Adaptability: Why it’s important for businesses and how to improve it

The ability to adjust well and be prepared for change has always been incredibly important. In recent years, however, it’s been arguably more crucial than ever. In the last period we’ve seen a pandemic that has completely altered the way people work (and then the push and pull of companies trying to go back to some pre-pandemic features while incorporating the positive changes that have taken place), global power imbalances and wars that have had a considerable impact on supply chains, cost of living, and inflation, and a world that is on the one hand more connected than ever, while on the other hand more disconnected than we have seen for decades — all of which have contributed to developments and changes in the way businesses are run.

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In order to keep up with market fluctuations and the quick pace at which companies are forced to deal with change, organisations must invest in developing their adaptability. But how can you do this?

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What is adaptability?

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Adaptability is the capacity to adjust to different situations and circumstances. Adaptable businesses thrive in changing environments, enjoy variety, and are able to remodel themselves according to needs rather than freezing.

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Why is adaptability important for business?

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Being adaptable is vital for business success, now more than ever. It’s not just about being able to change course, but about a culture that supports innovation, is open to ideas, and taking calculated risks — all of these are essential to stay ahead of the curve and compete in today’s market. Some of the business benefits of adaptability include:

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• Responding to change: Things are changing more quickly than ever in the context of business. Whether it’s market ebbs and flows, ways of working, or start-ups revolutionising whole industries, the ability to adapt well ensures businesses aren’t shocked in the face of rapid changes.
• More resilience: Highly adaptable companies are more likely to thrive in new or unexpected situations, meaning they survive for longer.
• Better innovation: Flexibility can also inspire creativity and innovation, which can make businesses more forward-thinking.
• More likely to grow: Adaptable organisations can make the most out of any situation, enabling them to be able to progress quicker.

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How can businesses improve their adaptability?

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All businesses want to become more adaptable, however, the question of how to achieve this remains. Luckily, there are a number of actions organisations can take to improve this.

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Hire highly adaptable people

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The first step to boost adaptability is to hire employees who are naturally more inclined to this trait, or that have worked on themselves to become more adaptable. Incorporating a personality assessment in your recruitment process can be highly beneficial for this, especially if it uses the Big Five model as its scientific basis. This theoretical model asserts that five personality traits stand at the core of each individual: Openness, Conscientiousness, Extraversion, Agreeableness, and Neuroticism. For our purposes, Openness is of paramount importance, as it is highly predictive of a candidate’s propensity for adaptability. The Thrive assessment works according to the Big Five model, and tests for adaptability specifically within the cluster of traits under Opennesss.

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Keep up with market trends and developments

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To ensure your organisation fosters adaptability, it’s important to make sure you know what it needs to adapt to. Keeping up with the market and making learning a priority are important pillars of creating a culture that supports adaptability. Some methods of doing this include freeing up time in your employees’ and managers’ diaries for reading market news, having regular all-hands meetings where you discuss developments, and signing up to competitors’ newsletters.

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Enhance collaboration

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More often than not, especially with the heavy workload created by the skills shortage crisis, departments and individuals work in silos, trying to tick off their long to-do list. However, this can create a blindspot and in turn reduce adaptability. By ensuring your culture embraces collaboration, you can identify weaknesses earlier and be able to brainstorm solutions in a synergetic manner, increasing your capability to deal with changes.

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Embrace innovation

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The nature of business today means that we are frequently faced with challenges that don’t have prescriptive solutions. Innovation is a vital element in ensuring you’re able to fix problems and find answers to new situations, increasing your adaptability. Try to encourage your employees to suggest new ways of doing things, and avoid shutting down ideas before exploring them properly.

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How can you support employee adaptability?

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Whether your employees are naturally adaptable or more conservative in their approach, it’s always useful to encourage them to develop their adaptability. Here are some tips to help 

staff strengthen this skill.

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• Learn new skills: No matter how knowledgeable you are, there’s always something new to learn. Try to identify new skills and develop them on a daily basis.
• View things from different perspectives: Actively try to put yourself in someone else’s shoes when you try to solve a problem. Train your mind to approach challenges from multiple perspectives and consider different answers to any question.
• Practise decision-making: One of the most difficult elements of being adaptable is being able to be quick on your feet and make decisions in a timely manner. Limit the time it takes you to make decisions, starting from small choices (for example, what to wear in the morning) and work your way up to more significant ones.
• Change your mindset: Develop a growth mindset by reframing certain thoughts that may be standing in the way of adaptable actions. For example, instead of seeking control by applying your regular solutions, think about the benefits of utilising creative solutions and exploring different outcomes and possibilities.

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Want create an adaptable workforce? Book a demo with Thrive today to learn how we can help.