The world is rapidly changing. In some areas, such as technology, the rate of change is exponential. A resilient business is one that is able to acknowledge and understand these changes and then create a business framework that can adapt. Adaptability requires flexibility, diversity, and responsiveness. Utilizing these three components increases the likelihood a company can remain viable and successful now and into the future.
At any given time, a company has the potential to have individuals from four generations within their employ. Millennials and Generation Z often have different perspectives on work than do Baby Boomers and Generation X. According to experts who work with multiple generations, like Eyal Gutentag, understanding generational differences and having the flexibility to adapt company practices to the strengths and needs of these generations are important not just to company culture, but also to a business’s bottom line.
Cultural diversity is an important component of organizational adaptivity as countries continue to see an increase in diversity in their populations. The term diversity can also apply, however, to anything from job structure to technological approaches to organizational structure. For instance, allowing for the possibility of job sharing has the potential to increase worker retention, as well as reduce stress for those who choose it. Similarly, as CMSWire indicates, incorporating a structure for remote work can spur innovation through the collaboration of people with diverse skills and expertise.
The implications for a company’s ability to respond to change and to setbacks, such as those many are likely to experience with the spread of the COVID19 virus, are great. Staying ahead of the game in times of change and when confronted with setbacks requires a company to be able to respond quickly in implementing policy and practice measures that address issues before they get out of hand.
The rate of change the world is seeing is not likely to slow down anytime soon. In order to remain successful, businesses need to be able to adapt to these changes by incorporating flexibility, diversity, and responsiveness into their business model.