In addressing crisis volatility, many business leaders will double down on efforts to drive liquidity and efficiency. This focus makes sense in the context of near-term business viability. Yet, it’s also crucial for leaders—and the finance and operations teams supporting them—to consider the future when COVID-19 impacts start to moderate. We believe that crisis response and recovery must be addressed across three horizons, in which viability decisions are continuously informed by considerations across the horizons of stability, adaptability, and durability.
As you look beyond business viability and towards the stages of stability, short-term adaptability, and eventually durability in the “new normal,” you’ll find that quick-fix cost-cutting and workforce right-sizing efforts will stymie long-term financial performance, employee relations, brand reputation, and competitive differentiation.
Continuously adapting and optimizing workforce constructs makes your workforce a means for stability, growth, and innovation, which you can leverage during and beyond the immediate scope of the crisis. An intentional, long-view approach to Workforce Strategy and Portfolio Management helps you:
• Evaluate COVID-19 demand and operational impacts and agree on the path forward.
• Adapt your workforce to make the most of your investments and promote financial stability— all while maintaining and nurturing employees as your most valuable resources.
• Deploy contemporary work structures, practices, and processes that balance productivity, engagement, and operational value.
• Define and manage a diversified workforce portfolio that focuses investment in your most essential capabilities while applying delivery models to maximize the value and benefits of those investments.