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Navigating the Supply Chain Crisis

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Two and a half years since COVID-19 emerged and set off a sea change in how we work and live worldwide, business leaders continue to grapple with the challenges it has created for the global supply chain. Extraordinary congestion at critical global ports, decreased availability of key raw materials and component parts, rising freight bills and an increasingly tight job market have all contributed to the need for companies to create an effective logistics risk management program. Such a program must focus on the detailed assessment of key risks to the supply chain and the creation of mitigation strategies that limit their impact on a company’s ability to satisfy its customers.

How Did We Get Here?

To better prepare an organization for the future, it is important to reflect on events in the past. Some of the critical issues that have contributed to the unparalleled supply chain pressure within the logistics world include:

  • Increasing reliance on foreign suppliers for key inputs, adding to the time it takes to secure goods and also leading to a diverse range of exposures that could impact customers
  • Greater dependence on ever more sophisticated components
  • Labor shortages impacting the transportation and port industries
  • Crumbling infrastructure, especially domestically, contributing to increased time and expense to move freight
  • The continued movement to just-in-time procurement, leading to challenges matching supply to demand as supply chains are strained
  • An increasingly sophisticated electronic network to plan, monitor and maintain the logistics chains, leading to increased vulnerability to cyberattacks

While these issues may have been the fuel, it is certainly the COVID-19 pandemic that was the spark for the current challenges facing the supply chain, as the pandemic affected the global supply chain in many ways. For example, reductions in production capacity overseas due to government quarantines left many components in shorter supply.

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Overseas port capacity was restricted because of quarantines and worker shortages due to illness. Already operating at its maximum after years of limited investment, United States port capacity became overtaxed and less efficient at moving product to final destinations. Additionally, increased consumer demand for foreign produced goods, such as home office equipment, clothing and furniture, further stressed global supply lines.

According to maritime research and consulting firm Drewry, these issues resulted in freight rates increasing by more than 100% year over year, transportation time increasing by almost 50%, and logistics professionals facing greater difficulty guaranteeing the ability to meet their company’s needs. Companies with logistics professionals who developed and implemented supply chain risk management strategies have likely experienced a limited impact in comparison to those without such processes in place.

It’s Not Over Yet

While the majority of the world is now emerging from the most dramatic parts of the unprecedented global shutdown and hope is on the horizon, significant threats remain that require vigilance and focus. This is best illustrated by the impact of the early 2022 lockdowns implemented in parts of China as part of the country’s zero-COVID strategy. With an export volume of more than trillion, what happens in China quickly ripples around the world and impacts every sector.
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From semi-conductors to resins, active pharmaceutical ingredients to petroleum products, China is a critical node in the supply chain of almost every consumer product. With major production and transportation hubs like Guangzhou and Shanghai implementing sweeping lockdowns, companies are once again feeling the pinch in reduced ability to source product and significantly expanded time lines for delivery.

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What Can Be Done?

Business leaders should consider several best practices to minimize disruption to their organization’s supply chain:

  1. Develop risk assessments on primary and secondary suppliers, determining the impact they could have on the company’s ability to produce product.
  2. Create a detailed mapping of critical suppliers that includes manufacturers and service providers, such as freight forwarders, in order to assess catastrophic risk potential.
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    Have multiple suppliers, preferably in multiple geographic areas, as sources of critical raw materials and components. This reduces reliance on any single supplier or oversized exposure to geographical catastrophe risk. For identified critical areas, create a business continuity plan that outlines the process to shift to another resource in a separate geographic area.
  3. Maintain increased inventory on hand versus reliance on “just-in-time” methods, increasing the ability to quickly match supply to customer demand.
  4. Invest in supply chain intelligence data and telematics to increase visibility on goods in transit, which will help business leaders identify a quick and effective response to catastrophes as they occur.
  5. Manage customer expectations in respect to delivery schedules. The old adage “Patience is a virtue” may never have been more apt.

Looking Ahead

Corporate executives now have a heightened understanding of the supply chain’s importance to a company’s bottom line, leaving logistics professionals uniquely positioned to gain investment in resources to help address emerging logistics and supply risks. By conducting regular risk assessments and developing risk mitigation strategies to address the exposure, business leaders can better position their company to limit the impact of supply chain challenges and create a stronger, more operationally resilient enterprise.

4 Strategies to More Successfully Manage Remote Teams

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Since the 1990s, we have seen major industries get disrupted by new technologies and innovation. The Internet and tech commoditization, increasing consumer demands, and rising competitive rivalry have all forced businesses to adapt and evolve. Managing disruption has made the overall business landscape much faster, uncertain and, at times, chaotic.

With the pandemic, we have had to adapt again to remote or hybrid work arrangements. While it has many perks, working remotely brings with it a new set of challenges that managers continually need to navigate. First, it is harder to read your team’s energy when you are not in the same office. Second, the number of meetings tends to increase in remote environments, which tends to lead to lower productivity. Third, not being in the same room sometimes reduces the speed of execution, resulting in bottlenecks and miscommunication.

Although working remotely comes with its challenges, here are four strategies that leaders can implement to better manage remote or hybrid teams and disruptive environments:

1. Build a Team for Adaptability

The most important capability to navigate a world of disruption is adaptability. Teams that are built with an emphasis on adaptability are able to pivot and change direction much faster, and are more likely to solve problems that they have not seen before. These teams are also able to navigate the nature of remote work.

Adaptable team members keep an open mind and may be more inclined to find new ways to collaborate with each other, and it may be easier for them to continuously pivot to changing regulations or rules. In other words, being adaptable allows teams to get the job done whether they are working from the office, a client site, or remotely.

2. Get Buy-In

Before starting on your journey, focus on getting your team to buy into your vision and mission. Show your team why the goals are important, and the prize that awaits everyone on the other side of the journey. Being bought-in makes your team more likely to push through uncertainty and change, especially when things get difficult. This can also reduce the need for constant oversight or micromanagement.

A team that is bought-in also feels more accountability with their work and with each other. This ensures teams are focused on getting results while supporting each other along the way. The resulting sense of investment also helps as burnout continues to be on the rise and the boundaries between work and life continue to get blurred while working from home.

3. Provide a Clear Plan and Establish Milestones

When things get chaotic, it helps to clearly define your roadmap and assign key actions to your team with ownership and accountability. When dispersed and facing uncertainty, direction is what a team needs most. Providing your team a clear action plan not only gets you marching on the same path, but may also make you more productive.

Being clear on your deliverables and establishing concrete milestones can help reduce distractions, making it easier to navigate uncertainty and change. This can also reduce virtual meetings to relevant team members working toward a certain milestone, which could boost overall team productivity and save valuable time. 

4. Celebrate the Small Wins

When you are executing and being pulled in multiple directions, it is tough to take a step back from the nitty gritty day-to-day. Most of the work we do in transformational times does not yield results right away—it takes time. Especially when dispersed across different cities or countries, it is hard to see the progress we have made if we do not make a conscious effort to see the forest, not just the trees. Over time, this can contribute to burnout and lower productivity.

Celebrating the small wins helps your team see the progress they are making every day, and puts things into perspective. It also brings the team together, which is a must when working remotely and are not getting the social interaction that we need.

RISKWORLD 2022: Q&A with Opening Keynote Michael C. Bush

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RIMS RISKWORLD is just a few days away, kicking off in San Francisco on April 10. This year’s opening keynote will be delivered on Monday by Michael C. Bush, the CEO of Great Place to Work and author of A Great Place to Work for All: Better for Business, Better for People, Better for the World.

Bush recently sat down for an interview on the RIMScast podcast, discussing how the pandemic has redefined satisfaction in the workplace and the critical steps that risk professionals can take to increase equity and happiness in their organization. Download the RIMScast episode for Bush’s full interview and check out a preview of his April 11th keynote below:

What will you discuss in the keynote address at RISKWORLD?
Michael C. Bush: We’re going to talk about making a connection in a way that [makes] people, employees and clients feel they are cared for. Physical and mental health is a top priority now and risk professionals play a role because there is data and policy to consider. But, if you approach it correctly, it can lead to organizational success even during a pandemic or the Great Resignation.

How has the definition of happiness or satisfaction changed against the backdrop of the pandemic?
MB: Prior to the pandemic, we could talk about happiness, satisfaction, engagement and empowerment in one context. COVD has changed that. We were suddenly in a world where people felt like really nobody cared, because they were living a life where there was so much uncertainty. They didn’t know what they needed to do to protect themselves or their family members—physically and financially. This left huge voids because there was economic insecurity on top of it all. People had to watch their communities suffer as small businesses shut down one after another.

Great companies realized this was a time to care. Therefore, they became the one thing that their employees could rely on. In our interviews, we heard stories of companies sending employees necessities like toilet paper during shortages, making deliveries to their parents and other instances that were happening at a personal level. Those lucky employees realized their employers actually cared about them as people and not just as an employee, and that led to happiness. The only silver lining from the pandemic was that humanity has surfaced in a way that has connected us all.

How do you view resilience? 
MB: We all have tough days. When a person is under pressure but knows that they have support or someone or an organization that can relieve that pressure and enable them to bounce back, that’s resilience. It can eliminate burnout, but there’s a difference between burnout and being burnt out. And we’re going to discuss that difference at RISKWORLD.

Fans of language and communication—or those looking to sharpen their skills—will find some really strong takeaways from your take on active listening. Now that so many professionals depend on remote capabilities to work, how has your perception of active listening changed or evolved?
MB: I’ve become a more intense believer in active listening, especially over the last couple of years. It’s not just making eye contact and not just me repeating the last thing you said. Listening is really about caring. When you listen to a person in a deep way, it is the ultimate show of respect—and not doing it is equally disrespectful. If all I’m doing is waiting for someone’s mouth to stop moving to grab tidbits of what they said to make my point, that is not listening, that’s just a spring-loaded response.

When it comes to being remote, try to dial in and focus on the person who’s in front of you on the screen. Put down your mobile phone and stop multitasking—chatting, posting and “liking” things on social media. 

Listening, in the way I’m talking about, takes practice. It involves emptying your mind and being humble enough to do that and not holding on to your own point of view so tightly. When your mind is open, you start asking questions and learning starts. Through that exchange, something unusual and great happens: people feel safe and will start to say more. You might help someone solve their problem, they might help you, or you might identify a new risk altogether.

Using Ergonomics to Ease Employees’ Return to the Office

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Strategies for returning employees to offices continue to evolve due to the emergence of new COVID-19 variants and changes in government regulations. While some workers may feel excitement and a renewed sense of focus, there is also notable hesitancy to be physically working side-by-side and accepting changes in the physical workspaces to which employees are returning. Many employees may be coming back to the office from less-than-ideal workstation setups at home, which could have been a source of pain and discomfort. On the other hand, new workstations or office layout changes can also create physical problems if these spaces are modified solely for COVID-related safety without considering healthy ergonomic conditions as well.

Employers may benefit from being proactive and planning for flexibility in the work space design to accommodate sudden changes. When designing and managing the new work environment and planning for flexibility to change layout and design as the pandemic continues to evolve, a concerted effort on ergonomics can help ease employees’ reintegration back into the office. This can help maintain a high level of work productivity and may even help with employee retention by creating positive workplace experiences and demonstrating care for workers.

Managing the new work environment

In recent months, the layout of many office spaces has likely changed to increase safety measures. Some companies are now moving to an open work model—commonly known as space sharing—where employees no longer have an assigned desk that can be customized to their needs. Other companies may be opting for layouts with greater separation between work desks, which can result in new ergonomic challenges such as reduction in the size of work area, increased reaching and awkward postures.

Feedback is important. Employers need to listen to how employees are feeling, what concerns they have, and what they physically need in the office to be set up for success. Ongoing, frequent communication is necessary to maintain trust and help employees feel at ease with changes in their work conditions. To proactively address any concerns, business leaders can utilize tools such as employee surveys and returning-to-office packages. Surveys are vital to gauge a sense of employee readiness and hesitations while also showing employees that their managers are listening to their concerns. Capturing employee feedback also helps employers prepare for potential setbacks.

Ergonomics training programs and self-help checklists can be successful tools to ease the return to office and help employees experience less physical discomfort as well as improve employee productivity, profitability and, ultimately, even job satisfaction. Ergonomics training should be customized to address the concerns employees may face upon return to the office environment. The training and checklists should provide guidance on solutions and adjustments that employees can implement in their workspaces to achieve maximum comfort and avoid the risk of injury.

Retaining employees

In November 2021, a record 4.5 million workers quit their jobs, and the Great Resignation has showed little signs of stopping in 2022, with January resignations falling just shy of that record at 4.3 million. It is clear that stress related to the COVID-19 pandemic has been one of the key factors contributing to the labor shortage. Business leaders have found that a portion of the workforce may not feel safe or find it necessary to return to the office. There are many facets of such sentiments that employers must consider, and while ergonomics are not necessarily the driving concern for workers, employers can help move the needle by improving conditions for employees in as many ways as possible. Ergonomics initiatives and investing in the office environment offer ways to help improve employee morale and reduce discomfort and physical stressors that lead to injuries.

Implementing wellness routines can also help keep employees physically and mentally healthy. Business leaders should encourage workers to maintain healthy lifestyles, take regular breaks, and take days off to spend time with friends and family. Lastly, early intervention is key when addressing problems in the workplace. Leaders must provide clear resources for employees who have concerns. If employees have no direction on what to do when they have concerns, they are more likely to become dissatisfied and leave the workplace.  

The COVID-19 pandemic has forced businesses to alter operations, and as the landscape continues to change, employee retention and workplace concerns could become even more at risk. When bringing employees back to the office, companies may experience more success if they implement and sustain their ergonomics programs, maintain ongoing communication, and create a workplace where employees’ well-being is clearly valued.