Lessons From a Pandemic: Risk and Growth are Two Sides of the Same Coin

It is nearly a year since the outbreak of COVID-19 was first reported in China’s Wuhan city. As the pandemic spread, world leaders, in consultation with global agencies, initiated unprecedented strategies to curb the contagion. Simply put, the pandemic has changed our world – the way we live, work and play.

In many ways, it has levelled the playing field like never before.

• Hitherto, poverty was considered to be the primary cause of ill health and infection. But, not anymore. Some of the world’s most privileged people, including US President Donald Trump, UK Prime Minister Boris Johnson, India’s Home Minister Amit Shah and many others, have tested COVID-positive. The virus spares none and doesn’t distinguish between the rich and poor.
• The lockdown adversely impacted businesses of all kinds: ranging from roadside vendors to multi-billion organizations which had thorough de-risking strategies in place. Thousands of companies have shut shop due to the virus while many nimble ones survived the crisis. Size is no longer a guarantee for success, agility is.
• The pandemic has impacted economies of all types in equal measure. The most developed nations have not been able to contain the spread of the contagion or develop a vaccine any faster than their developing counterparts. Financial or economic resourcefulness is no more a guarantee of well-being.

Amid its devastating trail, the pandemic teaches us important lessons to negotiate risks. Businesses and individuals will not just survive, but thrive when they abide by these principles in a VUCA (volatile, uncertain, complex and ambiguous) world:

1. Agility is the ultimate secret to building resilient businesses: A pre-pandemic research by McKinsey of more than 1,000 publicly traded companies found that only 10% were resilient enough to survive an economic downturn. These organizations moved early, rode the waves of uncertainty instead of being overpowered by them.

2. Being mindful of the health & safety of all stakeholders: Dealing with the challenges of health and safety is paramount to progress in the post-pandemic world. To do so, businesses should discharge their responsibilities as good corporate citizens by ensuring the safety of their customers and employees at all times.

3. Technology integration is the future: Research shows that in eight weeks, many organizations, individuals and institutions vaulted over five years ahead in terms of technology adaption. This momentum of digital acceleration has to continue to enable optimal performance in an uncertain world.

4. Work must go on, come what may: World over, COVID-19 resulted in a historical deployment of remote work. Even as economies reopen and employees return to offices, organizations need to be prepared for periodic reinstating of lockdowns over the next few months. A remote-first setup will be vital to organizations’ success in the post-pandemic world.

5. The need to be human is more significant than ever before: The pandemic has brought people together in extraordinary ways. Empathy and collaboration have been essential factors in our fight against COVID-19. These elements should continue to be the foundation of our collective response against challenges in the post-pandemic world.

Undoubtedly, COVID-19 is among the worst pandemic we’ve witnessed and has completed upended the course of human history. The biological, economic, political, social, and moral implications of the health crisis will be felt for years to come. Yet, it is vital to remember that the current problem is not the last disaster to hit our civilization. In that sense, the experience should help us to correct all that was wrong in our approach to life and work.

It reminds of me of an old proverb by Socrates which all of us need to follow to emerge as winners from the pandemic, “the secret of change is to focus all of your energy, not on fighting the old, but on building the new.”