Many Organizations Lack Resilience Practices

Many Organizations Lack Resilience Practices
Many Organizations Lack Resilience Practices

 

Many Organizations Lack Resilience Practices

 

Despite overwhelming agreement that resilience is a priority for their organizations and indispensable for long-term growth, less than one-third of global business leaders surveyed last year by the by the British Standards Institution (BSI) said they believed their firms have fully embedded resilience practices. Less than half of those same business leaders said they expect their firms to have fully embedded resilience practices within three years.

 

Achieving the resilience to survive and prosper in the long-term is held back by a lack of skills and knowledge, insuffi cient leadership commitment and short-term fi nancial considerations, according to the report titled “Organizational Resilience: Building an Enduring Enterprise.”

 

The report, citing British Standard 65000—Guidance for Organizational Resilience, defines organizational resilience as “the ability of an organization to anticipate, prepare for, respond and adapt to incremental change and sudden disruptions in order to survive and prosper.”

 

Many Organizations Lack Resilience Practices

 

The report identifies six key features of resilient organizations:

 

  1. A proactive approach—a willingness to adapt before being forced to.
  2. Dynamic leadership—support from the top of an organization (from the CEO down) to embed a process.
  3. Responsiveness to change—a willingness to listen to market needs.
  4. A strong corporate culture—holistic inclusion and recognition of everyone’s responsibility and contribution to the business.
  5. Keeping focused—possessing a clear vision, purpose and identity.
  6. A long-term view—not responding solely to short-term fi nancial goals.

“The apparent gap between the intention and action in companies’ approach toward resilience suggests that businesses are facing a host of challenges in embedding resilience in a changing and volatile marketplace,” said Victoria Tuomisto of BSI’s economist intelligence unit and the report’s editor. “These, in turn, will be different for every company,” Tuomisto said, “But a resilient organization by defi nition is one that is constantly shifting and adapting. There is no ‘fi nish line’ when it comes to implementing a culture of resilience.”

 

Source, QP April 2016

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