This article is an excerpt of the quick guide “Balancing the fall, accelerating the new start”. The quick guide will be published soon in the Workpath Library.
The worldwide economic crisis caused by the COVID-19 pandemic has been the biggest crisis in more than a century. It has been a tremendous shock for the majority of businesses. But it would be naive to assume that it is already over and that similar fast, unexpected and significant change is not awaiting us in the near future. So it is time to embrace the opportunity of learning some lessons and creating necessary resilience and adaptability for the future.
It is time to recognize that there is a spectrum between stable and agile, between efficient and adaptable and that we need to strike a balance between the two. We need to invest in future resilience as much as in present cost-cutting and efficiency.
Rethink the post-crisis organization: embrace adaptability as much as efficiency
To make this change sustainable, we need to rethink the post-crisis organization and its approach to value creation. Not only but also here, the Objectives and Key Results (OKR) framework, can be a great lever. The strategy execution tool can help organizations to add the needed level of fluidity to their value creation process. OKRs enable organizations to get faster from strategic goals to business results and course-correct timely on the way. But what exactly do organizations need to do to not only survive but come out stronger from this crisis? They need to adjust and improve their strategy execution process and underlying organizational structures. In essence, the approach can be split into two steps:
1. Balancing the fall, including the following steps:
- Getting from reactive to proactive: clear short-term issues out of the way
- Shift your team’s mindset with goals giving them direction and perspective
- Decide to act on your lessons learned
2. Accelerating the new start, including the following steps:
- Lock-in your lessons learned
- Acquire the ability to reconfigure your strategy, organizational structure, people and technology on an ongoing basis
- Foster autonomous teams and cross-functional collaboration
- Radically focus on customer value and continuous learning
Achieving resilience: combining efficiency and adaptability through a hybrid model
Embracing this process and the underlying idea of a hybrid organizational model will help companies create efficiency and adaptability for the future at the same time. A model in which hierarchical organizational structure co-exists with a more fluid, network-like structure that allows agile strategy execution and fast value creation. An agile strategy execution process driven through OKRs is the motor of this change towards resilience.OKRs can work as the operating system of the future agile organization. They can be used by businesses to create the much needed resilience and adaptability. This additional value creation structure can be made visible and measurable by and steered with dedicated strategy execution tools like Workpath. With such an instrument, organizational resilience can be built up to defy any future predicament.