1. (Advance) planning: short- & long-term strategies

Return to June 2020 Update

Length: 7 min read; 1500 words. Includes the following three subcategories:

1.a) Businesses (economy sectors) / projects
1.b) Individuals
1.c) Sustainability; Green future – opportunity to address climate change

Note: The following paragraphs summarize the category of (Advance) planning: short- & long-term strategies observed in June. More information about the specific category from June (and previous months) can be found in the downloaded report(s).The number in square brackets (e.g., [30]) refers to a reference where the reader can find more information about a specific statement. The references can be found in the References list below, Systematized References page or in the downloaded report.

a) Businesses (economy sectors) / projects

“Adapting to this new normal on the fly has been challenging, but it is doable.” [191] "Those who wait to get back to how it was (pre-corona times) and those who wait to be told what to do won't survive in this new world". Construction is expecting 25% downturn in activity in the coming 12 months with 10-22% of AEC companies expected to go out of business. Construction should deliver safety, quality and sustainability with leadership instilling confidence, direction for organization, vision for the future, preparedness to invest and understanding value, not just cost. "It is not a risk to invest (in technology), it is a risk not to invest." [211]

“This is the time to shift from a frantic race to the lowest price to competition on total value created” with the following strategies: “1) fit for purpose: manage cash imperative and revisit operating models; 2) smart operations: adopt new and safe ways of working; 3) enable remote working when possible; 4) secure workers on construction sites; 5) resilient supply chain: invest to mitigate risk and to differentiate; 6) growth to the new normal: manage projects and contracts with agility; 7) precision pivot: reinvent new business models.” [248] Our industry should build a culture of ingenuity. [249]

Although $8 trillion in capital delivery is expected to continue throughout 2020 [215], major challenges for construction projects are fluctuating guidance and restrictions, market conditions, and cash and working capital. Preserving project continuity in the face of COVID-19 means managers and owners must protect a) people (defend against on-site transmission without short-changing safety, develop a flexible contingency system, address workers’ underlying concerns directly), b) projects (launch a value-improvement exercise, conduct a contractor analysis, map the end-to-end supply chain, strategically preserve resources), and c) performance (modernize engineering processes, create a supply-chain nerve center, tackle construction challenges with a new working model, and identify digital solutions for immediate and long-term needs). This will require adopting an agile posture, continually assessing risks, and adjusting operations.[215]

McKinsey &Co. also suggest that 9 key industry shifts will radically change how building projects are delivered creating standardized integrated process: 1) specialization, 2) product-based approach, 3) consolidation, 4) sustainability, 5) value chain control and integration, 6) customer centricity and branding, 7) internationalization, 8) investment in human resources, and 9) investment in technologies and facilities. The transformation has begun before and it is now accelerated by COVID-19. “$265 billion annual profit pool awaits disrupters.”[250]

“Prefabrication’s enhanced focus on safety, cleanliness and physical distancing will help accelerate the industry’s move to offsite construction methods”; Joe Natarelli, Marcum LLP's national Construction Industry Group [251]. Challenges of constant stream of escalations, lack of standardization, strong culture of blame, and limited adoption can be addressed by breaking the power of habit, helping people make decisions faster, transforming the reporting process, and work on digital technologies implementation. [252] For digital technologies to work in the construction industry people, processes and tools need to be in place. Fast decision-making start by assessing the collaboration readiness of your organization; finding the right partners; defining your projects in detail; keeping all partners on the same page; and making trust your priority. [253]

[178]: Business strategies of some procedures currently shifting: 1) from ‘sleeping at the office’ to effective remote working (stop assuming that the old ways will come back; start thinking through how to organize work for a distributed workforce; accelerate best practices around collaboration, flexibility, inclusion, and accountability); 2) from lines and silos to networks and teamwork (stop relying on traditional organizational structures; start locking in practices that speed up decision making and execution during the crisis; accelerate the transition to agility); 3) from just-in-time to just-in-time and just-in-case supply chains (start redesigning supply chains to optimize resilience and speed, accelerate “nextshoring” ); 4) from managing for the short term to capitalism for the long term (stop quarterly earnings estimates; start focusing on leadership and working with partners to create a better future; accelerate the reallocation of resources and infrastructure investment); 5) from making trade-offs to embedding sustainability (stop thinking of environmental management as a compliance issue: environmental management is a core management and financial issue); 6) from online commerce to a contact-free economy (stop thinking of the contactless economy as something that will happen down the line- it is happening now; start planning how to lock in and scale the crisis-era changes; accelerate the transition of digitization and automation); 7) from simply returning to returning and reimagining (stop seeing the return as a destination; start imagining the business as it should be in the next normal; accelerate digitization.

Other selected specific strategies of the following categories (such as Procedures of shifting workflows and Management of employees in crisis) are provided in the following sections.

b) Individuals

Leaders are crucial in crisis. [259] True leadership is “about how effective you are at unleashing other people. Full stop.” [260] Latest promotions and appointments of new leaders [261] show that the industry is planning for future and investing in talent. Nevertheless, the job market has been impacted by the pandemic. While many employers are actively recruiting for full-time, part-time and internship positions, overall job postings are down significantly as compared to 2019. The total number of full-time jobs posted to Handshake [262] in May 2020 fell 45% from May 2019. A number of employers have canceled their internship programs, while others have shortened them and/or moved to a virtual format. [263]

Furthermore, current economic crisis has inundated the internet with self-help strategies for success such as “how to ace your next online job interview” [264] and the best advice for saving as much as you can [265]; celebrities are giving advices on how to stay focused under pressure (“Life happens; positivity doesn’t always work; stay focused on the moment and not be super emotional.”) [266]; avoid burnout by changing your perspective, being creative, finding some “me” time, buying noise- canceling headphones, and responding with grace [267]; spending 10 hours a week on “compound time” (time to step away from your urgent work, slow down and invest in activities that have a long-term payoff in greater knowledge, creativity, and energy) [268], “take care of your mind and body now!” [269]; work on your skills as “the future belongs to generalists.” [270]; “Assume problems will occur. Try to figure out what they might be. Implement protective actions.”[271][272], etc.

1.c) Sustainability; Green future – opportunity to address climate change

COVID-19 is not a break for nature – “let’s make sure there is one after the crisis.” [276] Air pollution levels have returned to pre-lockdown levels [277][127] as the economic giants (European Union, the United States and China) are restarting their economies. The courses these economies set are crucial for our fast-warming planet to survive upcoming climate disasters.

“Europe laid out a vision of a green future, with a proposed recovery package worth more than $800 billion that would transition away from fossil fuels and put people to work making old buildings energy-efficient. In the US, the White House is steadily slashing environmental protections and Republicans are using the Green New Deal as a political cudgel against their opponents [278][279][280]. China has given a green light to build new coal plants but it also declined to set specific economic growth targets for this year, a move that came as a relief to environmentalists because it reduces the pressure to turn up the country’s industrial machine quickly. [281]

The United Nations’ next round of global climate talks are postponed to November 2021. “The delay comes at a time when the scientific consensus says the world has very little time left to avert climate catastrophes.” [282] Governments are under considerable pressure from hundreds of groups (some representing health professionals) to aim for what is called a green recovery. “We must begin a deep and profound transformation towards a progressive, sustainable and zero-carbon future. “The Paris Agreement requires the global community to cut emissions in line with holding rising temperatures to “well below 2°C” and ideally “pursue “1.5°C”. We are in a dangerous zone where even the prospect of 2°C is rapidly fading, and joint global actions and open collaboration among all governments are a paramount. We have one planet only. [283][284] This choice facing the world’s leaders is not between helping people and helping the planet—it’s about how to do best for both at once. [128][129]

The World Energy Council is exploring the contingencies and scenarios of the “new normal” to navigate the global energy transition post-COVID-19. Their survey shows that 96% of energy businesses have been impacted by COVID-19 with major impacts on productivity, demand and cashflow. More than half of the respondents indicate digitization spillover effects and resilience capabilities are emerging long-term implications for energy organizations. The crisis has shown that society is fragile and unsustainable. The EU expects the recovery to the pre-crisis levels within 6-12 months from the crisis peak. Global joint collaboration is needed to build resilience– the EU can lead but it cannot solve the global problems alone. Silver lining attitude is still present in the EU: “Never waste a good crisis.” [285] Discussions are arising on how face masks, gloves and other coronavirus waste is polluting the environment [286][287].

Sustainable green people- and environment - centric recovery from COVID-19 could be “doughnut” shaped; which is an economic model that envisions “a world in which people and planet can thrive in balance” started in Amsterdam, Netherlands [288]. Companies should stop making trade-offs to embed sustainability; meaning, stop thinking of environmental management as a compliance issue: environmental management is a core management and financial issue.

In Larry Fink’s most recent letter to CEOs, the Blackrock CEO put it bluntly: “Climate risk is investment risk.”; start considering environmental strategy as a source of resilience and competitive advantage; accelerate investment in innovation, partnerships, and reporting. One study found that companies that reduced their climate-change-related emissions delivered better returns on equity—not because their emissions were lower, but because they became generally more efficient. The correlation between going green and high-quality operations is strong, with numerous examples of companies such as Hilton, PepsiCo, and Procter & Gamble, setting targets to reduce use of natural resources and ending up saving significant sums of money [178]. “Earth to CEO: your company is already at risk from climate change.” [289]

Previous May Category Summary

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