Build Resilience through Challenging Experiences.pdf
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The document discusses business resilience, highlighting its importance for organizations to adapt to disruptions and thrive in a competitive environment. Key components of resilience include competence, confidence, connection, character, contribution, coping, and control, alongside strategies for building resilience. It also provides a case study on Shopify's successful transition to remote work during the COVID-19 pandemic, showcasing effective risk management and adaptability.
Build Resilience through Challenging Experiences.pdf
- 1. 1 Resilience: A Core Survival Value
- 2. 2 It is the intrinsic ability of a business or an organization to adapt to a disruption or a change in order to thrive. What is Business or Organizational Resilience?
- 4. 4 Resilience: Why does a Growth Oriented workforce need it? Improves Team Coordination Helps absorb shocks and turns them into opportunities Increases productivity creativity and innovation Reduces the impact of crisis Sustains growth and competitiveness Fosters sense of loyalty and commitment in employees
- 5. 5 What are the opportunities to be resilient in a corporate world? Financial Condition – Bankruptcy, Insolvency, Liquidity issues. Personnel – Misconduct, Lay offs, Leadership changes and Resignations. Natural Disaster – Earthquake, Hurricane, Wildfire, Floods. Product/Service Related – Production, Distributing, Marketing challenges. Technological Crisis – Data breach/Cyber attack, Outdated Model, Malfunctions.
- 6. 6 Does your organization have the following traits? Collaborative Culture High Staff Engagement Strong and Aligned Leadership Organizational Agility Effective Decision Making Strategic Approach If YES… Congratulations! Your Organization is Resilient
- 7. 7 Disruption is Inevitable! How do you want to respond to it?
- 8. 8 Steps to create a Business Resilience Plan Identify Risks and assess its impact – before creating a plan consider the possible financial, technological, environmental, legal and any other internal-external threats or risks the organization has. Test, Review and Monitor the plan – conducting simulation or trail runs, updating the required areas and constantly monitoring the plan considering the situational changes. Create a plan – develop an in depth plan with tasks delegated to respective team and the estimated time of completion. Align the plan with the stakeholders to ensure a successful implementation.
- 9. 9 How to build Resilience in a corporate world? Anticipate and prepare: Maintain a state of informed preparedness in order to forestall compromises in organizational functions. Respond and recover: Execute response procedures and restore organizational functions after a major disruption. Withstand: Continue the functions despite a disruption or critical outage, limiting significant impact and curtailing downtime. Sustain: Tap into knowledge from prior disruptive events to enhance your resilience processes and reduce adverse impacts in the future Source: pwc.com
- 10. 10 Components of Resilience: 7 C’s of Resilience Resilience Competence Confidence Connection Character Contribution Coping Control
- 11. 11 1. Competence Competence is the ability of the business to perform efficiently. During a crisis the competence can be regained by focusing on the objectives and goals and preparing a work culture conducive for growth.
- 12. 12 2. Confidence Confidence in the product and service offerings, leadership and employees plays a significant role in a competitive environment. Confidence can be rebuilt by learning from best business practices and planning for adversities.
- 13. 13 3. Connection Proactively networking with businesses and individuals that share the same wavelength ensures fast paced growth.
- 14. 14 4. Character The impression and the reputation of the business is a key element of how markets perceive the products and the management. A good character helps in reducing the impact of crisis. Transparency with stakeholders and commitment to the vision and mission of the organization helps in creating a reputable and sustainable character.
- 15. 15 5. Contribution Giving back to the society and environment is a key element of organization’s corporate social responsibility. An organization that regularly contributes is positively perceived by the stakeholders.
- 16. 16 6. Coping A coping mechanism is a survival skill in times of adversity. An organization can develop its coping mechanism by preparing for adversity before hand and being agile.
- 17. 17 7. Control The response a business has towards an adversity defines the consequences either in terms of success or setbacks. It is essential to make calculated decisions and mitigate potential risks. Buying an insurance helps avoid adverse effects during a crisis.
- 18. 18 Success consists of getting up just one more time than you fall “ ”
- 19. 19 Leveraging challenges for growth Challenges often are opportunities in disguise, make the most of them by leveraging them towards the growth of your organization, here is how you can do it. Adaptability Skill Development Innovation Networking Embracing change and learning from setbacks in order to bounce back stronger and more resilient. Setbacks often highlight the areas of improvement, developing knowledge and skills beyond the current organizational expertise. Acting as a catalyst for growth, challenges push you towards thinking outside the box and try newer strategies. Collaborating and networking to use synergy during times of challenge.
- 20. 20 Leveraging challenges for growth Challenges often are opportunities in disguise, make the most of them by leveraging them towards the growth of your organization, here is how you can do it. Attitude Leadership Development Training Emotional Intelligence Developing and maintaining a winner attitude throughout the organization keeps employee morale high and fastens bouncing back. Making decisions under pressure is a crucial leadership skill that gets honed during a crisis. Conducting trainings for leadership, management and employees to upskill them. Post a setback, taking note of the transformation phase and techniques adopted to bounce back. Becoming ready to face challenges in the future.
- 21. 21 Models of Resilience These models can be adopted to create a plan for organizational resilience to absorb setbacks and not just bounce back but make your organization bounce forward. Source: Australian Institute for Disaster Resilience
- 22. 22 Attributional Resilience Model Values and leadership in a business is aware of internal and external changes. This develops a change sensitivity and with the help of integration with other business dependents in the presence of awareness and effective communication makes an organization flexible and promotes resilience.
- 23. 23 The Herringbone Resilience Model This model aligns the capabilities and characteristics that can improve resilience. A contribution of the above mentioned depending on the circumstance accelerates organizational resilience.
- 24. 24 The Resilience Triangle Model This model highlights the fluidity of the three capabilities that is determined by assessing if the capabilities are fit for the purpose, flexible, tenacious and hold the capability to achieve organizational goals.
- 25. 25 Corporate Resilience Case Study: Shopify In May 2020, the Canada-based company announced that it would be “digital by default” going forward. Shopify’s CEO, Tobias Lütke, stated that it would be taking on a remote-first hybrid setup that allowed the majority of its workforce to undertake the requirements of their roles from home. This change is widely lauded as being smooth and nearly seamless for Shopify. The reason for this is that the elements were primarily in place already. Shopify had already faced a similar disruption, when they began to service more international merchants in wide-spreading time zones. Because of this, many of their customer support representatives found themselves having to work alternative shifts in order to cover all the different time zones. However, the company found that working these graveyard shifts, for example, in an office environment was having a negative impact on their workforce. Importantly, attrition was on the rise within that segment of its employee base. So, they adapted to that pressure and implemented remote and hybrid working arrangements. Shopify had a risk management framework in place that allowed it to identify the human resource risk associated with working the graveyard shift. Therefore, they were able to change their operations to become a more resilient company. This same adaptability came into play when they faced the much larger and widespread COVID- 19 disruption, which they were then able to manage with skill and ease. Today most of their employees permanently work remotely, and will likely continue to do so.
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- 27. 27 THANK YOU! Samira Chandra Gupta Executive Presence & Leadership Communication Coach, Life Coach, NLP Practitioner, Image Consultant, Fire-walking Instructor, Corp Facilitator +91 9958934766 samira@auraaimage.com