The term “resilience” is being used to describe the need for businesses to rebound and stabilize during the economic downturn resulting from the COVID-19 health crisis.
Resilience is one of the most important things we can focus on as economic uncertainty continues. From the supply chain to risk management and short-term decision-making, resilience applies to all forms of business continuity. “Resilient” is the descriptor we should strive for when thinking about how others will refer to our behavior, attitude, and performance during crisis. A company that exemplifies resilience will serve as a case study for proper crisis management.
What is organizational resilience?
Resilience in action can be motivating and inspire resilience in others. It can have a compounding effect on your organization and lead you to a situation where the whole is greater than the sum of its parts.
Organizational resilience is the manifestation of that compounding effect. It refers to the strength of your company to remain true to its culture and values during unprecedented circumstances—providing the framework from which to make the difficult decisions needed to survive, stabilize, and thrive.
A resilient organization is able to efficiently scale up, down, or pivot as needed—weathering the storm and even capitalizing on unforeseen events or challenges.
How to build organizational resilience
Like a muscle, resilience can be built and maintained. Through deliberate focus and practice, your company can build a strong culture, teams, systems, and processes. These allow it to flex during trials and tribulations—often coming out stronger and more resilient than before.
Well-defined culture and values. Culture and values are the backbone of an organization, the minimum expected behavior of your company. Resilient organizations have cultures that stand the test of time and core values that keep the company focused on what matters most.
Strong teams. It takes time to build enough trust and confidence among team members for them to put their egos aside, adapt, and embrace required change. Teams that regularly practice team building, recognize each other’s unique strengths and weaknesses, and collaboratively solve problems will find themselves ready to act when a crisis arises.
Updated systems and infrastructure. The right systems and infrastructure are required to ensure your company can continue to operate in any climate. Companies that work to continually evolve their tech stacks, systems, and infrastructure in normal times will reduce the chances that they are forced to make expensive or disruptive decisions, soaking up critical resources in times of need.
Smart measurement and processes. Understanding what metrics ultimately drive performance and value for your business is critical. Ongoing access to key performance indicators metrics and trends can allow you to identify and respond to issues before real danger arrives. KPI’s can also let you see where bottlenecks exist and indicate where better processes are needed. With well-defined processes and the right data, business leaders can make objective decisions.
To help your business strengthen its resilience, The Roebuck Group is offering a free guide produced by our partner, The Predictive Index: Surviving an Economic Downturn. In this guide, you’ll learn how to safeguard your company through talent optimization. Think of talent optimization as a series of surgical, highly-effective interventions you can take to ensure an agile and resilient organization. The guide includes peer insights, actionable advice, and a checklist of steps you can take.
As you move forward and make necessary changes to position yourself for stability and eventual growth, have the confidence to tackle your challenges head-on. This is a time to be proactive. Amidst the current uncertainty, one thing is sure: Those who survive this downturn will come out stronger and better than ever before.