In this resource, we share with you our views on RESILIENCE, why we think it’s a critical factor to the success of any business, and how to develop a more resilient business.
Businesses that can navigate and succeed in times of change have one thing in common – they are resilient.
Resilience can be defined as a business’s capacity to withstand stress and thrive in challenging and overwhelming circumstances and environments.
Resilience is particularly critical because the business environment today is more dynamic and unpredictable.
Resilience is a term that’s been used quite a lot, but we often forget how important it is and what it really takes to create a resilient culture.
On a personal level, Resilience is one of the most important traits any business should strive to cultivate within their workplace culture.
Whether it’s external factors like a pandemic, recession, or internal factors like an under-resourced team, your employees are most likely under a lot of pressure. And us, business leaders and founders, can often lose touch with how much pressure our people are experiencing. After all, we might be under a lot of pressure ourselves.
According to recent research by Microsoft, 80% of business leaders across all industries intend to accelerate their digital transformation.
Here’s what Microsoft CEO Satya Nadella said.
“We’ve seen two years’ worth of digital transformation in two months.”
That’s both incredible and alarming!
No wonder why many businesses feel overwhelmed. A lot of “transformation” has been happening. But whilst businesses are quickly changing and disrupting, these changes can be quite taxing on the emotional and mental wellbeing and productivity of the business.
According to the State of the Global Workplace 2021 Report, almost 1 in 2 employees in Australia experience daily stress.
One of the things that lead to stress is our inability to deal with CHANGE.
Change is happening all around us.
Many of us, in our own way, are navigating change and uncertainty. And we often have little guidance or clear blueprint on how to navigate change.
With so much uncertainty, it is hard for your people to do their best work and be the role model they can be. On a collective level, this can be quite challenging and destructive for your business.
Why Resilience Is Important
In the last decade, there hasn’t been a more significant and more profound disruptive force than covid-19. It literally impacted every business around the world. Some shifted and adapted faster than others. Resilience played a major role in adapting to this worldwide challenge. For example, a lot of companies focusing on brick-and-mortar retail sales shifted to e-commerce. Others made major infrastructure investments to adapt to the working-from-home model.
From a financial perspective, businesses that showed a higher level of Resilience were able to overcome a lot of challenges and find opportunities in the midst of it all.
From a cultural perspective, those businesses were able to grow stronger and more united. Their employees felt more “listened to” and reported higher levels of engagement. According to the MIT Sloan Review, companies that had effective communication and a clear strategy during the first 6 months of covid-19 had the biggest jump in their culture and values rating.
But there are numerous events that happen whether we anticipate them or not that require resilience.
We can’t stop change! But we can navigate it. And that’s what Resilience is about.
One way to define Resilience is it’s our capacity to adapt and adjust to change and challenging situations and the ability to thrive in the midst of unpredictable circumstances.
Easier said than done, right?
And granted, some people are naturally more resilient than others; here are 5 ways you can help your organisation become more resilient.
1. Enable Your People
One of the best ways to build Resilience is to enable your people by giving them tools and resources they need to achieve the outcomes your business expects from them.
You can’t just throw someone in the middle of the ocean and expect them to swim back.
The bigger the change, the more support your employees need to have through the process. But enabling your people is not about giving them the answers they need. It’s about giving them direction, clarity on the objectives, and the tools that will help them rise to the occasion.
2. Empower Your Managers
Your managers can play a major role in increasing your business’s Resilience. Managers spend more time with their teams than you do. And if they are equipped with the right tools and have strong grounds to stand on, they’ll give the right support and coaching your teams need.
3. Create Alignment Around Your Values
When there is clarity and alignment across the organisation on its values, everyone works towards the common goal a lot more effectively. Aligned values give people guidance and a sense of security which helps your employees make the right decisions and manage change more effectively. To ensure your values enable your people, they need to be defined into behaviours and operationalised into the day to day of your business.
4. Improve Communication & Transparency
Open communication breeds trust. And trust is a key foundation for Resilience. If people trust their business leaders, even when they don’t have all the answers, their trust in you empowers and motivates them to go above and beyond. At a minimum, be available and vulnerable to not having all the answers.
5. Hire A Culture Change Consultant
Last but least, consider hiring a Culture Change Consultant. As a founder, you wear many hats. But your workplace culture shouldn’t be a part-time job you give attention to only when all the other business priorities are met. It’s a complex yet crucial function every thriving business needs.
Here are some areas a Culture Change Consultant can help you with:
- Define your organisational identity (Purpose, Values & Leadership Principles)
- Establish team building and cohesion
- Improve the Leadership skills of your executive team
- Design and improve your employee experience
And most importantly, a Culture Change Consultant can help you manage change and increase Resilience.
Who are we?
At The Culture Equation, we’ve helped several businesses transform their culture, teams and leadership. If you’d like a 30-min Free, No-Obligation Consultation, we’d love to have a chat with you.