In the dynamic landscape of modern business, change has become an integral part of success. What some may perceive as disruption, others may perceive as an open door to new possibilities. Navigating this shifting terrain successfully lies in the agility to transform challenges into opportunities to capture sustainable, inclusive growth. By proactively adapting, organisations can position themselves at the forefront of innovation and secure a competitive edge in the market. The true power to shift this perception lies in the hands of company leaders and their innate resilience. From the book “Leadership Today: Practices for Personal and Professional Performance”, a resilient organisation possesses the ability to not only endure but also flourish amidst the unpredictable environment. This is much easier said than done.
In this era, there’s an unprecedented level of pressing goals, all nominating themselves as the most important. Digitalising workflows has become an urgent necessity to keep up with competitors while investing in cutting-edge technologies like machine learning and data analytics has become crucial for gaining valuable market insights. Then there’s the fallout of a post-pandemic workforce, with new priorities and hybrid work situations at play. Compliance with emerging sustainability and diversity standards is also crucial. Adapting to these changes is key to success.
Faced with these concurrent waves of challenges, it is easy to understand why businesses would focus on and attack these goals with solutions. However, without a resilient workforce and a supportive organisational culture to drive these changes, these initiatives may fail to take off and achieve the desired outcomes.
What is business resilience?
Technology company Cisco explains business resilience as “an organisation's ability to respond and adapt quickly to disruptions or significant, unplanned changes that could threaten its operations, people, assets, brand, or reputation.” In essence, resilience serves as its own solution - the ability to effectively handle risks and navigate changes with both knowledge and a steadfast mindset.
Why is it an essential quality to have in today’s leaders?
High-performing leaders shoulder the responsibility of guiding their company through development, inspiring and managing teams, and providing direction, especially during uncertain times. It is especially during these times that resilient leaders serve as unwavering beacons, fosters organisational agility and ultimately contributing to a culture of resilience.
According to Deloitte, a significant 66% of CXOs express a lack of readiness to lead, while 70% lack complete confidence in their organisation's ability to pivot and adapt. Forbes further highlights the growing importance of resilience, with a SAS study revealing that executives believe increased business resiliency ensures organisational performance (89%) and technology functionality (88%), while reducing crisis impact (88%) and adapting to market conditions to increase market share (87%).
Recognising this quality is advantageous for professionals seeking career advancement. Research by Zenger Folkman confirms that resilient leaders are perceived as more effective by managers, peers, and direct reports. With their adaptability and inspirational qualities, these individuals lead with calculated assurance, propelling themselves and their businesses ahead of competitors. The good news is that resilience is a skill that can be developed. The Harvard Business Review suggests viewing resilience as an acquired skill through appropriate training and creating the right environment.
Introducing resiliency to the individual and organisation
In their comprehensive report, SAS included their five principles they called “The Resiliency Rules”:
1. Speed and agility: Adapt to changing market conditions quickly
The ability to adapt quickly is one of the core ways resilience overcomes challenges. Obstacles often disrupt existing systems, and the capability to adjust swiftly to new parameters distinguishes resilient leaders from others.
Cultivating organisational-level resilience is also possible. SMU Academy's Advanced Certificate in Organisation Development offers a dedicated module that focuses on fostering organisational agility and resilience. In collaboration with the esteemed UK institute Roffey Park, this programme enables participants to delve into their company's culture and introduce agility to both people and processes. Through approaches like complex-adaptive systems thinking, participants learn practical methods to enhance organisational resilience.
For leaders seeking to foster this quality, the programme, Employee Engagement & Change Management: Building an Agile Customer Centric Culture is worth considering. This programme empowers employees on a broad spectrum by presenting them with the right talent, skills, structure, technology, and culture to succeed in the face of coming disruptions. Since resilience is inherently tied to human characteristics, people-centric approaches will bolster commitment from both employees and company. This not only helps employees match the needs of customers but rather, places the customer at the heart of the decision-making process as part of the agile methodology.
2. Innovation: Accelerate advances through data-led insights
In a 2022 report, Mckinsey highlighted that “companies that are using data-driven B2B sales-growth engines report above-market growth”. The examples highlighted showcased a robust emphasis on leveraging data and algorithms to identify and prioritise tangible growth opportunities throughout the entire customer life cycle, spanning from acquisition to retention as well as to support their front lines with relevant insights while actively monitoring opportunities across all campaigns.
Many organisations transitioning into this framework of data-driven decisions will need to ensure that their workforce understands the methodology to fulfil implementation in every aspect. Programmes such as the Executive Certificate in Leadership and People Management will equip professionals such as managers to lead and inspire their teams through these data-driven decisions.
3. Equity and responsibility: Innovate while ensuring ethical standards are applied during the design, development, and use of transformative technologies
In recent years, the rise of hybrid work scenarios and discussions on workplace wellness has been a major development. As businesses pursue innovation for growth, it is crucial to prioritise the ethics and well-being of their workforce.
Even with the pandemic over, the influence of shifted mindsets and the influx of a new generation of workers imply that hybrid scenarios are expected to endure. To ensure effectiveness, managers must expand their perspectives beyond traditional team leadership confined to the physical workplace. It is crucial to implement strategies that enable teams to excel in their intellectual work. SMU Academy’s Resilient Leadership and Business Sustainability Series covers everything from developing an entrepreneurial mindset, engaging a multigenerational workforce, and fashioning integrated risk management analysis. Accountability and transparency are highly valued in today’s business leaders’ resumes and can go far in building trust to lead with resilience.
4. Data culture and literacy: Fostering a culture of data literacy has become imperative in today's dynamic business landscape
In an era where data reigns supreme, fostering a data culture and instilling data literacy throughout the organisation become catalysts for driving innovation, informed decision-making, and sustainable growth. It is through these endeavours that organisations position themselves at the forefront of their industries, shaping a future where data becomes an invaluable asset and a source of competitive advantage.
Managers hold the key to leading by example, and SMU Academy's Data Analytics for Managers programme empowers them to do just that. Participants gain the ability to harness sentiments from diverse sources and make well-informed decisions by effectively applying and distilling insights from data analytics across various business domains. Meanwhile, team members can actively engage in the conversation by attending the Introduction to Data Analytics course, equipping themselves with fundamental knowledge and contributing to data-driven discussions.
As companies continue to embrace data-driven strategies, employees seeking to nurture their interest in this domain can embark on a transformative career path. The Certified Data Analytics (R) Specialist programme offers a gateway for individuals to delve into the realms of statistical inference, modelling, and analysis, enabling them to deliver positive outcomes that propel their careers forward.
5. Curiosity: Harness the power of exploration to drive insights that fuel innovation and impact
Leaders who possess resilience find strength in their perspectives, and cultivating essential thinking can foster that growth mindset, granting that unflappable attitude that wins over supporters. As the digital era picks up speed, this mindset can offset speed bumps by creating effective leaders who consider elements of human centricity, problem-solving, entrepreneurial attitude, co-creation and fearless innovation in their teams.
By prioritising on effective problem-solving, this cool-headed approach can buffer sharp shocks, and, in the long run, motivate team members to push through adversity, maintain high levels of engagement, and remain committed to organisational goals as they shift. With their assurance, resilient leaders foster a positive work culture and can cultivate the biggest impact for lasting outcomes. They understand the importance of nurturing a resilient workforce and fostering a supportive organisational culture. By embracing resilience, leaders can navigate the complexities of today's world, inspire their teams, and position their organisations at the forefront of innovation. From data culture and literacy to equity and responsibility, the principles of resilience permeate every aspect of organisational life. With resilience as their guiding compass, leaders can lead with confidence, drive meaningful change, and create a lasting impact in an ever-changing business landscape.
Foster a core of resilience. Discover leadership programmes at SMU Academy to further elevate your career.
