For many CEOs, COVID-19 has given them time. Time to reflect. Time to consider. And time to look ahead. For most, change has been embraced, but what will the legacy of lockdown be? It is not clear. What is clear is that decisions made today by CEOs, will have an impact on the culture of their organisation and society at large. Here’s why…
Remote working will have a huge impact on job applications – who can apply for what and where. This in turn will influence where people live and perhaps we’ll see some sort of population displacement. What was a non-commutable place to live will now become an option. Location will no longer be a barrier. This will of course have a wider impact on other areas of society, such as: property prices, city centres, travel, the micro/macro economy and health & wellbeing. And, for many, it will make for a better quality of life, which is maybe what life is all about!
Embracing the threat
For CEOs, this can be an overwhelming time, which is where a good decision-making process comes into play. Framing a decision will help to put the threat into perspective. It forces decision makers to look through a lens and focus on the opportunity in hand. Frame too narrow and they could solve the wrong problem or too wide and they become inactive with all the competing objectives. In the current climate, there are lots of variables in the mix, which adds a degree of complexity to the whole process.
All relevant external forces should be weighed up and balanced against organisational goals and staff's needs & desires. Getting the right balance will allow companies to take advantage of the situation, helping them become leaner, more productive, more ‘green’ and more ‘in tune’ with society. Each force should be carefully examined as part of the decision-process.
One example of an external factor that is ‘hot’ for CEOs is Home Working. On the face of it, it seems straight forward, but there are trade-offs that need to be taken into account in the decision-making process.
Some of the pros and cons for an organisation of working from home are as follows:
|The pros||The cons|
|Reduction in costs, such as travel expenses, overheads and refreshments.||Not suitable for all staff.|
|A happier workforce (for some)||Mental health|
|Time savings - commuting||Security|
|Protecting the planet/sustainability||Difficult to monitor staff performance|
|Staff have choice in where to live||Less staff integration/communication|
|Increased talent pool|
|Fewer sick days|
|Increased job retention|
In a recent survey conducted by PwC, 86% of UK CEOs believe the shift to remote collaboration will endure.
Home working is just one of the areas putting pressure on businesses right now, but there are many others that will play a part in shaping their future, such as:
Technology; Sustainability; Business Model; New markets; Legislation; Image; Diversification; Health.
If nothing else, the lockdown has given CEOs a great opportunity to reset and now is perhaps the right time to make big change. In a time of uncertainty, it’s good to look at ALL opportunities in the right context. A structured decision making process will help to evaluate each one individually and collectively, which will aid clarity and give CEOs the confidence they need to move forward.
6DQ helps organisations work through the whole decision process, which starts with framing. We use six steps to help companies make strategic decisions, by facilitating workshops - which can be conducted remotely - and providing mentoring support and training to decision makers and their teams. These decisions have played an important role in survival, increasing market share and economic growth for a range of companies across the globe.
For more information, please contact us directly.