Today’s CFO is the protector of tomorrow’s business resilience
A recent study conducted by McKinsey analysed more than 1,000 global organisations during the first wave of COVID. Out of these publically traded organisations, McKinsey found out a smaller populace of 10% had performed extremely well during this economic downturn. How did they manage to ensure business resiliency during these challenging times?
strengthening business resilience is a crucial responsibility that a CFO has on his agenda
They had three aspects. Firstly, these companies had put strong measures to empower Finance as an active function of the business effectively. This means that conversations stemming from the finance function have become more relevant for employees, and these discussions have become immediately actionable across the business. Throughout the organisation, financial professionals have been placed strategically to unlock the value of siloed data to provide fresh perspectives to reimagine the business in challenging times…
The Pursuit of Resilience
In summer of 2020, in the throes of the global COVID-19 pandemic, researchers at the Centers for Disease Control and Prevention surveyed more than 5,000 adults in the U.S. and found that symptoms of anxiety and depression had increased threefold and fourfold, respectively, compared with 2019. Meanwhile mental health hotlines were reporting surging call rates. And no wonder. The world was grappling with the devastation, fear and uncertainty of a once-in-a-century threat. Acts of racism, violence and political division made the situation profoundly worse.
Stress has immediate cascading effects on the brain, which can be beneficial in some demanding scenarios, such as impending danger. But in the long term, it fuels pathological apprehension and despondency, as Stanford University neurobiologist Robert M. Sapolsky explains in his essential primer that opens this collection. This type of strain runs deep. To wit, a surprising recent finding reveals that even our bones can release a hormone that activates the stress-related fight-or-flight response. And decades of studies show that women and men respond to stress differently, which is important for understanding the ways people cope while under pressure…