Resilient Management – What’s in our future
“Seizing the momentum to build resilience for a future of sustainable inclusive growth” – (The resilience agenda, developed by the World Economic Forum it the first serious program to coordinate long-term solutions throughout our disrupted world.
People, education, and organizational resilience:
- Organizations need to become more flexible to adjust to economic changes.
- De-centralized leadership model.
- Cultivates talent and self-sufficient teams.
- Invest in education to address the need new skills, upskilling, reskilling existing workforce.
(The following information provided by: Cheyene Marling – Center Advisory Board Member and Managing Director of Talent Management & Research Analytics within Ambipar, a Witt O’Brien international business continuity/risk management company)
What are the trends in the private sector?
– There is a shift to taking a holistic approach in truly being resilient. This shift has led to breaking down silos across the organization more than ever before. Companies are seeking professionals to meet the challenges of not only business continuity, but also crisis management, cyber resiliency, supplier resiliency, and third-party risk management.
– Increased regulations, such as DORA, has prompted many organizations who have not traditionally been worried about being resilient to now be compliant by 2025.
– AI has opened up an opportunity to think outside of the box. How can resiliency better meet the needs of the organization? What business issues have been overlooked and the financial impacts. AI can potentially improve data collection and analytics, which will free up a professional’s time to be more strategic and engaging with senior leadership.
– The increased capability in tools has prompted a deeper desire to collect, understand, and assess data analytics (threat assessments, mapping internal processes/ vulnerabilities, etc.)
What are companies seeking when hiring professionals? What are some hiring challenges?
– The employment market for the Resiliency profession has been surging since April 2020. Organizations are in need of extra staff as the program shifts to a holistic resilient approach addressing cyber concerns, supply chain issues, updating archaic technology, integrating with risk disciplines, and preparing for a variety of different crises. In fact the data from our most recent Resiliency Trends Report highlighted that 39% of organizations anticipate hiring additional staff in the next year. This is a significant increase from 14% reported in 2018 and 25% reported in 2021. Additionally, the data point on “no” to hiring continued to drop slightly to 30% – the lowest ever recorded.
– Due to the increased visibility of the program and engagement at the CXO level, organizations are seeking professionals with exceptional soft skills – situational awareness, emotional intelligence, change agent, champion/leadership skills and passion for resiliency top the list.
– Roles focused in crisis management in the private sector provide the best entry point for emergency management professionals from the public sector.
– Companies are struggling to fill critical roles due to the increased demand and a smaller pool of candidates. Several professionals (who been involved in BC/DR planning going back to the Y2K days (1998/1999) have recently retired. Additionally, the profession of business continuity/resiliency struggles in bringing new professionals into this field (i.e. – lack of degreed programs, lack of knowledge of the profession, etc.). Organizations are also now pressing to bring employees back into the office 3-5 days/week, which now narrows the pool of available talent to the local geography or those who are open to relocating.
– The increased demand for resiliency professionals and smaller pool of talent have increased compensations on a worldwide basis. See the 2023 BCM Compensation Report at https://www.wittobriens.com/resources/21st-edition-bcm-compensation-report?x-craft-preview=gSJmVPftWn&token=gHICKGjfxpMwiP4einTu_nJbykIUG8ie