In the wake of a tumultuous 2020, CXOs also believe disruption is here to stay, according to Deloitte’s 2021 Global Resilience Report. 70% of the CXOs surveyed in India do not see 2020 as a rare event and believe they are likely to see occasional, or regular, disruptions of this scale going forward, as compared to 62% globally.
Worsening climate events have also given Indian CXOs enough cause to anticipate regular disruptions. They also have a higher propensity to believe that climate change is a crisis of greater magnitude (51%) than Covid-19, as compared to global peers (44%).
“Businesses have always faced disruption, but the challenges of the past twelve months have been uniquely unrelenting. The confluence of a global health pandemic, social and political unrest, and worsening climate events has presented organisations with tough choices, new ways of operating, and fundamental strategic shifts,” said Punit Renjen, Deloitte Global CEO.
“As we look to recover and rebuild, the road ahead is likely to be even more unpredictable. Organisations that plan and invest in anticipation of future disruptions will be better positioned to thrive,” Renjen told ET.
Like their global counterparts, Indian CXOs who had taken specific actions prior to 2020 or who had ongoing efforts to move to new-age work mechanisms, seemed to have been better at weathering the change. These include diversifying revenue streams (61%) and an increasing use of advanced tech, to create new business models and market opportunities (66%).
“The year 2020 has propelled organisations in India, and the rest of the world, to think creatively given the disruptive environment. Our research reveals that resilient organisations – with flexible, adaptable, long-term, innovative mindsets that cultivate resilient cultures – are better positioned to overcome disruptions and help usher in a ‘better normal’ post pandemic,” said Joydeep Datta Gupta, partner, Deloitte Touche Tohmatsu India.
Once the pandemic and lockdowns end, Indian CXOs expect a slightly larger percentage of their workforce to remain in remote-working scenarios, as compared to global executives. Over two-thirds of CXOs in India (71%) also believe they have kept their employees and customers safe. These organisations had already invested in technologies to enable remote working (59%) or provided flexible working hours (63%), either prior to 2020 or during the year.
The report is based on a survey of 2,260 C-level executives and senior public sector leaders, including CEOs/presidents, COOs, CFOs, CMOs, CIOs, and CTOs. The survey, conducted by KS&R in July–September 2020, polled respondents from 21 countries; 45% were from Europe/South Africa, 28% from the Americas and 27% from Asia Pacific. 20% of the respondents this year were women. Additionally, KS&R and Deloitte conducted select one-on-one interviews with global industry leaders and academics.