Strategies Behind Companies That Thrived During the Pandemic

While the economy is still in a recession, companies that invest in technology and their workforces can become industry leaders and model themselves in a very different competitive position. The Covid-19 pandemic threw the business world into disarray. Many businesses had to deal with the negative consequences, but there were a few that thrived despite being subjected to the same conditions. As a result, in this podcast episode from HBR IdeaCast, Keith Ferrazzi, founder of the consulting firm Ferrazzi Greenlight, discusses some of the strategies behind the success of such companies that thrived during the pandemic.

Keith begins the podcast episode by discussing how to adapt to the most extreme and erratic volatility. Many organizations, he claims, have factors like foresight built into some aspects of their operations, but very few were fully prepared for the level of adaptability that would be required. These were the companies that thrived during the pandemic. Many organizations, he claims, could have benefited from strategies implemented in their software and IT divisions, or even program project management. However, he believes that pandemics like the Covid-19, or any future crisis, have the potential to completely disrupt organizations. Pandemics, according to Keith, force organizations to change their ways of working and implement new strategies. Finally, Keith discusses the strategies employed by companies that thrived during the pandemic. As the team’s resilience was tested, he discussed his first observation. Despite the fact that we have learned to be resilient, resilience was once thought to be a one-time event. However, companies that thrived during the pandemic and had higher engagement scores recognized that resilience is a team effort in which members commit to boosting each other’s energy levels. As a team event, resilience fosters bonding, empathy, and relationships, which leads to a higher level of psychological safety for taking risks. Agility and foresight, according to him, are two of the most important aspects of a team’s practical ability. Not only does foresight identify risks, but it also identifies potential opportunities. Keith believes that having an agile organization is critical. Keith, on the other hand, believes that incorporating parking foresight into an organizational competency does not guarantee that your company will be adaptable. According to him, you must ensure that this becomes a simple and organic process within the team. Finally, Keith discusses how wasting time by holding unproductive meetings is a waste of time. As a result, he believes that any time spent with the team, no matter how brief, should be productive. Holding longer duration meetings reduces the productivity of the team and leads to less productive results.

When the pandemic hit the world, the business world was thrown into chaos. Even if the pandemic were to end, the uncertainty would continue. As a result, in order for organizations to be ready for any future crisis, they must begin preparing now. However, Keith Ferrazzi discusses some key strategies used by companies that thrived during the pandemic in this podcast episode on HBR IdeaCast, which will help you gain a deeper understanding of the process.