21Feb2023
Leader’s Digest | February 2023
by: Nordic Business Forum
In this Leader’s Digest, we take a deep dive into Business Resilience. What is it? How to develop it on a personal or organizational level?
Top Content Picks
💎 Blog: Resilience is not something only individuals need when times are tough. Companies need resilience too, but it might look a little bit different. Our latest blog takes a deep dive into Business Resilience.
🎯 Interview: Resilience is like a muscle that can be trained – but how? We asked the master of habits and productivity, Tim Ferriss, for his tips on building resilience, how he deals with the fear of failure, and what changes he looks forward to seeing in the world. Read the full interview here.
🧠 Article: Should advertisers be worried about their jobs being taken by generative AI? And what does Superbowl have to do with it? The Nordic Business Report’s latest article Is Generative AI the Death of an Adman discussed whether we should be worried.
Our Recommended Source for New Ideas
— Developing Organizational Resilience
“Resilient organizations don’t just bounce back from misfortune or change; they bounce forward.”
What doesn’t bankrupt your company, won’t necessarily make it stronger, either. But if you have resilience, misfortunes and challenges can be an opportunity to grow and even gain an advantage over your competitors.
According to McKinsey’s previous research, companies that showed resilient behavior were less likely to go bankrupt during the pandemic. Their data showed a relationship between companies’ organizational health and financial performance during COVID-19.
It may not surprise anyone that companies with resilience and good organizational health are more likely to survive a crisis, but how can companies develop such qualities that will get them through difficult times?
McKinsey’s report suggests that companies wishing to become more resilient must strengthen their capabilities at four levels. They need to:
- Build an agile organization
- Build self-sufficient teams
- Find and promote adaptable leaders
- Invest in talent and culture
The article Raising the resilience of your organization dives deeper into each level and supports their importance with research.
Stop and Think
“I always want to make a distinction between optimism and hope. Optimism makes you lazy, it’s this feeling that things will turn out to be alright. Hope is the recognition that things can be different. And hope, most importantly, impels you to act.” – Rutger Bregman
