Harvard Business Review published lessons learned from survey of Chinese companies as they weathered COVID-19 crisis and built more resilient businesses

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Lessons from Chinese Companies’ Response to Covid-19

Weathering the COVID-19 Crisis – Harvard Business Review published lessons learned from survey of Chinese companies as they weathered COVID-19 crisis and built more resilient businesses

Summary:

Harvard Business Review compiled lessons learned by Chinese companies during COVID-19 that organizations can learn from. These include:
  • Be Transparent About Challenges – Communicate and update team members on state or condition of organization, as well as priorities and principles guiding decisions
  • Accelerate Move to Digital – Adopt digital solutions to better serve customers, speed up processes, address roadblocks during lockdown, and save on costs
  • Re-Organize to Enhance Decision Making – Use technology to automate some decision-making, empower senior managers in strategy and policy, and frontline employees in execution according to local laws and conditions
  • Identify Volunteer Opportunities – Open opportunities for employees to volunteer for social impact initiatives, which tend to create greater ownership, motivation and engagement
  • Emphasize Resilience – Build resilience in employees as they go through levels of anxiety and lack of motivation, including by creating a more connected organization to help them cope
  • Think Long Term – Market leaders invest in enhancing their competitive position in long-term, a step ahead from short-term response such as preserving resources
To read article at Harvard Business Review website, visit https://hbr.org/2020/06/lessons-from-chinese-companies-response-to-covid-19
Company: Harvard Business Review (HBR)
Categories: Customers, relationships and channels, General management, Leadership teams, People and culture, Strategy
Source:

Original publication date: June 5, 2020

Date last updated: June 24, 2020