted irrevocably. Same applies to internal customers - their needs our our resourcing services will be different. HR and resourcing leaders must be able to confidently articulate these accompanied by a plan to adjust as business picks up again?
Bain & Company propose 6 valuable questions for boards and senior execs. When you read them, you'll see that they can all be asked in relation to our world of Talent Acquisition:
- What’s the “big idea” that could shape our industry and firm for the next decade? What multiyear trends have been irrevocably pulled forward? What are the new trends we need to confront?
- How will customer behavior shift? How will the next generation of customers that fuel our growth be different than our core customers prior to the pandemic?
- How might business boundaries be redrawn, as supply chains and operating models are reconfigured and the public sector resets its role?
- How do we build adaptability and resilience into our strategy and operations?
- Which ways of working that we discovered during this crisis should we preserve and build upon?
- How do we increase the intensity and speed of our learning as we navigate the uncertainty ahead?
While this crisis poses challenging questions, it also presents some unique opportunities to learn. In many industries, business shifted to 100% digital overnight.