Petroleum Equipment Institute

Many leaders shifted to day-to-day thinking when coronavirus hit. A crisis, however, unveils who can handle the pressure and can make things happen.

Five old school management practices no longer fit the times. Companies that adapt quickly are more likely to avoid economic and employee pain.

Ambiguity surrounding who is responsible for making a decision (or decisions) is a primary cause of delay in vital business activities. Five steps can clear up confusion.

Estimates indicate that services to support the charging of EV fleets could be worth $15 billion in annual revenues and cost savings. Much of that money would come from three activities.  

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Businesses should examine three possible coronavirus scenarios in their planning:

1. Quick recovery (least likely);
2. Global slowdown (base case); and
3. Global pandemic and recession (pessimistic).

McKinsey & Co.'s 23-box COVID-19 checklist provides business leaders with specific actions to:

• Protect employees.
• Create a cross-sectional COVID-19 response team.
• Create goals based on workstream (other than your employees).
• Practice your plan with top team members through an in-depth tabletop exercise.
• Demonstrate purpose.

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PEI is in contact with U.S. officials overseeing the COVID-19 response. 

Running low on energy? Insist your team members make decisions they should make. Make low-risk decisions quickly and move on. This is how to get more done.

Companies control corporate vision and strategy, or employment. Employees, however, totally control their employability: the ability to always be needed and wanted in the marketplace.