{"id":1120,"date":"2020-06-28T21:55:40","date_gmt":"2020-06-28T21:55:40","guid":{"rendered":"https:\/\/crigroup.com\/?p=1120"},"modified":"2022-07-26T11:41:09","modified_gmt":"2022-07-26T11:41:09","slug":"covid19-effective-leadership-the-guide","status":"publish","type":"post","link":"https:\/\/crigroup.com\/ar\/covid19-effective-leadership-the-guide\/","title":{"rendered":"Effective leadership during COVID-19: a guide for leaders"},"content":{"rendered":"<h3><strong><span data-preserver-spaces=\"true\">Strong and effective leadership during a crisis is key<\/span><\/strong><\/h3>\n<p><span data-preserver-spaces=\"true\">COVID-19 and its rapid global spread have quickly eclipsed in size and scope. In addition to the human toll and the economic damage, coronavirus has significantly changed the business landscape beyond recognition. In the face of COVID-19 specific challenges and still-uncertain risks, business leaders are rightly concerned about how their organisation will continue to be affected. And what can they do next? However, there are several lessons from history, a pooled of fundamental qualities of effective leadership and leading practical practices that chief executives should consider.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">COVID-19 impact on companies varies by geography and sector companies in different ways. Their reaction capabilities have put businesses at different phases of dealing with the outbreak and, therefore, the impacts. However, regardless of the extent of COVID-19 effect on an organisation, we believe that five fundamental qualities of effective leadership distinguish successful CEOs from the rest:<\/span><\/p>\n<h4><strong><span data-preserver-spaces=\"true\">Five fundamental qualities of effective leadership<\/span><\/strong><\/h4>\n<p><span data-preserver-spaces=\"true\">\u00a0As a leader trying to guide your organisation through the COVID-19 crisis, it is essential to take specific steps that can help soften up the crisis&#8217;s impact\u2014and enable your organisation to emerge stronger.<\/span><\/p>\n<ol>\n<li><span data-preserver-spaces=\"true\"><strong>Build Positive\/Trusting Relationships with a rationale<\/strong><\/span><\/li>\n<li><span data-preserver-spaces=\"true\"><strong>Clarify the direction and stick to it<\/strong><\/span><\/li>\n<li><span data-preserver-spaces=\"true\"><strong>Aim for decisive actions with courage<\/strong><\/span><\/li>\n<li><span data-preserver-spaces=\"true\"><strong>The Power of a Clear Leadership Narrative<\/strong><\/span><\/li>\n<li><span data-preserver-spaces=\"true\"><strong>Champion long-view Change<\/strong><\/span><\/li>\n<\/ol>\n<h3><strong><span data-preserver-spaces=\"true\">Take specific tactical steps to elevate your business<\/span><\/strong><\/h3>\n<p><span data-preserver-spaces=\"true\">Any business during a crisis such as COVID-19 goes through three phases:\u00a0<\/span><strong><em><span data-preserver-spaces=\"true\">mitigation<\/span><\/em><\/strong><span data-preserver-spaces=\"true\">, or lessening the force or intensity of the crisis and how the company deals with the present situation and manages continuity;\u00a0<\/span><strong><em><span data-preserver-spaces=\"true\">preparedness<\/span><\/em><\/strong><span data-preserver-spaces=\"true\">, during which a company learns with a concrete research-based set of actions that are taken as preventive measures for a post-COVID-19 and emerges stronger; and\u00a0<\/span><strong><em><span data-preserver-spaces=\"true\">future-proofing<\/span><\/em><\/strong><span data-preserver-spaces=\"true\">, where the company prepares for and shapes the &#8220;next to normal.&#8221; CEOs have substantial and added responsibility to nimbly consider all three-time frames concurrently and allocate resources accordingly.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Within these broad imperatives, effective leaders can take specific tactical steps to elevate these qualities during the current crisis, blunting its impact and helping their organisations emerge stronger. This crisis can become an opportunity to move forward and create even more value and positive societal impact, rather than just bounce back to the status quo with the right approach.<\/span><\/p>\n<h3><strong><span data-preserver-spaces=\"true\">The secret of effective leadership: Foresee the unforeseen<\/span><\/strong><\/h3>\n<p><span data-preserver-spaces=\"true\">The outbreak of COVID-19 was an unpredictable crisis with extreme consequences, and its westward March across the planet have introduced a new kind of unforeseen risk:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">Since World War II, all the recessions have been caused by either economic policy mistakes, oil shocks, or financial bubbles &#8211; and the CIVID-19 is a new category on its own: a global societal collapse.<\/span><\/li>\n<li><a class=\"editor-rtfLink\" href=\"https:\/\/abcnews.go.com\/US\/coronavirus-compares-sars-mers-recent-viral-outbreaks\/story?id=69329364\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">The mass quarantining across the globe cut off consumption, stopped travel, hospitality, restaurant, and retail sectors<\/span><\/a><span data-preserver-spaces=\"true\">. In China, for example, the mass shutdowns of factories evaporated the supply of products such as apparel, auto parts and electronic components and apparel.<\/span><\/li>\n<\/ul>\n<h3><strong><span data-preserver-spaces=\"true\">Dial up your empathetic self<\/span><\/strong><\/h3>\n<p><span data-preserver-spaces=\"true\">Emotional intelligence is critical in a crisis &#8211; a good and effective leader recognises the impact uncertainty has on the people who drive the business. Resilient leaders express empathy for the upheaval&#8217;s human side, acknowledging their employees&#8217; priorities shift towards their family health and safety. A resilient leader prioritises workers and protects their economic well-being. Effective leaders also encourage their people to adopt a calm and systematic approach to whatever happens next &#8211;<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">At the onset of the COVID-19 outbreak, Deloitte conducted a human capital policies and practices survey in China. And the survey revealed the following steps companies and not-for-profit organisations were considering in response:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">More than half of government and public service entities focused on addressing employees&#8217; psychological stress.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">90% said it was an urgent requirement to provide their employees with remote and flexible work options.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Companies in industries facing the most significant constraints on providing flexible and remote working options\u2014such as energy, resources, and industrials\u2014focused on providing physical protection (i.e. cleaner and safer work environments and PPE.<\/span><\/li>\n<\/ul>\n<h3><strong><span data-preserver-spaces=\"true\">Cater to your audience<\/span><\/strong><\/h3>\n<p><span data-preserver-spaces=\"true\">Because of COVID-19, customer experience takes on a new meaning &#8211; as customer&#8217;s needs dramatically shift from what you perceived before. Your customers are reverting down Maslow&#8217;s Hierarchy of Needs to essential concerns due to COVID-19. A recent McKinsey survey of U.S. consumers found that<\/span><a class=\"editor-rtfLink broken_link\" href=\"https:\/\/www.mckinsey.com\/business-functions\/marketing-and-sales\/our-insights\/connecting-with-customers-in-times-of-crisis\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">\u00a064% of respondents have felt depressed, anxious, or both, and 39% stated that they would be unable to pay their bills after one month of unemployment<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Are you adapting your communications and customer experience to fulfil their new needs? Show empathy towards your customers, too \u2014they are struggling through the crisis, and simple things can differentiate you from other businesses. Leading organisations are reorienting their customer experience such as:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">UberEats asks customers if they want food left at the door rather than passed by hand.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Airlines are waiving cancellation fees and have emailed customers to describe their enhanced plane decontamination efforts.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Energy companies are not shutting off power for nonpayment, and in some cases, they are even reconnecting customers whose service had been turned off before the crisis.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Restaurants have encouraged their staff to visibly use hand sanitisers.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Burger King provides two free kids meals to Americans who make any purchase through the Burger King app.<\/span><\/li>\n<\/ul>\n<p><span data-preserver-spaces=\"true\">Yet, for the sake of those same employees and customers\u2014as well as creditors and investors\u2014 leaders must stay vigilantly focused on protecting financial performance during and through the crisis &#8211; and making hard, fact-based decisions. The adage &#8220;cash is king&#8221; is most real amidst an existential event.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The following critical steps can help you protect your business performance:<\/span><\/p>\n<ol>\n<li><strong><span data-preserver-spaces=\"true\">Centralise decision-making:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">uncertainty paralyses decision-makers. Allocate or create a crisis team that is capable of consistency, speed, and especially decisiveness when making decisions<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Articulating different economic scenarios (and fast)<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0across all markets, generally scaling scenarios from mild to moderate to severe.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Project the financial impact<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0of the scenarios on profitability and especially liquidity. This includes assessing the probability of violating debt covenants and terms and determining when available cash sources should be drawn.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Defining the non-negotiables:<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0Which products, services, customer segments, business lines, employee segments, and so on are the most critical to ongoing and future cash flow and should be preserved, although even those non-negotiables may be impacted if scenarios tend to the more severe.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Identifying the levers leadership has available<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0(within the boundaries of the non-negotiables) to impact financial performance, such as discretionary expense reduction, hiring freezes, or temporary plant closures.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Determining what actions to take<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0and agreeing on the hierarchy of levers to be pulled as the severity of scenarios unfolds.<\/span><\/li>\n<\/ol>\n<p><span data-preserver-spaces=\"true\">Developing a downturn planning playbook is important to have a head start in crises. A crisis playbook should include all scenarios, projections and non-negotiables so that it is easier to be adjusted for present circumstances. However, it is important to remind that a resilient leader knows a company&#8217;s purpose should remain unchangeable. Articulate a purpose beyond profit; in a recent survey by Forbes, 79% of business leaders believe that an organisation&#8217;s purpose is central to business success, yet\u00a0<\/span><a class=\"editor-rtfLink broken_link\" href=\"https:\/\/www.forbes.com\/sites\/caterinabulgarella\/2018\/09\/21\/purpose-driven-companies-evolve-faster-than-others\/#21bb7a755bcf\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">68% said they do not use it in leadership decision-making processes in their organisation<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">COVID-19 has left under increased pressure, and stakeholders are paying close attention to every move. Therefore it is important to make decisions that tie back to the organisation&#8217;s purpose. Purpose-driven organisations tend to do better during challenging environments because:<\/span><\/p>\n<ol>\n<li><strong><span data-preserver-spaces=\"true\">\u00a0Purpose cultivates engaged employees:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">Employees perform better when they feel that their work has meaning.\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/hbr.org\/podcast\/2018\/07\/turning-purpose-into-performance.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Research shows that employees who feel\u00a0<\/span><\/a><span data-preserver-spaces=\"true\">that their work has meaning and has a<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/hbr.org\/podcast\/2018\/07\/turning-purpose-into-performance.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">\u00a0greater sense of connection perform better during volatile times and are there to help companies recover and grow when stability returns.<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0Companies need to centre their business on an authentic purpose.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">\u00a0Purpose attracts loyal customers\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">and helps grow sales: Being a purpose-driven brand is 100% beneficial for your bottom line, no doubt about it.\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.prweek.com\/article\/1466208\/eight-10-consumers-say-theyre-loyal-purpose-driven-brands-cone\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">8 in 10 consumers say they are more loyal to purpose-driven brands<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0&#8211; a purpose-driven brand helps sustain customer relationships even during a crisis. When a business puts the purpose first, profits generally follow; however, the results can be more elusive when profits are first.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">\u00a0Purpose helps companies transform:\u00a0<\/span><\/strong><a class=\"editor-rtfLink broken_link\" href=\"https:\/\/www.forbes.com\/sites\/caterinabulgarella\/2018\/09\/21\/purpose-driven-companies-evolve-faster-than-others\/#15e8b4c155bc\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">When companies face hard decisions, they tend to have a sharper sense of how they should evolve when guided by their purpose<\/span><\/a><span data-preserver-spaces=\"true\">. Purpose makes for a cohesive transformation.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Purpose always put the mission first Organisations in the middle of a crisis face a flurry of urgent issues across innumerable fronts. Resilient leaders zero in on the most pressing of these, establishing priority areas that can quickly cascade.<\/span><\/li>\n<\/ol>\n<p><span data-preserver-spaces=\"true\">Six top emergency management leading practices:<\/span><\/p>\n<ol>\n<li><strong><span data-preserver-spaces=\"true\">\u00a0Centralise command<\/span><\/strong><span data-preserver-spaces=\"true\">&#8211; launch and sustain a crisis\u00a0<\/span><strong><span data-preserver-spaces=\"true\">command centre:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">Leading companies established emergency response teams to assess the risks and formulate response strategies after conducting robust scenario planning, which significantly improved the epidemic response mechanism and toolkits.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Support\u00a0<\/span><strong><span data-preserver-spaces=\"true\">talent and strategy &#8211; retain &amp; support talent, and they will enhance strategy:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">After the COVID-19 outbreak, many companies began implementing flexible work and working from home arrangements. Resilient leaders saw this as an opportunity for improvement, and many companies have identified and addressed new ways of work and communication within the organisation. Furthermore, leaders quickly understood the side effect of WFH and implemented a digital employee health declaration system to track their well-being.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Maintain and plan your\u00a0<\/span><strong><span data-preserver-spaces=\"true\">financing and ensure business continuity: U<\/span><\/strong><span data-preserver-spaces=\"true\">pdate and develop business continuity plans to understand contractual obligations, evaluate financial impacts and liquidity requirements, formulate debt restructuring plans, and optimise assets to help restore economic viability. Another core focus was understanding the economic effects across the entire value chain.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">\u00a0Support and trust your Supply chain: invest\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">in digital trading solutions to combat supply chain interruptions, overcome logistics and labour shortages, and get better visibility into local access limitations to ensure product supply for the domestic market. Operational agility and data quality were critical in supply chain scenario planning.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Stay\u00a0<\/span><strong><span data-preserver-spaces=\"true\">engaged with your customers:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0maintain an open and ongoing line of communication with your customers, including informing them of any emergency actions taken. This approach of working in partnership has built confidence amid the uncertainty.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">\u00a0Invest in Digital capabilities and develop digital roads &#8211;\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">Strengthen\u00a0<\/span><strong><span data-preserver-spaces=\"true\">digital capabilities:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">Revisiting your current marketing and e-commerce landscape for the short, medium, and long term is crucial for your business to succeed during a crisis. The current situation has made companies realise that to increase resilience, they need to implement digital capabilities across the entire organisation, promoting &#8220;no-touch&#8221; experiences and stepping away from brick-and-mortar presence.<\/span><\/li>\n<\/ol>\n<p><span data-preserver-spaces=\"true\">Apple&#8217;s bold decision-making of\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/edition.cnn.com\/2020\/06\/19\/tech\/apple-stores-closing-coronavirus\/index.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">closing 11 retail stores<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0in COVID-19 affected areas in the U.S. demonstrates the courage inherent in\u00a0<\/span><em><span data-preserver-spaces=\"true\">Aim for speed over elegance. Apple also\u00a0<\/span><\/em><span data-preserver-spaces=\"true\">demonstrated several other principles:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">Empathising with the needs and concerns of its employees, including continuing to pay hourly workers as though operations followed a regular schedule and amending its leave policy for COVID-related health issues<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Reducing further shocks to an already depleted supply chain<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Staying connected to\u2014and overtly demonstrating concern for\u2014its customers and local communities<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Leveraging its at-scale digital presence by keeping its online store open and running<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Continuing to\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.macrumors.com\/guide\/covid-19-coronavirus\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">engage its business ecosystem via new channels, shifting the annual Worldwide Developers Conference in June to a digital-only gathering<\/span><\/a><\/li>\n<li><span data-preserver-spaces=\"true\">#7 &#8211; Engage with your\u00a0<\/span><strong><span data-preserver-spaces=\"true\">business ecosystem<\/span><\/strong><\/li>\n<\/ul>\n<h3><span data-preserver-spaces=\"true\">Speed is key<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">Covid-19 has tested companies and their reaction time. The reality is that most companies do not have the infrastructure to deliver accurate information or data in real-time, which has tested their operations. And COVID-19 will continue to test companies- are you ready to accept that you&#8217;ll need to act with imperfect information? Collect as much proxy data as you can to inform your decisions, so you&#8217;re not flying blind. When the crisis is over, you will have the opportunity to conduct a thorough review to see how to improve information quality in future crises\u2014but during this one, you will likely have to set aside that kind of analysis.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Perfect is the enemy of the good, especially during crises when prompt action is required. An effective leader understands that teams and individuals deeply embedded in a specific context are likely to be in the best position to develop creative approaches during a crisis. COVID-19 is forcing leaders into situations that were never anticipated &#8211; however, this is a great opportunity to encourage more initiative and decision rights at all levels of the organisation.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Tip:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">Make the objective clear, but allow more flexible local autonomy.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Case study:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">one coffee shop chain gave each store leadership the flexibility to reconfigure tables to maintain social distancing. This approach may have value beyond the current crisis as organisations learn to conduct business in more and more uncertain times.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Medium is the message.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Marshall McLuhan&#8217;s famous statement &#8220;the medium is the message&#8221; in the midst of a crisis is even more relevant during the COVID-19 crisis.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Many psychologists assert that most communication today lacks eye contact, voice intonation, and body language essential to building a trust-based relationship.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Tip:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">Body language is essential in building a trust-based relationship with your team. Instead of emails, encourage video to connect emotionally with your teams &#8211; and avoid the overwhelming feeling a busy inbox leaves.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Communication is key; as a leader, your team and stakeholders depend on your regular guidance. There is a fine balance between communicating in advance of all the facts and being late to comment. We have seen leading companies adopt a policy of shorter, more frequent communications based on what they do know and filling in details later. Incomplete or conflicting communication will slow your business&#8217; response; your teams and stakeholders may start filling the void with misinformation and assumptions.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In a time of crisis, trust is paramount. This simple formula emphasises the key elements of trust for individuals and organisations:<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Trust = Transparency + Relationship + Experience<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Trust starts with transparency: telling what you know and admitting what you don&#8217;t. Trust is also a function of relationships: some level of &#8220;knowing&#8221; each other and your employees, customers, and ecosystem. And lastly, it also depends on experience: Do you reliably do what you say? In times of growing uncertainty, trust is increasingly built by demonstrating an ability to address unanticipated situations and a steady commitment to address the needs of all stakeholders in the best way possible.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This is not just about charts and numbers. It&#8217;s also important to recognise and address the emotions of all stakeholders. Narratives can be powerful ways to acknowledge the fears that naturally surface in times of crisis while at the same time framing the opportunity that can be achieved if stakeholders come together and commit to overcoming the challenges that stand in the way.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This is not just about charts and numbers. Narratives can be powerful ways to acknowledge the fears that naturally surface in times of crisis while at the same time framing the opportunity that can be achieved if stakeholders come together and commit to overcoming the challenges that stand in the way.<\/span><\/p>\n<h3><span data-preserver-spaces=\"true\">It&#8217;s a marathon, not a sprint<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">Any period of volatility can create opportunities that businesses can leverage if they are prepared. In the case of the COVID-19 outbreak, organisations that take a more assertive and longer-term approach can spark innovations that will define the next &#8220;normal.&#8221;<\/span><\/p>\n<p><em><span data-preserver-spaces=\"true\">Harvard Business Review<\/span><\/em><span data-preserver-spaces=\"true\">\u00a0has assessed the corporate performance of over 4.7000 companies during the past three recessions and found that\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/hbr.org\/2010\/03\/roaring-out-of-recession\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">those that cut costs fastest and deepest had the lowest probability of outperforming competitors after the economy recovered<\/span><\/a><span data-preserver-spaces=\"true\">. In other words, to emerge from a recession, your businesses need to strike the right balance between short- and long-term strategies by investing comprehensively in the future while selectively reducing costs to survive the recession. During the COVID-19 &#8230;&#8230;. particularly susceptible to a short-term mindset.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Plan structural changes and any lasting effects<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">COVID-19 is likely to accelerate fundamental and structural changes that were inevitable in any case\u2014but are now expected to occur\u00a0<\/span><em><span data-preserver-spaces=\"true\">far<\/span><\/em><span data-preserver-spaces=\"true\">\u00a0faster than they would otherwise. Consider that the &#8220;digitalisation&#8221; of work\u2014undertaken from home or elsewhere, with remote collaboration and reduced travel for physical colocation\u2014has been evolving steadily. Today, all around the world, businesses\u2014and their talent\u2014are learning to communicate, collaborate, and coordinate on virtual platforms and understand the increased efficacy and efficiency such work modalities can provide. Virtual work and collaboration tools will likely create a booming new market space.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The necessity of operating differently allows businesses to understand what they\u00a0<\/span><em><span data-preserver-spaces=\"true\">can<\/span><\/em><span data-preserver-spaces=\"true\">\u00a0do. These structural changes will require you to alter your business strategy and planning. So ask yourself:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">How can I shift my staffing model to allow more telecommuting or remote work? And how will that shift affect our real estate portfolio?<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Can we achieve cost savings by shrinking our organisation&#8217;s physical footprint?<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">What upgrades are required for video conferencing and network availability?<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Will I need more robust cybersecurity protocols?<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">If I adopt a decentralised work model, what new liabilities or challenges will I have to face?<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">What changes do I need to make to management, employee training and communication policies to run a more distributed workforce?<\/span><\/li>\n<\/ul>\n<p><span data-preserver-spaces=\"true\">COVID-19 is forcing businesses to operate differently from what they know best. However, this can allow businesses to understand what they\u00a0<\/span><em><span data-preserver-spaces=\"true\">can<\/span><\/em><span data-preserver-spaces=\"true\">\u00a0do.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Tip:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">Test your team while they are WFH. Testing can determine if your company can meet any future requirements if the current conditions persist &#8211; then, with the appropriate data, you can consider whether you should continue doing so.<\/span><\/p>\n<h3><span data-preserver-spaces=\"true\">Only Market Shapers can thrive.<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">Shaping your current strategies can create a source of new value that can ultimately help you emerge from unanticipated crises. Those who shape their industry&#8217;s future rather than adapt to it will emerge stronger than the rest. Organisations emerging from this crisis and shifting into the &#8220;<\/span><strong><em><span data-preserver-spaces=\"true\">future-proofing<\/span><\/em><span data-preserver-spaces=\"true\">&#8220;<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0stage will need to reinvent themselves, from identifying and solving new opportunities to aligning themselves with the future-shapers of their industry or even becoming the nexus of the next ecosystem. At the same time, their competitors focus on the crisis.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">COVID-19 impacts have created considerable investments in new manufacturing technologies that allow businesses to shorten the time between production to consumption\u2014creating entirely new markets to be shaped.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Predict new business models and implement them<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">Newly shaped markets prompt new business models &#8211; COVID-19 has tested business infrastructures, and some have crumbled. How will emerging trends, structural changes, and new markets redefine how your company and industry will be organised tomorrow?<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">For example, many have long realised that education was ripe for significant changes enabled by digital technologies. According to the United Nations, with over 290 million students out of school globally due to COVID-19<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.un.org\/en\/pdfs\/DigitalCooperation-report-for%20web.pdf\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">, the demand for online offerings, curricula, and platforms will likely accelerate<\/span><\/a><span data-preserver-spaces=\"true\">. Yet, some universities and faculty are just beginning to improvise remote offerings. Designing around the massive COVID-19 constraint demonstrates the real promise of potentially revolutionary changes in how we structure, locate, and operate our approaches to learning\u2014which are likely to lead to dynamic new market-making opportunities in this area.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">How will emerging trends, structural changes, and new markets redefine how your company and industry will be organised tomorrow?<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As another example, consider the growth in the adoption of\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/theconversation.com\/robots-are-playing-many-roles-in-the-coronavirus-crisis-and-offering-lessons-for-future-disasters-135527\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">A.I. and robotics.\u00a0<\/span><\/a><\/p>\n<p><a class=\"editor-rtfLink\" href=\"https:\/\/theconversation.com\/robots-are-playing-many-roles-in-the-coronavirus-crisis-and-offering-lessons-for-future-disasters-135527\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Already playing a pivotal role in detecting and treating COVID-19<\/span><\/a><span data-preserver-spaces=\"true\">, AI-equipped tools scan social media to analyse virus progression in real-time, recognising viral pneumonia in chest<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/analyticsindiamag.com\/ai-corona-covid19-fight-deepmind-alibaba-baidu-algorithm\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">\u00a0CT scans 45 times faster than humans with 96% accuracy, and conducting molecular synthesis and validation in days rather than months or years<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">There is a real sense of urgency to stop COVID-19 from further damage. With private and public sectors partnering and investing in answers, the future health care models will change as over half is slashing the typical decade-long pharmaceutical R&amp;D cycle, and the regulatory framework is skipped.<\/span><\/p>\n<h4><span data-preserver-spaces=\"true\">COVID-19 will continue to test resilient and effective leadership<\/span><\/h4>\n<p><span data-preserver-spaces=\"true\">COVID-19 will redefine any resilient leadership. Leaders will need to lead their organisations between having to make decisions without perfect information, often with only a few hours or days to spare. More than ever, the myriad of decisions and challenges will significantly implicate the organisation&#8217;s whole system, from employees to customers, from clients to financial partners, from suppliers to investors, and other stakeholders\u2014as well as society.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Clarity of thinking, communications, and decision-making will be at a premium. Those CEOs who can make the best exhibit this clarity\u2014and lead from the heart and the head\u2014will inspire their organisations to persevere through this crisis, positioning their brand to emerge in a better place, prepared for whatever may come. Crises like these, with deep challenges to be navigated, will also lead to opportunities for learning and deepening trust with all stakeholders while equipping organisations for a step change that creates more value not just for shareholders but also for society.<\/span><\/p>\n<h3><span data-preserver-spaces=\"true\">Action guide for effective leadership<\/span><\/h3>\n<p><strong><span data-preserver-spaces=\"true\">Launch and sustain a crisis command centre<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">Most organisations in the affected regions have launched some form of the crisis response unit, either as a result of a preestablished crisis response plan or on an ad hoc basis, to gain an enterprisewide understanding of the impact and coordinate their efforts across functions. Subteams have been created to manage specific workstreams such as communications, legal, finance, and operations. They operate with a clear mandate provided by executive management and have been empowered to make swift decisions in the following areas.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Such a command centre doesn&#8217;t have to be entirely defensive: It can also help break traditional orthodoxies.\u00a0<\/span><a class=\"editor-rtfLink broken_link\" href=\"https:\/\/www.dnb.com\/content\/dam\/english\/economic-and-industry-insight\/DNB_Business_Impact_of_the_Coronavirus_US.pdf\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Airlines that are cancelling flights, for example, are making the downtime more productive by prioritising scheduled maintenance for grounded aircraft\u2014and reallocating larger planes to space-constrained routes\u2014enabling them to make more efficient use of resources<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Such a command centre doesn&#8217;t have to be entirely defensive: It can also help break traditional orthodoxies.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Support talent and enhance strategy:\u00a0<\/span><em><span data-preserver-spaces=\"true\">work<\/span><\/em><span data-preserver-spaces=\"true\">,\u00a0<\/span><em><span data-preserver-spaces=\"true\">workforce<\/span><\/em><span data-preserver-spaces=\"true\">, and\u00a0\u00a0<\/span><em><span data-preserver-spaces=\"true\">workplace<\/span><\/em><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">It is key to support your talent while they support your strategy. To do so:<\/span><\/p>\n<ol>\n<li><span data-preserver-spaces=\"true\">Evaluate the actual<\/span><strong><span data-preserver-spaces=\"true\">\u00a0<\/span><em><span data-preserver-spaces=\"true\">work\u00a0<\/span><\/em><\/strong><span data-preserver-spaces=\"true\">of your company and how it might be changed. Work has to be onsite and evaluate what safeguards can be implemented, such as revised cleaning protocols or personal protective equipment. Resilient leaders rapidly assess what work is mission-critical and what can be deferred or deprioritised and then help teams understand where their focus needs to be (including what work is not strategically critical). Allow your people to focus on the most vital tasks and empower teams to be creative in delivering nonessential work in ways that minimise unnecessary risk or exposure to your employees and your customers.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Focus on the\u00a0<\/span><strong><em><span data-preserver-spaces=\"true\">workforce:<\/span><\/em><\/strong><span data-preserver-spaces=\"true\">\u00a0because the most effective plans encompass employees (as well as contractors, vendors, partners, and unions) who need to be included to keep the entire workforce safe. Address the immediate COVID-19-related human needs for information, including education on COVID-19 symptoms and prevention and access to employee assistance resources. As the work itself contracts and\/or expands, ensure that you have operational plans for site disruption and reactivation, including communicating to affected employees. While assessing possible changes to leave policies (such as for employees caring for affected family members), also prepare for potentially higher absenteeism, lower productivity, and even work refusal until the situation ultimately normalises post-crisis.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Understand that the\u00a0<\/span><strong><em><span data-preserver-spaces=\"true\">workplace<\/span><\/em><\/strong><span data-preserver-spaces=\"true\">\u00a0and its culture are critical: because of COVID-19, companies need to ensure the safety of working environments and prepare workplaces for containment and contamination. Suppose an employee is suspected of being infected with COVID-19. In that case, a clear process must be in place for adhering to local health care requirements for isolating and\/or treating the employee at the facility.<\/span><\/li>\n<\/ol>\n<p><span data-preserver-spaces=\"true\">As COVID-19 continues to change any workplace culture, as an effective leader, how you deploy your workforce, distribute work and engage your people will change. Explore this new narrative to think about how you can elevate communications and create a more effective and healthy workforce.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Plan business continuity and financing<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">In almost every financial crisis, preserving cash and liquidity is a top priority. Even the most financially stable can struggle when challenges impact all industries simultaneously. In the 2008\u20132009 recession, Companies with strong balance sheets were among the many that still experienced liquidity constraints when commercial paper markets were suddenly interrupted. In some cases, this compromised their ability to meet basic short-term obligations.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The COVID-19 crisis will be no exception &#8211; there is a long period a large number of companies now face weeks, if not months, of disrupted markets. For many industries\u2014such as travel and hospitality\u2014the revenue lost during this period may be permanent rather than made up later. That&#8217;s putting sudden, unanticipated pressure on working capital lines and liquidity.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Some companies may maintain adequate flexibility by making drawdowns on their revolving credit facilities. Others find that they need to approach their banks to arrange temporarily larger facilities and\/or covenant resets\/waivers. However, such efforts could prove unsuccessful since banks may have reached their risk tolerance limits for a single credit. Revolving credit facilities may be frozen due to covenant limits and\/or cross-defaults. Security packages hastily assembled to support new funding may be insufficient due to limited collateral availability or prolonged economic distress. Or companies may be looking for a highly customised, rolling short-term facility on terms that do not naturally fit into a bank&#8217;s standard product suite.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Beyond immediate cash needs, the finance function also must respond to potential accounting and financial reporting implications\u2014if they can even get their books closed and\/or audits completed in affected areas. For instance, some corporations implementing first-ever (and quite appropriate) remote work arrangements may face unexpected tax challenges when paying employees in a different local tax jurisdiction than their main office.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Supply chain due to diligence<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">As the &#8220;world&#8217;s factory,&#8221; any significant disruption in China puts global supply chains at risk. The COVID-19 crisis, originating from the highly industrialised province of Wuhan, highlights the potential perils of this dependency: More than 90 per cent of\u00a0<\/span><em><span data-preserver-spaces=\"true\">Fortune<\/span><\/em><span data-preserver-spaces=\"true\">\u00a01000 companies had Tier 1 and\/or Tier 2 suppliers in most-affected China provinces.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">A decades-long focus on supply chain optimisation to minimise costs, reduce inventories, and drive up asset utilisation has improved many companies&#8217; supply chain efficiency. But COVID-19 illustrates that many companies are not fully aware of the vulnerability of their supply chain relationships to global shocks when optimising for efficiency over resilience. Further, COVID-19 demonstrates that a global outbreak can have many longer-lasting impacts than a local epidemic on a supply chain, which endures foreshocks and aftershocks as hot spots evolve worldwide.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Without a comprehensive plan or playbook\u2014and most organisations lack one for addressing a global outbreak\u2014companies can over adjust, causing greater disruption and unnecessary expenses. For example, some companies have responded to the COVID-19 crisis by imposing across-the-board inventory increases out of fear of running short of necessary supplies. For example, a bulge in retail apparel inventory concurrent with a rapid drop in consumer spending can exacerbate cash needs. Such decisions need to thoughtfully consider the unintended consequences and shocks.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">See the sidebar &#8220;Strengthening the supply chain&#8221; for important actions to consider to strengthen your global supply chain.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Strengthening your supply chain<\/span><\/strong><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Supply-side:<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0For companies that produce, distribute, or source from suppliers in affected areas, steps may include:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">Enhance focus on workforce\/labour planning<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Focus on Tier 1 supplier risk<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Illuminate the extended supply network<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Understand and activate alternate sources of supply<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Update inventory policy and planning parameters<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Enhance inbound materials visibility<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Prepare for plant closures<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Focus on production scheduling agility<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Evaluate alternative outbound logistics options and secure capacity<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Conduct global scenario planning<\/span><\/li>\n<\/ul>\n<p><strong><span data-preserver-spaces=\"true\">Demand-side:<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0For companies that sell products or commodities to affected areas, steps may include:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">Understand the demand impact specific to your business<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Confirm short-term demand-supply synchronisation strategy<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Prepare for potential channel shifts<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Evaluate alternative inbound logistics options<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Enhance the ability to allocate to customers based on priority<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Open channels of communication with key customers<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Prepare for the rebound<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Conduct global scenario planning<\/span><\/li>\n<\/ul>\n<p><strong><span data-preserver-spaces=\"true\">Inside:<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0For companies that operate or have business relationships in affected areas, steps may include:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">Educate employees on COVID-19 symptoms and prevention<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Reinforce screening protocols<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Prepare for increased absenteeism<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">.Restrict nonessential travel and promote flexible working arrangements<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Align I.T. systems and support to evolving work requirements<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Prepare succession plans for key executive positions<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Focus on cash flow<\/span><\/li>\n<\/ul>\n<p><strong><span data-preserver-spaces=\"true\">Stay engaged with your customers.<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">You must maintain a relationship with your audience, and it is time for your company&#8217;s brand to lead. During crises, customer needs shift dramatically &#8211; from the rational to the emotional &#8211; it is your job as a leader to intercept that shift.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">A study of consumer behaviour found that a business&#8217;s traditional customer segments are at risk during a downturn. Their purchasing behaviour is driven more by their emotional response to the economic volatility than by the characteristics businesses typically consider when defining their customer segments.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Particularly important is to consider how your own sales efforts will appear. Suppose you&#8217;re going to offer price cuts or marketing promotions. In that case, some might see that as an attempt to capitalise on a crisis\u2014or worse, undermine public health efforts to encourage people to stay out of stores and other public places. Look at other benefits you can offer customers that help sustain the customer relationship. For example, some hospitality companies are deferring the expiration of loyalty points.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Digital Transformation inside and outside<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">With the COVID-19 lockdowns happening more often than not and the recommended &#8220;social distancing&#8221; becoming permanent, organisations had to change. Resilient companies expanded their operations into the virtual and digital sphere.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Decisions like asking their\u00a0<\/span><strong><span data-preserver-spaces=\"true\">workforce<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0to WFH pushed companies into a digital transformation.\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.zdnet.com\/article\/survey-despite-steady-growth-in-digital-transformation-initiatives-companies-face-budget-and-buy-in\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">70% of companies had a digital transformation or were working on one<\/span><\/a><span data-preserver-spaces=\"true\">. However, COVID-19 tested organisations and their digital capabilities. As a resilient leader, if you are prepared to make remote work a reality, you must ensure that the organisation can support it. Also, consider the impact of WFH on your team, who are likely to feel socially isolated. Dispersing your workforce remotely comes with the potential loss of innovation as the isolation will limit in-person interaction.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The increase in online activity will have big implications on your system stability, network robustness, and data security, especially if you do business in parts of the world where telecom and systems infrastructure is lacking. The key here is to ensure your team has a system in place, ensuring smooth operation as the workplace and workforce evolve. There is also the cyber risk your organisation faces with such arrangements. Since the lockdowns, phishing scams and other cyber attacks have been rising; the<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.experianplc.com\/media\/news\/2020\/fraud-rate-rises-33-during-covid-19-lockdown\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">\u00a0fraud rate has risen by 33%<\/span><\/a><span data-preserver-spaces=\"true\">. Implementing the proper cybersecurity protocols will safeguard your networks, data and team. Our article on how the\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crigroup.com\/ar\/covid19-increases-identity-theft-cases-7-steps-to-lesson-your-risk\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">COVID-19 increased identity theft cases: 7 steps to lessen your risk<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0can help you understand all of the steps you can take to protect your business.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Maintaining customer connections virtually amid shifting behaviours also has challenges. As\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.cbsnews.com\/live-updates\/coronavirus-updates-cases-fears-deaths-us-latest-2020-03-13\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">COVID-19 fears rose in the United States<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0in early March,\u00a0<\/span><a class=\"editor-rtfLink broken_link\" href=\"https:\/\/www.digitalcommerce360.com\/article\/coronavirus-impact-online-retail\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">online sales increased 75% year over year<\/span><\/a><span data-preserver-spaces=\"true\">, and the number of online shoppers increased too. While retailers may want to move more sales online to offset declining store traffic, they should ensure that their team has tested a scaled capability before making such a shift. Providing substandard service could damage your brand long-term than the lost sales in the short term.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Embrace your business ecosystem and future-proof your company<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">With new business models emerging from the crisis COVID-19 is creating, you have an opportunity to become the nexus of a brand new future-proof ecosystem. This new global and digital ecosystem will add layers of complexity and potential vulnerabilities to your business\u2014but it can also offer opportunities that can future-proof your company. As an effective leader, consider the following questions:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">How can we use the ecosystem to improve the resilience of our organisation during COVID-19?<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">How am I extending my stakeholder communication to embrace ecosystem partners that have become critical business model components?<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">What additional data might my partners have to improve my operations?<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">What level of communication is appropriate for the investor community\u2014the more traditional &#8220;ecosystem&#8221;.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">As new business models emerge from the crisis, can I become the nexus of a new, emerging ecosystem built for the new &#8220;normal&#8221;?<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>","protected":false},"excerpt":{"rendered":"<p>Strong and effective leadership during a crisis is key COVID-19 and its rapid global spread have quickly eclipsed in size and scope. In addition to the human toll and the economic damage, coronavirus has significantly changed the business landscape beyond recognition. In the face of COVID-19 specific challenges and still-uncertain risks, business leaders are rightly [&hellip;]<\/p>","protected":false},"author":1,"featured_media":9118,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23,146],"tags":[],"class_list":["post-1120","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry-insights","category-resources"],"gutentor_comment":0,"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v16.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<meta name=\"description\" content=\"In the face of COVID-19 specific challenges and still-uncertain risks, are highlighting the importance of effective leadership.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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