The changing landscape has led to an increased need for businesses to assess the status quo and update their business model quickly. As a result, the required skills and optimal mix of talent are changing, and as McKinsey & Co outlined in their recent article ‘To emerge stronger from the COVID-19 crisis companies should start reskilling their workforces now’, companies are facing a steep learning curve coupled with an accelerating need to enhance the capability of their talent pools.
McKinsey have highlighted six steps to building skills and business competency:
In line with these views, we have been helping clients test and reset strategies over the last few months, whilst increasing the cadence of operating rhythms and focusing on continuous learning and application of new skills. This ‘adaptive strategy’ approach is a necessity in uncertain times, but also will help businesses evolve over the longer term.
Of course, the execution component and (effective application of learning) remains the most challenging element for mid-market and emerging companies – and highlights the need for a High Performance Framework and Operating System to underpin your adaptive strategy .
By bringing together the elements of strategy iteration, leadership development, and performance improvement into a tight operating rhythm, you will be well set to outperform the market through 2020 and beyond.
To read the full McKinsey article please click here.