While these businesses were effectively insulated from exogenous shocks to the markets, the vast majority remain vulnerable to risk. Keep this in perspective: Only 13% of firms told us they have been unaffected by the recent disruptive events outlined above. They invest consistently in innovative tools, marketing, sales and talent development-investments that ultimately enable them to outperform. Research from McKinsey Global Institute shows that long-term-oriented companies are focused on strategic moves that will keep them ahead in the long run. To navigate current economic headwinds and build resilience, executives need to consistently make decisions and investments with long-term objectives to sustain value creation rather than orient their organizations toward short-term performance. By focusing on upskilling their workforce, companies will be able to stay at the forefront of innovation and gain a competitive advantage. Reimagining corporate culture in regard to talent management can allow them to close the skill gap in the long term, focusing on improving learning and developing career pathways instead of hiring sought-after talents. A recent survey conducted by ZipRecruiter found that nearly 80% of laid-off tech workers in North America found a new job within three months. Navigating with powerful data reporting helps boost business agility, improve performance and increase operational efficiency.Ĭompanies are also facing a growing gap in technology skills. On the contrary, companies that still work with outdated, static or batch-processed data sets are clearly disadvantaged against competitors that inform their decision with data updated in real time.
Organizations that harness the power of data and work with the most up-to-date data are getting the most valuable insights. Real-time data analytics allows organizations to continuously and immediately adapt to ongoing changes. The speed of change in times of continuous disruption is hard to comprehend.
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And taking the necessary leap to move away from archaic manual processes in order to facilitate an agile mindset across the enterprise. Keeping a long-term strategy at the core of decision-making. Acknowledging and fixing potential skills gaps (especially when it pertains to data analytics). These are, in order of priority, the adoption of real-time data and analytics. The data identified four key strategies to help bolster an organization’s resilience muscle. The aggregated response? Only 1 in 2 said they are preparing for a two-year recession despite the persistent looming threat. We asked business leaders if they have the resources and capabilities to navigate real-world market shocks likely to happen later this year. There’s a growing divide between firms proactively addressing these challenges and those that are not. Indeed, 94% of decision-makers feel their company’s board of directors is now looking for a more strategic approach to planning.īut some organizations are clearly falling behind. Here’s the good news: A focus on resilience is now elevated to a boardroom priority, driven by more investment, greater investor pressure, and confidence that businesses are in a better place to withstand the next global crisis.
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