Modern Crises Management Hacks Employed by Tech CEOs

The year 2020 had ushered unprecedented challenges with adversaries inflicted on business, technology, and economy on a whole. The unprecedented hardships and challenges induced by the outbreak of the Covid-19 pandemic caused business organizations and tech CEOs to plan a technological paradigm shift in order to restore balance. The post-COVID world is heavily dependent on digitalization and technologies as staying behind closed doors became a norm.

One of the primary concerns was a recession. Around 45% of the tech CEOs were worried about the recession that negatively impacted the revenue growth of companies. Given the unprecedented hit of the pandemic, CEOs experimented with a structural shift to defeat crises.

The visions and missions of all technology companies are to meet customer convenience and to create a consumer complaint-free world while maintaining a steady revenue growth.  Paradoxically, the surge in consumer complaints climbed the hill in the post-Covid world. This has been the toughest challenges for tech start-ups. Tech CEOs of both start-ups and giant technology companies have strived to overcome the anxiety of technological glitches with an objective to make modern technology ubiquitous even for the technologically inept population. This signals the injection of a world that practices equity in technology.

Customers often etch their faith in the value proposition of a company. Hence, companies function on "customer-first" approach.

In order to take the bull by its horns, successful and dedicated CEOs lean on certain qualities that help them to overcome difficulties and adversities brought about the pandemic. After all, it is all about Plan B.

In most circumstances, tech CEOs exercise a laissez-faire leadership. Laissez-faire leadership is a type of leadership where the leader allows the subordinates to decide the course of an activity. This type of leadership is mostly prevalent in tech organizations where employees, under the leadership of their CEOs, are free to curate business plans and models that suits the immediate market landscape.

Experienced tech CEOs often employ people from diverse backgrounds. This welcomes and encourages diverse perspectives that help in a strong team building process.

One major step to get through crises is the internal assessments of an organization. The objective of such assessment is to gauge employee satisfaction and performance levels. Good CEOs prioritize employees and happy employees result in fruitful outcomes for consumers and customers.

Owing to the virtual culture the world is indulging itself in recent times, providing proper virtual training to employees is now an imperative.  The more technologically cognizant a business organization is, the sooner a crisis fades away.

Many tech CEOs follow a four-phase model, which talks about creative ways to think about disruptive ways that can not only bring healthy revenues to the companies but can also set the company apart from the crowd.

The model consists of acceleration of opportunities, redirection to new realities, reacting and responding to customer needs in real-time, and a rebound to the future. These dimensions are deemed as business postures that can restore the balance of an organization.