Building a new resilience

Abstract

Purpose

The purpose of the viewpoint is to examine the various ways in which the pandemic has exposed structural vulnerabilities in global business infrastructures that have long existed and been long ignored. It urges business leaders not to return to a “new normal” but make fundamental changes to ensure that their businesses are truly resilient and can withstand future threats more effectively.

Design/methodology/approach

The viewpoint looks at the various kinds of vulnerability to which businesses are exposed – such as supply chain, human capital, cyber security and climate change – and proposes ways to ensure that businesses, as well as shareholders and government entities work together to build true resilience.

Findings

At its core, the viewpoint exposes the various ways in which businesses have turned a blind eye to vulnerabilities that have always lurked just below the surface and suggests. The argument is that to secure the long-term future of our global business system, we can no longer remain oblivious to fundamental weaknesses in our infrastructures.

Research limitations/implications

The viewpoint looks selectively at the available data and is, therefore, by definition, subjective and non-comprehensive.

Practical implications

If businesses and shareholders truly take the recommendations of this viewpoint to heart, we can build a more resilient future through long-term investments in risk management infrastructures of all kinds that will secure a more prosperous and stable future.

Social implications

Developing a more resilient and stable global business infrastructure will help reduce the business volatility deriving from last minute responses to predictable threats. This will, in turn, help provide more stable, fulfilling employment, especially in developing countries that will act as a fly wheel for the secure development of human potential around the world.

Originality/value

While there has been much speculation of what the “new business normal” will look like once the pandemic has been conquered, this is, the author believes, the first piece to look concretely on how we can not only “build back better” but build back more soundly for the long term.

Citation

Hirsch, P.B. (2021), "Building a new resilience", Journal of Business Strategy, Vol. 42 No. 2, pp. 143-146. https://doi.org/10.1108/JBS-01-2021-0002