Two years have passed, and COVID-19 still has not shown any intention to leave. Throughout the pandemic, many people’s lives are visibly impacted—lifestyle needs to rapidly adapt to the new social distancing disposition, and the economy is indisputably disrupted.
A considerable number of companies and organizations are directly affected by COVID-19, which aftermath includes declining sales, reduced demands, mobility restrictions, as well as operational and supply chain disruptions. These ramifications, and external factors in the affected lives of the workers, also demoralize and distract the workforce. McKinsey’s reports show that more than 80% of 800 US-based employees said that the COVID-19 crisis has affected their daily work lives materially (2020). Distracted and demoralized employees might result in poor work, product, and service quality, which could severely impact company revenues. As reported by a Deloitte’s survey, 46% of respondents expect performance targets to decrease during the pandemic (2020).
We are caught in a sticky situation with the pandemic’s unpredictability. As the risks are clear, companies and organizations need to be proactive and prepared to identify the potential risk along with developing effective crises and resilience solutions to tackle them in the long run
Looking at the COVID-19 crisis with a positive lense
Organizational or corporate crisis is “an event, situation, or public initiative that threatens a company’s ability to operate its business effectively” (tuckerhall.com).
It affects individuals, groups, organization, or society, and can disturb employees and lead to instability within the organization. If not handled efficiently, it can escalate to a bigger or even long-term setback to company operations.
All major crises are preceded by signs that are actually visible in the forms of minor incidents or changes which we must be aware of. The Great Recession, a major financial crisis in 2008 which occurred worldwide, for example, began with a small-scale failure to repay loans which then triggered the collapse of the wider economy. From COVID-19, we also learn that most organizations are not ready for major crises and sudden changes required to respond to them. The hesitation from taking drastic measures to carry out a lockdown despite clear signs of rapid infection rate, for instance, has led to a global collapse, just like past global crises.
Crises could drive a company to a tight spot or unlock the doors to new opportunities, and this outcome depends on how prepared and resilient the company is in the face of crises.
Oftentimes, innovations and opportunities are born from crises, and the COVID-19 crisis may become the necessary turning point for companies to transform their policy and strategy to be resilient. For instance, the luxury market in China proved its resilience by rebounding from COVID-19 hard blow through e-commerce and business model improvements, showing a 48% increase in sales a year later. As long as the company manages to maintain a good quality life at work and constructive, harmonious relations within the ecosystem, organizational resilience could be achieved.
COVID-19 has also turned our attention to the pressing matters of sustainability and efficiency. It has flicked our awareness of the importance of maintaining the environment with responsible environmentally friendly operations. Furthermore, as physical-distancing has become the new lifestyle, we are in the process of adapting more digitalization such as information media. Certainly, these circumstances present new challenges which require proper approaches.
McKinsey’s annual global board survey reported that only 40% out of approximately 1,500 corporate directors say that their organizations are prepared to face the next large crisis. Knowing how fitting crisis management is beneficial for a company to run smoothly and survive, especially during a pandemic, it is time to gather the team and devise a crisis management plan.
Stay competitive and overcome the future
Just as many other companies, BMJ is affected by the pandemic, but we quickly adapt and work our way with our esteemed leaders and ability to collaborate to apply the best crisis management strategies to remain steadfast in the industry.
Here are some of our crisis management initiatives that we implement during the pandemic:
We could go through the pandemic by implementing improved health policy and keep serving our customers smoothly
Intensifying and normalizing online communication for both internal and external exchanges
Creating a cross-function and cross-level management team dedicated to monitor and take action towards rising cases in timely manners
Maintain and improve relationship with government, health infrastructures, and stakeholders for early response to cases and changes
Moreover, we value the ability to collaborate as the key to face the future successfully. At BMJ, problem solving is accelerated and sharpened through horizontal collaborations: between companies, industries, and countries, and vertical collaborations: between early and old generations, and top and low levels. Our open-minded and flexible leaders ensure that such collaborations are accomplished as they support cross-function and level collaborations to create a crisis management system that could avoid crises as a whole.
The highlight of BMJ’s resilience is that we adapt to changes quickly and make continuous improvement, nurture the culture that drives initiatives from top and low levels, and ensure to act accordingly amidst the face-paced industry. We are led by leaders who reward continuous improvements, stay open to inputs from every generation, level, and function, and eager to learn from the old to improve the new.
Our crisis management and resilience help us sail through the pandemic. We keep operating normally, keep on growing with trust from our dear customers and partners, and most importantly, manage to keep work balance for our employees even better. Our most notable achievements being a new headquarters that is more accommodating to the new normal circumstances and more comfortable for all of the employees.
Let’s stay vigilant to upcoming crises and confidently face it with appropriate crisis management strategies. With tenacity, we can rise from the ashes and pass the pandemic with flourish.
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