The epidemic has adversely affected both lives and livelihoods. At the same time, digital transformation has accelerated due to the COVID-19 pandemic. When the world was under lockdown, many businesses looked for new ways to reach out to customers without risking being exposed. Social media, e-commerce, and other digital marketing channels were champions for staying connected during the pandemic. Regardless of these challenges, global economic growth has remained robust despite challenges in talent acquisition, supply chain, and inflation. In this McKinsey article, Klaus Schwab and Bob Sternfels discuss three tips on strategic project initiatives for a resilient post-pandemic recovery.
Focus on These Strategic Project Initiatives
When disruptions occur, a resilient business relies on its capacity to adapt and respond quickly. Therefore, the focus must now change from defensive measures and short-term aims to a long-term inclusive growth plan to build a more sustainable future. The growth that promotes the health and restoration of the natural environment while improving the life of a broader population segment will emphasize a sustainable, inclusive growth agenda.
But to promote sustainable and inclusive growth, leaders must adopt strategic project initiatives. Moreover, getting there will require holistically tackling the conditions of economies, society, and their interrelationships. Interrelationship includes climate, healthcare, labor needs, supply chains, digitization, finance, inequality, and economic development.
Three Strategic Project Initiatives That Point the Way Forward
Create and implement a unified recovery strategy. One model answer is the European Commission’s “European Recovery Plan,” highlighting interdependencies. Therefore, it is imperative to address the interdependency between education, healthcare, housing, climate change, economic development, competition, and jobs. The difficulties experienced in putting such ideas into practice will be a barometer for how far we need to go to bring everyone in society along.Businesses must be agile and constantly learning to deal with volatility. You can now adjust to supply chain interruptions, technological improvements, and societal upheavals with the help of the new strategy. Creating comprehensive budgets and plans is valued less than anticipating interruptions and changes.
Standards and environmental, social, and governance (ESG) can help with strategy optimization for a positive societal impact. Initiatives like New Zealand’s Living Standards Framework, which recognizes indices of national wealth other than top-line GDP data, are a step in the right direction for governments.
To read the original article, click on https://www.mckinsey.com/business-functions/risk-and-resilience/our-insights/three-keys-to-a-resilient-postpandemic-recovery
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