Beyond coronavirus: The path to the next normal
Apr 13, 2020
As the first month of quarantine comes to a close, it’s becoming increasingly clear that our era will be defined by a fundamental division: the period before COVID-19 and the “new normal” that will emerge following the virus. This unprecedented way of life will likely lead to a dramatic economic and social order restructure compared to how business and society have traditionally operated. As the near future begins to pave way for what the next normal will entail, leaders must consider how to navigate the crisis and explore its uncertainties.
A recent McKinsey article features five stages about leading from the crisis of today to the next normal that will emerge after the battle against coronavirus has been won. Simply put, leaders today must win if we are to find an economically and socially viable path to the next normal. These stages include:
- Resolve – The need to determine the scale, pace, and depth of action required at the state and business levels. Most leaders are currently focused on this stage of the process.
- Resilience – Since much of the population will experience uncertainty and personal financial stress from this pandemic, leaders will need to make difficult “through cycle” decisions that balance economic and social sustainability.
- Return – Reassess entire business systems and plan for contingent actions in order to return their business to effective production at pace and at scale.
- Reimagination – Reinvent what makes business more resilient to shocks, more productive, and better able to deliver to customers.
- Reform – Anticipate popularly supported changes to policies and regulations as society seeks to avoid a future crisis similar to what we are experiencing today.
To explore these recommendations and how we can each play an proactive role in our company’s long-term success, read the McKinsey article here.
Why should you care?
Coronavirus is not only a health crisis of immense proportion—it’s also an imminent restructuring of the global economic order. These five suggestions can help leaders begin navigating to what’s next.