The COVID-19 pandemic has amplified forces that were already reshaping businesses and operating models before the crisis. Beyond the pandemic lies a more dynamic future where companies will need to continuously innovate, mobilize resources and scale new business models and capabilities to thrive. Organizations will need to embody agility in all aspects, while constantly adopting a transformation mindset.
The board and management must boldly take steps to retool and reorient the organization for this new working world. By focusing on three interconnected value drivers — putting humans at the center, leveraging technology at speed and driving innovation at scale — they can lead and reframe the organization to help realize its growth potential and create long-term value.
Putting humans at the center
Companies that generate exponential value know how to put people — both customers and employees — at their center. This means building the business in a customer-centric way, while creating engaging experiences for employees. As leaders advance their strategies, they must view every decision, technological implementation and product or service innovation through human lenses.
In a post-pandemic world, business leaders are expected to focus on transforming the human dimensions of the enterprise, such as talent, leadership, organizational structure, culture and purpose. The critical role of human factors in catalyzing transformation underlies the objectives of upskilling or reskilling, better collaboration, agile decisions and transformative mindsets. According to the EY CEO Imperative Study 2021 — a survey of 305 chief executives of Forbes Global 2000 companies — 80% of CEOs believe putting humans (employees, customers and other stakeholders) at the center of decision-making will be a core value driver. Sixty-eight percent have at least one people-related transformation priority, while 15% have two or more people priorities.
Companies also need to consider how they can offer compelling value propositions to delight their customers. Personalized experiences have become a major driver of consumption, requiring a different and innovative approach to customer engagement.
As companies adopt new technologies and drive innovations, the board should challenge the management on whether it has carefully considered the human impact to mitigate risks and create trusted relationships with customers, employees and ecosystem partners. A consistent human-centric approach will help motivate employees and attract customers, giving the company a competitive edge and ultimately leading to a stronger market position.