REVAMP and GROW in the New Normal

The pandemic is losing its impact; but has left the humanity impacted in turn. However, the resilient and agile species that we are, we are bound to survive, rise and shine! Alongside fighting the pandemic, getting people vaccinated, and providing a shield, we now have to get back to that life-on-the-bullet track that was prior 2020. A lot has happened impacting individuals, communities, countries, economies, world and humanity at large.

 

But, mankind never stops. With change being our only constant and necessity, being the mother of all inventions, we are bound to INVENT-REINVENT-REVAMP and grow our lives, economy, country, world and humanity. Has that time finally come…? YES it has.

The pandemic has hit us individually and globally. It has slowed our pace, caused disruption and forced us to rethink, redesign and restructure our thoughts, beliefs, aspirations, desires, wants and needs.

The astute and intelligent race that we are, we will certainly recourse the disruption in our favour by building on the challenges and learnings that it ushered upon us. And we shall grow in its face being an evolved race with abundance of empathy, appreciation, compassion and humanity- the elixirs of life.

This evolution is calling for change. The change process has started; and who is responsible to lead and bring about this change towards an evolved mankind? Yes, it is the Political and Corporate Leadership across the globe.

 

While economists are working on brining in reforms and regulations in its policies and governance, we at corporate have to redesign, realign and restructure our business, operations, and people- processes to REVAMP and GROW in the new terms.

With our learnings from the challenges faced, and options that worked as an eye opener, corporate strategists and policymakers will have to redefine and align the following business aspects:

 

Business Model Innovation

Every business leader needs to reflect on what they’re offering customers and how they operate as a business. There were lots of industries that were completely transformed in 2020, such as the hospitality and events industry. The businesses that are currently thriving even during a pandemic are those that reacted quickly to the changes. It will be more important in 2021 to innovate your business model. It goes without saying that business leaders will have to revisit their vision, mission and values, making them inclusive and humane.

 

Realigning processes and restructuring

The pandemic has exhibited challenges and learnings in every business function, be it production, supply chain, or sales and marketing. With the shift from global to local, the rise of a-commerce, diversification of supply chain, automation etc., the HR will have to understand the circumstances and the business context, and invest time with stakeholders. They must also realign the business processes, create a new scope of work, restructure teams, rewrite the job descriptions and revise performance metrics (giving weightage to incorporate automation in processes) along with revamping your total rewards strategy.

Remote working, revised processes and structures further call for a lot of interventions like performance management, total rewards planning, training re-skilling and up-skilling employees etc. For many businesses, it is like restarting their journey. Organizations that will achieve a competitive advantage shall be those which deploy AUTOMATION, and Artificial Intelligence in processes, people analytics and cloud based systems. This is the best time to live the paper-less office dream!

 

Remote Working

Evidence shows that work-from-home has its advantages, and an acceptance among employees. It is expected that remote-work model will remain, and this trend will continue through 2021 and beyond. However, some organizations may adopt a combination of remote as well as onsite work.

In order to reap maximum benefits of remote working, leaders all across will have to:

1. Up their TRUST quotient and leverage technology by deploying the right IT Infrastructure to optimize WFH for employees.
2. Shift the focus from calculating employee work hours to total productivity and the quality of work done.
3. Invest in technology to support employees.
4. Emphasize more on agile goal setting, continuous feedback, ongoing performance reviews and continuous employee development.
5. Develop and exhibit Servant Leadership with empathy, agility, care (for self and others) and resilience as armour.

 

Wellbeing, mental health, and invigorating a culture of care

Physical health is very important, but today, our mental health is of equal, if not more importance. Let’s ensure the mental well-being of employees as well.

Organizations have to rethinking holistic ways to recreate employee wellness programs and benefits, including physical wellness, mental health, flexible work schedules, child care, elder care, paid time off and more.

Employers will have to invest in employees’ well-being initiatives. Business leaders will have make caring and compassion a priority. However, a culture of care isn’t something you can institute overnight. It takes planning and, more importantly, a follow-through by corporate leadership. In times ahead, this will be a great differentiator in your market.

 

Sustainability

Sustainability has been a concern for some time, but during the pandemic, the emphasis shifted. As disruptive as the Corona virus was to business, companies are starting to realize how the environmental crisis could be extremely damaging to the world, more so than this pandemic. Therefore, every company needs to rethink operations, environmental impact, and, their products and how they are being used. Sustainability needs to be aligned with meaningful purpose, vision and values. Companies should focus on reducing their carbon and water footprint.

 

Those who have started thinking in the direction can be certain to bring disruption and this time for good. Have you started?