Reshaping Corporate Strategy POST COVID 19
In just six months, COVID-19 has eclipsed nearly every other pandemic on record in the past 150 years, in both size and impact. In addition to the disruption of millions of lives, the economic damage has been, and will be, significant and far-reaching.
To mitigate risk, organizational leaders usually attempt to account for every uncertainty, but recent events present challenges few, if any, boards and executives saw coming. The impact of these events will not be uniform across all organizations, be they private, governmental, or non-governmental. That notwithstanding, most board members, senior managers, and others in leadership positions share the same top-of-mind question — what role can strategy and change management, as a corporate function, play to limit the long-term damage occasioned by the pandemic? Specifically, what role can strategy and change management play in helping the organizations fully appreciate the impact, respond, recover, adapt, and thrive beyond the effects of the pandemic? Further, how can the response, recovery, and adaption ensure future resilience against situations similar to that of COVID-19?
Organizational teams are keeping essential services running to the extent that they can during the pandemic. Meanwhile, it is imperative for the organizational senior leaders, particularly senior strategy executives, to reflect on the lasting implications of COVID-19 and what they can do to best position their stakeholders, their processes, and available technology to recover and thrive in the long term. Certain key shifts in strategic direction, team composition, process re-orientation, and technology retooling can help the senior leadership successfully guide their organizations through the pandemic.
Key activities that an organization’s senior leadership can pursue to help their organization recover from recent events and thrive in the long term include the following:
- Balance the here and now with a long-term view: Review of Key Strategic Objectives vis-a-vis present realities as well as impact of those changes in the future;
- Embrace uncertainty by planning for possible multiple alternate futures: scenario building can help expose potential risks as well as opportunities based on the alternate futures;
- Reconsider what is possible: adaptation of agile processes;
- Elevate the orchestrator role: Who is mandated to look at the organization strategy from a pandemic and continuity nexus perspective;
- Tune into purpose: prioritize and demonstrate purpose and social responsibility in decision making;
- Workforce Adaptation: with respect to the workforce relearn, retool and refocus;
- Agile Change Management Approach Post Covid-19: build agility into the change management process to assure responsiveness to future situations;
- Technology Strategy Review: revisit to assure alignment with pandemic-like situations (e.g. support for remote working);
- Re-engineer risk management processes to be more responsive and relevant COVID-19 like situations: development of relevant key risk indicators, monitoring, and early warning thresholds.
While there is not a one-size-fits-all approach to dealing with recent events, we believe this offers an unparalleled opportunity to create value and positive societal impact rather than simply reverting to the status quo for the university. The university’s senior leadership needs to be equipped to undertake a leading role in shaping the strategic focus of the university in order to stem the long-term negative impact of these events and emerge stronger in the long run.
We would therefore like to invite the senior leadership of the university to a 5-day workshop on reshaping Corporate Strategy Post Covid 19.
Complete the attached training form to enroll in the training: