Unlike the dotcom collapse in 2001 or the global financial crisis in 2008, this current pandemic arrived unexpectedly and at speed, with a ferocity that could never have been imagined. Because of the pace and scale of the change, and the fact that the impacts are more than financial and economic, it’s very difficult to plan with any degree of certainty.
All businesses and organisations are facing different types of risk, yet as leaders and managers we must make important decisions in a climate of uncertainty every day.
The Genesis team have invested in undertaking a study to delve beneath the obvious and explore how people in Ireland are really experiencing this extraordinary time.
Their analysis indicates that:
- Momentum that existed prior to the general election has accelerated.
- Desire for investment and real action in health, housing and transport for example, is even greater than it was in February.
- Public mood has changed considerably.
- Values are shifting.
- Work and family life is changing.
- Digital is omnipresent.
- Organisations and work places are in flux.
- Whole sectors of the economy have collapsed.
We might be ‘all in this together’ but individual experiences are very different. Some people are hugely affected and others hardly at all. This research suggests that the effects of this crisis will be long lasting, both physically and emotionally. The financial and economic consequences are likely to be unprecedented in our lifetime. Tough trade-offs and decisions will have to be made.
Genesis believe it is too early to forecast what the future may bring. Nobody really knows how things will unfold. Just as we are learning how to live with Covid-19, we have to learn how to live with and lead through uncertainty. As the focus shifts from lives to livelihoods most of us have been fortunate enough to live to fight another day. And now that ‘other day’ really matters.
Uncertainty requires that we become more empathetic, resilient and flexible so that when the time is right, we can reimagine, reinvent and renew. New businesses and fresh ideas happen when things are in flux. Fresh ideas and new opportunities will undoubtedly emerge for those who have the radar to identify them and the spirit and resources to develop them. Every crisis creates opportunity.
Genesis believe that purpose and values will become centre stage because purposeful organisations do better, deliver value for all stakeholders and strengthen corporate coherence when aligned with brand.
