In a chaotic world, resilience has become one of the most important qualities a company can possess. To be resilient, a company needs a resilient leader, according to Fast Company.
Analytics software and solution company SAS surveyed 2,400 executives about resiliency and found high-resiliency executives had certain traits in common. Fast Company recommends strengthening the following traits to become a more resilient leader.
- Understanding the need to invest in resilience. Resilient leaders invest in technology, processes and people to ensure their companies can adapt to changes. Survey respondents who are investing in resilience feel more prepared to tackle disruption than those who are not currently doing so (57% vs. 42%). Ways to invest in resilience can vary depending on the company—for example, it could mean developing ways to increase productivity, enhancing data security, improving fraud detection and response, or implementing the cloud. The data show leaders who are more resilient are more likely to employ scenario-planning to consider worst-case scenarios and develop safeguards.
- Committing to data and analytics. High-resiliency leaders turn to data when there are disruptions. Highly resilient businesses are more than four times more likely to implement data tools than their less resilient counterparts (93% vs. 22%). Resilient leaders also are more likely to invest in ensuring ethical practices regarding technology and artificial intelligence, focusing on responsible data use, trustworthy AI, and existing and upcoming data and AI regulations.
- Not doing it alone. You don’t need to have all the answers. Eighty-eight percent of leaders surveyed felt confident about increasing resiliency in their companies in the future. However, high-resiliency leaders also recognized the need for help to build company resilience; 81% said their company needs guidance to create and implement an effective strategy.