Covid-19 - Accelerating the pace of change?

It is evident that Covid-19 has massively impacted businesses across the globe, however has it helped accelerate the pace of change and had any positive impacts?

The challenges created by the initial UK lockdown forced organisations to change working practices and adopt new approaches; many of which would have taken years to implement under normal circumstances.

The question is, how have these new practices changed the views and priorities of CEO’s and what are the potential risks?

CEOs have needed to focus not just on surviving the immediate impact of the pandemic but also building a more resilient business for the future.

According to a recent survey from KPMG, UK CEO’s have had to revise their thinking around many factors including:

• Focusing on the company’s purpose - 84% agree that purpose provides a clear framework for making quick and effective decisions in response to COVID-19
• Developing talent - Emphasis on how they can develop their talent to meet the changing needs of the business
• Digital adoption - How to accelerate their digital capabilities to create more sustainable and agile businesses.
• Cost control and efficiency - Maximising cost saving strategies and efficiencies

Some key findings:

• 72% of UK CEOs are planning to downsize their office space
• 74% said remote working has caused them to make significant changes to policies, to nurture their culture.
• 58% said that their communications with employees have improved during the crisis.
• 78% said they will continue to build on their current use of digital collaboration and communication tools.
• 78% believe that remote working has widened their available talent pool.

Those surveyed ranked talent risk as the second biggest threat to growth over the next three years. 

CEOs are acutely aware that talent will be key to driving long-term growth and building an organisation that is fit for the future. The increase of remote working accelerated by the pandemic opens up the market much more and makes talent retention a hotter issue. It’s already evident that accelerated digital transformation will mean upskilling and reskilling of existing employees or recruitment of a more digitally savvy workforce. 

In summary

The role of the CEO has, in my opinion, never been so challenging. As well as having to ensure the survival of businesses now, they’re having to make fundamental changes to the organisation at a speed often unthinkable before the pandemic, many of which will massively improve the ability of an organisation to thrive in a post-Covid world.

It would be great to hear what changes you have made and how these have positively impacted on cost and productivity.