The New Normal by Ed Blyth

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There is much discussion as to how the Coronavirus crisis will change the way we live, shop, and work. Fundamentally though, what we are adapting to is risk, and how we manage that risk as individuals and collectively in society. In my mind, whether at home or work, the key to how we will ultimately address this is Resilience.

As more people than ever work from home, employees have become more resilient, coping with the daily demands of this new norm. Correspondingly, organisations must embrace a vision and values which demonstrate solidarity with their workforce and resilience to customers. For example, the crisis has underscored how dependent we are on the long supply chains of a globalised economy driven by cost and efficiency. Supply chain resiliency in the future will be measured by reduced complexity and improved reliability.

Linking the above to energy industry, and the Oil Gas sector in particular, it is easy to suggest that the industry has already adapted. In the last downturn, when oil price went from $100 per barrel to the $40’s, companies demonstrated their resilience by becoming more efficient and reducing costs. Yet with lower oil prices and demand expected for some time to come, the industry needs to do more than just repeat the lessons of the last downturn. The industry must demand purposeful leadership to find new ways and the resiliency to get through this crisis.

Leadership is often framed in terms of experience but what we at Preng see as key to resilience is diversity. Diversity of leadership not only by ethnicity or gender but diversity in thought and skills. Leaders who not only bring perspectives shaped by the last oil price slump, but who also understand both the importance of technology and possess the emotional intelligence required to embrace and enhance the new ways of doing business and managing assets. This combination will provide the needed resiliency and navigate a successful path to the new normal.

Preng Associates continues to help clients address these issues, providing insight and fresh thinking into the composition of energy Boards in 2020 and beyond.

Preng & Associates Recent Management and Board Appointments

COVID-19: A message from our President, David Preng

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I would first like to express the hope that you, your family, and your employees are and remain healthy. To anyone whose family has been directly impacted by the coronavirus (COVID 19), we offer our prayers for a full and swift recovery.

We at Preng & Associates are concerned about the coronavirus and are taking steps to assure that the health and security of our clients, employees and candidates is our top priority.  We are monitoring and following the recommendations of the WHO and CDC in order to protect everyone as best we can, while ensuring the continuation of business.

Effective today, Preng & Associates has implemented the infrastructure processes and safeguards for our firm to function remotely and without any loss of time or effort.  Within our three practices, client teams have implemented plans to ensure our clients the reliability and availability of the consultants who manage their engagements.  We expect minimal disruption in our service, and we look forward to helping clients navigate their business challenges in these difficult times.  Our resources are available to you and you have my assurance that we will meet or exceed our planned search commitments.

While we’re not sure of what the future holds, we want you to know that we have taken these steps to support our staff and ensure we fulfill our clients’ commitments.  These trying times have created a good deal of uncertainty, but they also remind us how interconnected we are.  Again, in that spirit, we are committed to managing through these challenging times together.

David Preng