Businesses have suffered massive losses due to the outbreak, so post-pandemic governance steps can help redeem them. Companies like Apple, Amazon, and Microsoft were early adopters of the digital platforms and survived business downtime. So, it is time for your business to get back in shape as well. In this article at Board Agenda, Nada Kakabadse and Andrew Kakabadse share three post-pandemic governance steps.
Post-Pandemic Governance Tips
Lockdowns and social distancing have created havoc in the business world. Meanwhile, Apple, Amazon, Alphabet, Microsoft, Alibaba, Facebook, and Tencent have taken their online and are profiting. The majority of the companies are suffering because they did not leverage digital platforms. What is the way forward from here? Here are the three post-pandemic governance steps to reestablish your business:
Create Trust Among People
‘Trust today is in very short supply,’ says Kakabadse. The Kakabadse Global Governance and Leadership Survey reported that 34 percent of board members and top management had conflicted interests. They are not on the same page regarding the strategies they should take to have a competitive edge. Internal politics also plays a large part.
Surprisingly, 67 percent of respondents did not want to discuss their differences of opinion. When the board members avoid talking about serious and underlying issues, they leave the organization open to external criticism. One of the post-pandemic governance steps would be to strive for transparency and always admit to mistakes when they occur. You can trust each other when all understand how to balance control and supervision.
Arrive at a Strategic Consensus
Additionally, 20 percent of the participants complained that strategy-building challenges arise when discussing new methods or including new technologies. Eighty percent believed that the issue is mainly in implementing the strategy. Some did not get the chance to share ideas, while others refused to take further accountability when their plans did not work. Due to continuous tensions between C-suite executives and board members, strategies do not get the required support and consequently fail. Your post-pandemic governance steps should make both the parties create a positive, mutually respectful, and inclusive work environment.
Rebrand the Enterprise Business Model
Once you have achieved both, it is time to reshape the business model to align with the current market demands. It should be flexible and firm enough to cater to all the stakeholders and keep you ahead of your competitors. Discuss how emerging technology adoption would influence your business. Analyze the capital and stakeholder support you need to transform the enterprise.
To view the original article in full, visit the following link: https://boardagenda.com/2020/06/19/governance-after-the-pandemic-requires-a-stewardship-approach/