The scope, speed, depth, and indeterminate timing of the current economic free-fall, combined with the daunting personal and societal implications of the COVID pandemic, will be a defining crucible moment for most companies: many will not survive the crisis, some will emerge severely weakened, and those that weather the storm will stand as beacons on the battered landscape of the economy (a few may even thrive).
The crisis will test balance sheets and companies’ financial strength, push leadership into the spotlight, transform operations, and even reveal companies’ true values and moral compass. For companies that do survive, the crisis is likely to create unprecedented opportunities to challenge old paradigms, accelerate new ways of working, and outmaneuver competitors as whole industries are reshaped. So boards of directors must help their company weather the immediate crisis and inspire management to think broadly about strategy.
A new briefing from Oliver Wyman Partner Rutger von Post and Senior Advisory Board member Robert Pozen explores how boards can navigate the immediate crises and offers specific questions by area that management needs to stare down. Oliver Wyman is affiliate of Guy Carpenter.