Research suggests organizations that innovate through crises by focusing on generating new growth versus simply weathering the storm outperform significantly over time. But leading your organization to a successful COVID-19 exit requires making fundamental shifts in mindsets – starting at the top.
To put the organization on a new growth trajectory requires three actions:
Reallocating toward the future – place bets, backed by sufficient funds and people, on emerging profit pools while reassessing legacy decisions.
Embedding flexibility – reorganize around new, crisis-inspired ways of working.
Hacking processes – focus on outcomes rather than activities to increase speed.
Driving change of this magnitude has to be deliberate. To spearhead transformation-related initiatives and impose accountability that ensures the changes stick, organizations should create “reimagination teams” staffed with top emerging talent. Ultimately, however, it is the business leaders’ responsibility to set the course, speed, and tone of the pivot that will deliver innovation-led growth.
Read the article at McKinsey & Company.