Date 2020
Organisations Oliver Wyman, Mercer, World Economic Forum
Resource Type Insight
Covid-19 Framework Business Models, Resilience Models
Language English

Even prior to COVID-19, companies were envisaging the future as a survival struggle.

• Hard-to-digitize and people-dependent sectors are the least resilient.

• The crisis is an opportunity for companies and employees to reinvent themselves.

Survivalists know the importance of two key traits: preparedness and resilience. And so it is with companies. It is clear, for example, that early adopters of digitally enabled working are in better shape than others to face the challenges imposed by the coronavirus. Pre-outbreak, Amazon had invested heavily in HR technology for new hires, allowing the company to onboard 1,700 new employees on a single day recently. Resilience-wise, the concept of kurzarbeit, or reduced working hours, has new followers. In 2008, Germany’s manufacturers used the downtime to retrain workers and retool. The approach is credited with helping German industry to bounce back quickly after the financial crisis while others lagged.