Business resilience is fast becoming a hot topic in the HR world. That’s why, in this article, we lay out the actionable case for why it matters and how companies can work to incorporate more resilience into their business (beginning in HR). We hope you enjoy the read!
More than ever, business resilience is an essential component of any successful organization.
The Covid-19 pandemic has revealed the necessity of resilience, but it didn’t necessarily introduce it. If companies are unprepared or structurally unable to bounce back from tough times, the result is often lost revenue (and lost talent).
To prevent this from happening, organizations need to be resilient. In short, it helps to strengthen them, makes them more agile, and allows them to bounce back after difficult times.
In this equation, HR is key. That’s why we want to share four strategies with you, to help build more resilience in your company moving forward…
What Is Business Resilience?
Business resilience is the ways companies are designed to react to crises of various kinds (whether internal or external). Business resilience is a form of constant adaptation, building agile teams, and processes, that not only respond to difficult situations but become stronger, as a result.
In these terms, resilience is almost like a business’ sixth sense. It allows organizations to stay ahead of a situation, and to recognize, analyze, and respond in the best way possible. Ultimately, companies who are built to be resilient are often less affected by nasty surprises.
Why Does Business Resilience Matter?
In uncertain times (or even in times of relative stability), business resilience is a competitive advantage. It keeps companies thinking, keeps them sharp, and builds a business designed to respond to challenges.
According to a study entitled “Organizational Resilience: Building An Enduring Enterprise” by the BSI Group, two-thirds of managing directors surveyed felt the exact same way. For them, resilience serves as a decisive competitive advantage.
Resilient companies approach situations not as challenges, but as opportunities. Opportunities for optimization, growth, and success.
This includes challenges such as:
- Political changes
- Economic changes
- Technological changes
Not only that, but resilient companies strike a much different tone when it comes to these challenges. They not only handle them but in a way that inspires continued confidence from people both inside and outside of the organization.
The result is a future-proofed business, even in an unprecedented crisis.
How Do Companies Currently Handle Resilience?
In the same study by the BSI Group, entrepreneurial resilience can lead to long-term financial success. Almost 9 out of 10 CEOs stated that resilience is a top priority for their companies.
In fact, 8 out of 10 said that it was essential for lasting growth. Even though many CEOs may agree that it’s important, not enough companies actually implement resilience-based organizational structures.
Implementation in this space is moving slowly. Only 3 out of 10 CEOs trust that their company has fully-integrated resiliency practices. Unfortunately, only one-fifth (19%) were able to successfully establish resilient processes.
All that could be due to one simple fact: their HR allowed them to become resilient.
Interested in diving into the four strategies you can use to build business resilience into your organization? You can feel free to finish the article by clicking on this link right now.