Key steps required to protect employees, customers, supply chains and financial results
McKinsey & Company
Five keys steps to help organisations protect employees, customers, supply chains, and financial results are outlined in McKinsey’s latest COVID-19 briefing.
- Resolve: Address the immediate challenges that COVID-19 represents to the workforce, customers and partners
- Resilience: Address near-term cash management challenges, and broader resiliency issues
- Return: Create a detailed plan to return the business back to scale quickly
- Reimagination: Re-imagine the “next normal” –what a discontinuous shift looks like, and implications for how the institution should reinvent
- Reform: Be clear about how the environment in your industry (regulations, role of government) could evolve
The full, up-to-date briefing is available here.
Facing the challenges of a digital world
Almost all organisations recognize the need to evolve and transform in line with new digital capabilities. Indeed, most organisations have already embarked on their digital transformation journey. However, more than 80 percent fail to reap their desired benefits because they don’t address a variety of factors:
- Leadership buy-in. Digital is often seen as a side project, or something “additional,” rather than a transformative force for the organization and its overall strategy.
- Overemphasis on technology. Many companies jump immediately to tools and solutions without first identifying the problems that need to be solved.
- Clarity on source of value. Many do digital for digital’s sake, which simply perpetuates the existing model rather than transforming it.
- Required investment. Even when leadership is aligned on the strategy, they may underestimate the investment that is required to capture the rewards.
- Organization-wide engagement. Digital is often seen as the responsibility of a few people rather than a vehicle for organization-wide change.
- Executional bias. Digital initiatives often comprise big flagship deals and complex strategies but offer little real value for consumers or employees.
Six tips: how to lead for good times when times are bad
London Business School
Amid uncertainty and disruption, one thing is for sure: good leadership has never been more essential. The London Business School faculty have provided six evidence-based tips on leading for good in troubled times. The headlines are:
- Engage with ideas constructively
- Rely on your team
- Lead responsibly
- Combine top-down clarity with bottom-up initiatives
- Create psychological safety and meaning
- Read your way to better leadership
To read the full details follow the link.
John Hopkins University & Medicine is at the forefront of activities to develop understanding of the virus to help support policymakers and leaders in these challenging times.
Their interactive map provides valuable, up-to-date information on the global progress of COVID-19 across 175 countries, and can be accessed here.