Many leaders shifted to day-to-day thinking when coronavirus hit. A crisis, however, unveils who can handle the pressure and can make things happen.
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Five old school management practices no longer fit the times. Companies that adapt quickly are more likely to avoid economic and employee pain.
Ambiguity surrounding who is responsible for making a decision (or decisions) is a primary cause of delay in vital business activities. Five steps can clear up confusion.
Estimates indicate that services to support the charging of EV fleets could be worth $15 billion in annual revenues and cost savings. Much of that money would come from three activities.
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Businesses should examine three possible coronavirus scenarios in their planning:
- Quick recovery (least likely);
- Global slowdown (base case); and
- Global pandemic and recession (pessimistic).
McKinsey & Co.'s 23-box COVID-19 checklist provides business leaders with specific actions to:
- Protect employees.
- Create a cross-sectional COVID-19 response team.
- Create goals based on workstream (other than your employees).
- Practice your plan with top team members through an in-depth tabletop exercise.
- Demonstrate purpose.
PEI is in contact with U.S. officials overseeing the COVID-19 response.
Running low on energy? Insist your team members make decisions they should make. Make low-risk decisions quickly and move on. This is how to get more done.
Companies control corporate vision and strategy, or employment. Employees, however, totally control their employability: the ability to always be needed and wanted in the marketplace.