The pandemic world over has served as a reset for modern-day organizations. From shifts in the priorities of individuals to redefined market pressures, the post-pandemic economy is a state of accelerated transformation. Navigating better during uncertain times than their competitors has become the number one priority for businesses across different industries.
Being pushed into a corner by an unprecedented crisis, businesses have realized their greatest strength – or weakness, in some cases – was undoubtedly the quality of their engagement with employees and suppliers.
Be it the challenge of operating essential frontline teams, who at socially-distanced reduced numbers or being productive with a remote team going about their activities from home. Organizations with a progressive employee engagement focus survived the crisis in far better shape.
However, businesses that had constantly changed suppliers and sourcing strategies based solely on costs; found themselves in a challenging position, as suppliers prioritized competitors that had invested in building long-term relationships with them.
The result is that the pandemic exposed the inherent weaknesses of business models that had been ‘optimized’ based on constantly shifting short-term priorities and disposable relationships.