COVID-19 Changes: Implications for Strategic Leadership (Part 1)

Adapted from COVID-19 Related Changes: Implications for Strategic Leadership (Part 1) from B.K.'s Blog at BKSStrategy.org.

Clients and students can share a myriad of examples of ways the COVID-19 crisis has impacted business policies and practices and how they believe these changes will be for the long rather than the short-term. Such examples led me to ask: “Is everyone out in the field—regardless of their industry, profession, or government sector—experiencing such changes, to what extent do they consider these changes to be positive or negative, and what strategic impact will these changes have on business?”

I therefore decided to conduct a study of senior-level leaders to find out how COVID-19 related changes have impacted their businesses and how those changes might play out into the future. Given the nature and magnitude of this study, I collaborated with Cathy Lieberman, ACC, who founded the Chicago Chapter of the COO Forum.

Our Study

·  We interviewed and surveyed 128 CEOs, Presidents, COOs, and senior-level executives spanning 50 industries across the United States, many of them having a global reach.

·  The interviews conducted and follow-on survey reveal that the COVID-19 crisis has led to deep—and surprisingly positive—adaptions to management policies, practices and priorities that change how we relate to one another.

·  The results of our study suggest that COVID-19 has helped set the stage for more open communication, frank and honest dialogue, and a kind of transparency that is rare in corporate America. 

Five Important—One Quite Surprising—Findings 

1.   Communication has actually improved…we are being much more thoughtful and intentional in planning it, conducting it, and following up on it.

2.   Investment of time in business continuity planning provided structure to the initial response.

3.   Investment in digital technology processes for employees and customers made the transition to remote work seamless.

4.   Communication – Communication – Communication maintained employee engagement and increased productivity during the crisis.

5.   Transparency played a key role in reducing employee anxiety and stress.

In Short, Remote Work is Good for Business

Many executives assumed individuals working at home would not communicate as effectively or be as productive. 

Our survey revealed that the opposite is true. Ad hoc conversations in doorways, hallways, lobbies and parking lots may be a thing of the past. Here are the reasons:

·    The dialog is much more intentional when meetings and conversations are scheduled.

·     Individuals do not bring agendas, clear goals or deliverables to ad hoc meetings and conversations.

·     Key individuals whose expertise is needed in the conversation are often missing from ad hoc meetings.

Almost half (49%) of the organizations reported that they will not have all their employees return to the office after the shelter-in-place orders are rescinded. Communication has improved…leaders are being much more thoughtful and intentional in planning it, conducting it, and following up on it.

Next Article: Six principles—drawn from our study—for ensuring your organization transitions seamlessly and smoothly through a crisis.