Great Places to Work®: Resilience in Times of Crisis

Digital transformation and enterprise resilience: Enabling or burdening?

Based on data from A-share listed companies from 2007 to 2021, this study constructs an enterprise resilience index using the entropy-weighted TOPSIS method. On this basis, the impact of digital transformation on enterprise resilience is examined through empowerment theory. The empirical results indicate that digital transformation significantly enhances enterprise resilience, a conclusion that remains valid after a series of robustness tests. Mechanism analysis reveals that digital transformation enhances enterprise resilience by reducing agency costs, increasing information transparency, and alleviating financing constraints. Heterogeneity analysis shows that micro-characteristics of enterprises, such as the stage of the life cycle and factor intensity, as well as macro-environmental factors like regional intellectual property rights protection and industry competition level, have differential impacts on the resilience-enhancing effects of digital transformation. Further analysis suggests that the level of corporate governance influences the positive impact of digital transformation on enterprise resilience.

Role of change leadership in attaining sustainable growth and curbing poverty: A case of Pakistan tourism industry

This study has proposed to apply change leadership as a vehicle forward for sustaining the growth of the tourism industry to eradicate poverty through the Pakistani tourism industry. Applying a mixed method approach, this article has attempted to uncover the role a change leader can play to help achieve the United Nations' sustainable development goals of poverty reduction. In this study, one of the authors interviewed stakeholders of the tourism industry to find out the major drivers of the industry and identify the leadership style that may prove to be effective in the said industry. In the next phase of the study, a survey method approach was used where different tourism companies and hotel chains were included for analysis. The study aimed to check employee's perception of change leadership and its impact on their resilience and ultimately the sustainable organization performance of companies' operationalizing in the sector with moderating impact of sustainable tourism attitude in times of a crisis. In total, 430 full-time workers in the tourism industry were contacted for a self-administered survey achieving a response rate of 83%. The findings of the study confirmed that in the presence of a change leader, the process of adaptation to sudden changing situations amidst financial crises, pandemic, and climatic change, becomes bearable and employees can cope with the work situations without pushing them to quit the industry. The study has a significant contribution toward a rapidly growing and focused industry, which can play a major role in the economy of any country leading toward job creation and poverty reduction.

Unveiling the role of knowledge management capabilities in strategic emergency response: insights from the impact of COVID-19 on China’s new economy firms

Purpose

This paper aims to unveil the importance of knowledge management on a firm’s strategic emergency response during the great negative shock from global public health threats. Through analyzing how representative firms in China’s new economy industries dealt with the COVID-19 pandemic before, during and after the crisis, the significant problems confronted by these firms are pointed out, and the important role knowledge management capabilities played in solving these problems is proven.

Design/methodology/approach

The open data of listed companies regarding the important role knowledge management played in firms’ strategic emergency response during the COVID-19 pandemic are qualitatively analyzed. Based on theoretical sampling, this paper selects representative samples of enterprises and analyzes the positive response measures they took after being hit by this public health event to gain qualitative insight into the importance of knowledge management capabilities in strategic emergency response.

Findings

Three aspects of the important role of knowledge management capabilities in a firm’s strategic emergency response during the COVID-19 pandemic are introduced: before the crisis, firms should strengthen the acquisition, sharing and integration of knowledge so that they can intensify their monitoring for uncertain risks; during the crisis, firms should boost the transmission, transformation and diffusion of knowledge to improve emergency cooperation; and after the crisis, companies should reinforce knowledge evaluation, creation and application to enhance “immunity” in similar emergencies.

Research limitations/implications

This paper has important implications for bolstering strategic emergency management practice and knowledge management capability among firms. Future research must focus on the following two aspects for further investigation: the dynamic relationship between firm knowledge management capability and strategic emergency response ability; and the collaboration system between firm knowledge management and strategic emergency response behaviors.

Originality/value

This paper discusses the important role knowledge management capabilities play in firms’ strategic emergency responses based on insights gained from the significant changes that the COVID-19 pandemic caused to representative Chinese new economy firms. By analyzing the three stages of before, during and after the emergency, this paper proposes the exact efforts that new economy companies should make in improving knowledge management capability.

Impacts, lessons learnt and envisioning the future of firms under COVID-19 – implications for knowledge management

Purpose

The purpose of this study is to examine the significance of knowledge management as a tool for firms to adapt to an ongoing unprecedented crisis. Moreover, in considering the knowledge-based view of the firm, the study will ascertain the impacts, lessons learnt and how firms envisage their future under the current unpredictable regime from the viewpoints of firm owners/managers.

Design/methodology/approach

A qualitative data collection approach was selected, with face-to-face and online interviews undertaken with owners/managers of 33 firms operating in Singapore.

Findings

The data analysis reveals as many as eight dimensions pertaining to impacts, lessons learnt and the envisioned future of the firms. The relevance of knowledge management emerged, for instance, in supporting firms and staff to overcome initial challenges after the crisis became apparent. Knowledge management was also an exemplar of lessons learnt, through new knowledge development, strengthening links with consumers, through operational skilfulness and awareness, as well as in explaining how firms envision their future. These findings also underscore key tenets of the knowledge-based view of the firm.

Originality/value

Conceptually, the proposed dimensions stemming from the three examined research questions, together with the propositions and theoretical framework, contribute to a deeper understanding of the links between knowledge management and how firms confront a severe crisis. Empirically, the findings’ highlighted associations with knowledge management elements to illuminate how firms address the impacts of the COVID-19 crisis, as well as the lessons learnt and the envisioned future of firms operating under severe crisis conditions.

Organisational resilience in the COVID-19: A case study from China

The sudden outbreak of coronavirus disease-2019 (COVID-19) sparked widespread concern about organisational resilience in the management domain. The resources, operations and practices of organisational resilience have to be considered in particular contexts at different stages and in relation to numerous inputs, processes and outputs. Selected as one example, the preparation, response and development of a retail supermarket's management and operations in China is examined through an empirical case study. Supply chain and digital construction, improvisational ability, system management and corporate social responsibility all played a positive role in this organisation's response to the outbreak of COVID-19 (2019–2020) in the Chinese management context. Organisational resilience is reflected in the case study organisation's self-interested and altruistic policies and practices. The case provides valuable insights on efficacious management practices for organisational resilience building in the retail industry.

Can Talent Management Improve Training, Sustainability and Excellence in the Labor Market?

The objective of this article is to analyze the characteristics of the most attractive companies in the labor market, which each year maintained their position in the ranking published by the Spanish business magazine Actualidad Económica (AE) for the period 2013–2020. The research study will focus on permanence in ranking, global valuation, and training. To do this, control variables were added: business management gender, geo-cultural areas, regional areas, economic activity, size and stock market membership. This is a quantitative work, where statistics such as partial correlations, Pearson coefficients and independent sample means were used with the Levene test; in modeling, multiple regressions of ordinary least squares (OLS) and panel data were used. It is concluded that the permanence in the ranking significantly increases the total value and training, which leads companies to excellence, along with the fact that they are in the capital of the country and that they focus on the commerce, professional, scientific and technical, and finance and insurance sectors. On the other hand, assessment of training is explained by employee valuation, the work environment and talent management. On the contrary, factors such as the gender variable in the business direction, nationality, size and stock market membership do not significantly influence the overall valuation.

Stay Mindful and Carry on: Mindfulness Neutralizes COVID-19 Stressors on Work Engagement via Sleep Duration

We examine whether mindfulness can neutralize the negative impact of COVID-19 stressors on employees' sleep duration and work engagement. In Study 1, we conducted a field experiment in Wuhan, China during the lockdown between February 20, 2020, and March 2, 2020, in which we induced state mindfulness by randomly assigning participants to either a daily mindfulness practice or a daily mind-wandering practice. Results showed that the sleep duration of participants in the mindfulness condition, compared with the control condition, was less impacted by COVID-19 stressors (i.e., the increase of infections in the community). In Study 2, in a 10-day daily diary study in the United Kingdom between June 8, 2020, and June 19, 2020, we replicate our results from Study 1 using a subjective measure of COVID-19 stressors and a daily measure of state mindfulness. In addition, we find that mindfulness buffers the negative effect of COVID-19 stressors on work engagement mediated by sleep duration. As the COVID-19 pandemic is ongoing and the number of reported cases continues to rise globally, our findings suggest that mindfulness is an evidence-based practice that can effectively neutralize the negative effect of COVID-19 stressors on sleep and work outcomes. The findings of the present study contribute to the employee stress and well-being literature as well as the emerging organizational research on mindfulness.

Work, resilience and sustainable futures

Purpose

This paper examines the relationship between work, resilience and sustainable futures for organisations and communities by considering the nature of work-related problems (WRPs) and the work-based research designed to investigate them. The authors explore the axis of work environment > work-related problem > resilience > sustainable futures as it might be impacted by work-based research.

Design/methodology/approach

The paper introduces two current real-world examples, one in Australia and one in Asia, of work-based research projects associated with higher education aimed at promoting resilience and sustainability, and discusses the research problems, questions, designs, methods, resilience markers and sustainability markers used by these projects.

Findings

Work-based research, when conducted rigorously using mixed methods, may contribute to increased resilience of organisations and communities and thereby seeks to promote more sustainable organisational and social futures.

Practical implications

Work-based research conducted in higher education seeks to investigate, address and solve WRP, even when such problems occur in unstable, changing, complex and messy environments.

Social implications

Resilience and sustainable futures are ambiguous and disputed terms, but if work-based research can be brought to bear on them, organisations and communities might better adapt and recover from challenging situations, thus reducing their susceptibility to shock and adversity.

Originality/value

While resilience and sustainability are commonly referred to in the research literature, their association to work, and specifically problems associated with work, have yet to be examined. This paper goes some of the way to addressing this need.

Corporate culture and stock returns: evidence from Indian companies

Purpose

The purpose of this paper is to investigate the stock market performance of companies featured in the survey “Best Companies to Work For” as a proxy for corporate culture.

Design/methodology/approach

The authors employed the portfolio formation and event study methods from finance to examine the linkage between corporate culture and future stocks returns. The lists of India’s best place to work for by Great Place to Work® Institute and Business Today (BT), India’s leading business magazine, form the primary surrogate for a great corporate culture. The authors compared the stock market performance of the culture portfolio vis-à-vis market index, in addition to using Carhart’s (1997) four-factor model.

Findings

A portfolio of Indian firms that featured in the “Best Companies to Work For” by Great Place to Work© Institute and BT magazine provides a higher return than the market index Sensex both on an ordinary return and on a risk-adjusted basis. The four-factor αs of the value-weighted culture portfolios are significant, implying that these portfolios have provided abnormal returns during the sample period. Moreover, the findings suggest a positive drift in the abnormal returns after inclusion in the “Best Companies to Work For” list.

Research limitations/implications

The results are largely in conformity with the prediction of the theory that states that corporate culture is an economic asset for a firm that increases its value.

Practical implications

From an investor’s point of view, the study indicates that investment in “Best Companies to Work For” is a better alternative than passive index investing.

Originality/value

This study fills the empirical void in the relationship between corporate culture and stock market performance in the Indian context.