AGILITY AND RESPONSIVENESS
These are the two key words that we’re hearing today.
Our economy is rebounding. Growth is recommencing.
We are currently in the early stages of the vaccine roll out.
At it's completion we’ll then be back to a “new normal”.
In the meantime, what’s likely to happen?
What’s going to happen from now until 2022?
Today, organisations across the entire spectrum of healthcare (pharmaceuticals, medical devices, diagnostics, aged care, hospitals and medical practices) are assessing their strategies and are planning for the remainder of 2021 and through to 2022.
For some this includes building up flexible capabilities with pools of contractors.
For others securing top talent into permanent roles is part of their long-term competitive positioning.
For most organisations a “hybrid” model of contractors and permanent employees will become the basis of their strategy.
We’ve seen it before. After every major recession (the GFC being the latest example) organisations grow by adding flexibility, in terms of contractors, to their workforce.
Recessions provide opportunities
And to realise these opportunities organisations need people. People to complete tasks, to manage projects, and to execute strategies.
Contractors provide flexible “interim solutions”
With the experience they bring they are cost-effective - there’s no training needed, and they’ve completed similar projects successfully before. They can ‘hit-the-ground-running’ either working virtually or onsite. And when the project is finished there’s no long term commitment.
Across all areas of healthcare we will be seeing growth.
We’re seeing it already.
New products and services are being launched; and new approaches to treating patients are being implemented.
“Many organisations are currently assessing their business plans.”
COVID-19 has, & continues to be, enormously disruptive.
Well thought out strategic plans for the year ahead are being reviewed & assessed.
Now is the time to revisit the seminal work of Michael Porter on “COMPETITIVE STRATEGY” and ask:
1. “Who will the new entrants be - this year & next?”
2. “How have the barriers to entry changed? & what changes are likely?”
3. “What substitutes for our products & services are likely to be coming?”
4. “How will customer bargaining power likely change?”
5. “How will the bargaining power of suppliers change?”
6. “What are our competitors doing?”
7. “What is our competitive advantage?”
8. “What is their competitive advantage?”
9. “What do we need to do to strengthen our competitive positioning?”
10. & during these discussions asking “What resources are required?”
Our environment will remain turbulent for some time, well into 2022.
That’s a certainty. AND in turbulent times opportunities are presented.
Successful organisations will be agile & they will be responsive.