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8Has COVID-19 enabled yourorganisation(s) to drive moretransformational changeamongst staff?Has the organisation(s) you govern revisitedits business model since March 2020, todetermine if the existing model is 'fit forpurpose' within the current economy?90YES80YES80707060605050404030302010NOUNSURE2010NOUNSURE00TURBO-CHARGED CHANGE IN TECHNOLOGY ANDAGILITY HAS BEEN THE EXPERIENCE TO DATEAn overwhelming 78.89% of respondents said that COVID-19had enabled transformational change, particularly in areasaround agile working and enabling people to work from home,delivering a permanent shift in working practices.The pace of this transformation has allowed the workforceto be more open to change. Organisations are rapidlyredefining messaging, shifting customer demographics andembracing e-commerce.Although many underlying shifts were already underway,the pandemic has accelerated their effects dramatically,increasing the focus on flexibility and digital strategy.One respondent cited: “It created a crisis that alloweda significant rebase of our cost base – that in the absence ofthis would have been much harder to achieve. It also movesthe markets further and faster along the e-commerce spectrum,which we have had to get moving on even more urgently.”Interestingly, it also required a shift in how senior leadershipand board members need to think about how they fulfil theirhealth and safety obligations, with more staff working fromhome and overall a more human approach around culture andwellbeing of staff.Also noted was the identification of leadership traits in youngerstaff, so leaders need to understand how to nurture that.Trust has become more important with teams working fromhome, as one respondent commented: “Self-directed working –give people the resources, tell them what is expected and leavethem to it.”Many organisations have also taken the opportunity tointroduce and trial new protocols around processes, shiftingpeople into new leadership focused areas of the business anddeveloping pricing strategies that look after their communitybut don’t undervalue their product.
9What do you think is the singlebiggest risk to your organisation?Has your organisation'sappetite for risk changed?5050403020100DEMANDREGULATIONLABOUR AVAILABILITYLOCAL GROWTHGLOBAL GROWTHAVAILABILITY OF CAPITALCOMPETITIONGOVERNANCE403020100INCREASEDDECREASEDNO CHANGEUNSUREBUSINESSES ARE TAKING FITNESS TESTSAs to be expected, almost 85% of responses have revisitedtheir business model since March 2020 to determine if theyare fit for purpose in the current economy. One respondentcommented that their organisation now had a greaterappreciation that there is NO business as usual.Even with just minor tweaks, most respondents agreed thatthey needed to review their strategy, with many doing scenarioplanning and reforecasting. There is a predominance of coststructure assessment to develop and create leaner organisations,increasing the focus and investment on digital and enhancingthe customer service strategy.Established digital businesses noted that customer growthincreased significantly during lockdowns, while otherorganisations are undertaking a full review of governanceprocesses, risk and assurance, health and wellbeing, andbusiness viability assessments.It’s a continually changing and evolving market for manybusinesses, so the constant temperature check of strategy andbusiness model is essential, says another respondent: “Re-bootstrategy 2.0 to consider our options and take out further costs;ensure technology, broadband infrastructure and security arefirst rate; introduce more flexibility into product distribution;re-survey customers and their product and service choices.”“Re-boot strategy 2.0 to consider ouroptions and take out further costs”There’s also a focus on future-proofing teams for any furtherdisruption, with emphasis on “careful isolation of the missioncritical operational arms” and “understanding of where theworkers employed by our field service providers live so thatthe impact of COVID-19 cases can be monitored.”APPETITE FOR RISK REMAINS UNCHANGEDAS REGULATION AND DEMAND FOCUS MINDSAmong the risks identified by respondents, the biggestwas considered to be demand (27%) and regulation (25%),which is interesting with the likes of border managementand further regulations potentially being implemented andintroduced by the Government.Competition (3.41%) and governance (2.27%) were identifiedas the lowest areas of concern.For the majority of respondents, their appetite for risk hadremained unchanged (57%), with respondents who reportedan increase or decrease fairly equal in number. Those indicatingthat their risk appetite had changed commented on the pacethat everything needs to change: “We have to do things at
Page 2 and 3: 2MEttle, a collection of stories an
Page 4 and 5: 4This time last year, the pages of
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Page 10 and 11: 10a faster pace that may not be per
Page 12 and 13: 12Should the private sector be able
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Page 16 and 17: 16“Let’s not waste this crisis.
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Page 20 and 21: 20In late March, the impact of Covi
Page 22 and 23: 22“Covid is not over, not even on
Page 24 and 25: 24With airlines contributing 5% of
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Page 28 and 29: 28TECHNOLOGY IS DRIVING PIVOTABILIT
Page 30 and 31: 30His advice is all about transpare
Page 32 and 33: 32“We have a big resource hole th
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Page 36 and 37: 36Born in the UK and leaving school
Page 38 and 39: 38“This mindset needs to switch n
Page 40 and 41: 40“We have an opportunity to cont
Page 42: 42CURATED BYMinterEllisonRuddWatts

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