How Businesses Have Successfully Pivoted During the Pandemic
The nearly instantaneous economic recession triggered by the Covid-19 shutdown has wreaked havoc on businesses large and small. Our very way of life is also said to be threatened. On the basis of sweeping proclamations about “the end of commuting,” “the demise of retail,” and “the collapse of globalization,” many executives have come to assume that everything will change. Accordingly, the recipe for survival is supposed to be a thorough transformation of the entire company — or else a bankruptcy filing.
The reality of how companies are dealing with the crisis and preparing for the recovery tells a very different story, one of pivoting to business models conducive to short-term survival along with long-term resilience and growth. Pivoting is a lateral move that creates enough value for the customer and the firm to share.
Consider Spotify, the global leader in music streaming. In principle, this type of platform has all the ingredients for success in the lockdown economy: customers trapped in their homes who would like to escape from a depressing reality by listening to songs seamlessly streamed to a playback device without any need for physical distribution…
How Resilient Leaders Think
Resilience as a career concept is having a kind of heyday, with good reason. Flung into new ways of working, both at home and in newly dangerous roles, people all over the world were forced into adapting to the pandemic and economic crisis while doing their jobs.
Confronted with the continued flow of bad news, some kept a bit more of themselves intact. The concept of resilience isn’t just about being knocked down and getting back up again. In a recent “Navigating the Turbulence of Covid-19” webinar, INSEAD Professor of Management Practice Narayan Pant spoke about how leadership resilience is the ability to emerge stronger from inevitable adverse circumstances…