There is no doubt that we are currently witnessing the unfolding of a new world order. This time it is not a unicorn start-up or a technological revolution that has catalyzed this disruption, but a virulent Virus. This non-living being has forced us to re-imagine our lives and work ecosystems.
Covid-19 and its aftermath will definitely have far reaching consequences on businesses. As a chief executive I have been part of key decisions to cushion the impact on my Enterprise. Leaders are expected to lead the way for their tribe, more so in the times of crisis. The Leadership at my company, like most others around the world, have taken necessary cost cutting measures without having to sacrifice employees. Just like the frontline health workers, our service engineers have been continuously supporting our key clients. In the past three weeks our employees have exhibited immense agility by adapting to the work from home (WFH) set up and have also been productive.
If anyone has had any trouble adjusting to this new way of working, I feel it is the CxOs like me. We are used to face-to-face client meetings, frequent business travel, power lunches, speaking at industry events and happy hour networking. These are crucial not only to further our business but also to cement our image as high-flying, successful and influential Executives. In the many past years, this is the first couple of weeks that I have been completely grounded. All my meetings are now phone calls or emails. My business travels in the region and outside are now WebEx calls. Power lunch discussions have given way to family banter and there is literally no end to the happy hour!
Similar to the above insignias, the Corner offices are often a statement. As is widely accepted, they signify your position in the company. In the recent years, more modern corporates are migrating to the open seating and fluid arrangement with the idea that CxOs should come across as more accessible and approachable. Such an office layout does not provide for closed glass cubicles for the C-Suite executives. In the current circumstances however, we are relegated to our working corners at home, to the study desk and dining tables.
Needless to say, most of the above changes have led to cutting overhead costs and, in some cases, proven to be more effective. This means that some of the business models customised to overcome the Covid restrictions are going to be the new business model. This includes WebEx meetings replacing business travels to sacrificing perks and privileges that one could otherwise lay claim to.
So how do you as a C-Suite executive continue to manage your image in the new world order where the above symbolisms of power and significance may no longer exist.
Upskilling the brand YOU: Learn and upgrade your knowledge. It will take a concentrated effort from leaders in all walks of life and business to bring the economy back on track. You may as well come out of this period prepared and upskilled to contribute to this rebuilding of your business community and answer questions on what your plan for the sustainable future of your company is. Enhance your expertise and offer it to the world.
Create and cement bonds with your stakeholders, partners, suppliers, and employees. During this period, you can tell between the contributors and distractors. Post-Covid, make sure to acknowledge the contributors because they continued to believe in you.
Communicate with transparency and honesty: In times of uncertainty, everyone involved is worried at a professional and personal level. While ensuring that your positivity doesnt come across as being unrealistically optimistic, you should make sure that your employees and other stakeholders are made aware of the measures that you have put in place to protect their interests. Be authentic and fair, yes even if you have to make difficult decisions. Take care of your employees, they will remember how you treated them during the crisis, and this will affect their work culture post-Covid.
Prepare for the impending liquidity crisis.
Sort out the contractual and legal aspects.
Lead and embrace the new work culture: Depending on how long the current situation lasts, productivity will be a major concern. The transition from the remote working culture to back to office will not be easy. It is time to look to transition from prescribed working hours to flexible working days in a week. Rotation of the workforce or a mix of remote and onsite working model may be necessary and useful.
Stick to your companys vision and your core values: During times of crisis, one could be tunneled down by the need to do damage control resulting in short-term tactical measures. While some short term quick fixes may be essential, a CxO ought to see the bigger picture and not forget the core values and principles that you and your company are guided by.
See the silver lining: See this period of transition as one with immense transformational potential. We have constantly wondered what the future workplace will look like, how virtual reality will change the way we communicate and work, and how digital collaborations will bring in better efficiencies in terms of quicker decisions and the ability to improve long-distance/cross-geography collaborative work. In usual circumstances the rate of adopting a change or embracing any technological innovation is slow. Ironically, as I said at the beginning, this Virus seems to be the accelerator that we need. It has come at a huge socio, political, economic and more importantly human cost, that the lessons learnt are too valuable to not imbibe. So, leverage the newfound efficiencies in the customized business model to bring about the transformation you have always wanted to see in your company.
Seek opportunities to create value: This goes in line with the previous point. We should seek to convert challenges into opportunities. If you look at major startups like Uber, AirBnB, Flipkart, and Whatsapp, you would see one thing in common. They were founded during peak recession in the early 2000s as a response to changing market needs, reduction of day to day expenses, diversify personal sources of income, easier file sharing, and communication so on and so forth. These companies were able to attract investment despite the recession by creating value. While big companies may not be agile enough to make quick changes to their investment portfolios and operations model, startups and SMEs can use this period to sharpen their strategies and raise capital. To be able to do this CxOs should look at new needs emerging in the market, build in agile business models and innovate to offer unique value.
As the Canadian clinical psychologist and professor, Dr. Paul Wong puts it A persons true character is often revealed in time of crisis or temptation. Make sure that you have what it takes to be your best in such times. I would add to this and urge the CxOs to use this time of crisis to make sure you have what it takes to be your best to address what is in store post such times.