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The impact of globalisation, technology and the sheer speed and volume of data that confronts businesses at every turn poses real challenges – especially in the relatively slow-moving culture of financial services. Here’s some food for thought on turning challenge into opportunity – and staying ahead of the pack.
Staying relevant in a changing world – the post-shift era – was the hot topic at this year’s annual Amplify Festival, held in Sydney last week. Hosted by AMP, it featured visionary speakers sharing their insights into trends and tips to support individuals and businesses keen to stay ahead in the new world. BlueChip was there and will be reporting on key issues and conclusions from Amplify throughout June. Here’s our second instalment.
Amplify guest speaker Holly Benson, whose illustration you can see above, is described as having ‘a black belt in organisational change’. Knowing a thing or two about transformation, she’s identified five trends driving the way we work now.
1. Globalisation
Benson notes that Eastern and Western cultures communicate with different filters; what may be spoken by East has great potential to be heard very differently from the intended meaning. To avoid disappointment and misunderstanding, Benson quoted AMP’s Craig Dunn’s opening address and urged us to “Stay open to the differences”.
For example, while a Western manager may be concerned with productivity, my Eastern colleague’s agenda may be full local employment. Our approach to team management may thus be very different. It’s important that we learn to develop cultural agility and maintain the curiosity to approach every day as an opportunity to learn and see something entirely new.
2. Virtual Networks & Transience
(What? virtualisation, basically.) Transformation expert Benson said she was astounded at Yahoo CEO Marissa Mayer’s ‘no more work from home’ policy which suggested collaboration is only possible when it’s face to face. Not so, in Benson’s view. What we need to manage the virtual business world and external networks is not teams and their partners sitting under one roof, but having better communication. Benson refers to clear metrics around performance measurement, accountability and reward, noting that 80% of behaviour is driven by consequence.
“There are alternatives (to all working in the same building) but you have to design them,” said Benson.
She aptly reminded us that “just because we have devices, doesn’t mean we communicate any more effectively”. This has never been more relevant to those of us who work in communication. Benson noted that, 15 years ago, most organisations offered interpersonal skills as core to their training charter. Today such training often is nowhere to be seen, replaced by technical skills and use of technology. She urges us all to put the fundamental skill of communication back on the training agenda.
3. Speed
You can feel how fast the world is moving, changing more quickly than the brain can comprehend. You wonder when it’s going to stop, when we’re going to go back to normal. It’s not. Change and disruption is the new normal, said our presenter. Personally, I believe we have to embrace this and see it as a positive, not a frightening phenomenon – I’m staying curious.
Benson advised organisations to start selecting for adaptability, agility and resilience, particularly in leadership. She also noted the responsibility leaders have to clarify how an organisation’s pillars and strategic imperatives fit together for frontline staff. Again, this comes back to the importance of communication – if you don’t keep your people informed on how the structure fits together, you can’t expect them to stay on your intended course, especially when it’s likely to be pulled in multiple directions at any given moment.
4. Data Decentralisation
According to Benson, data has the ability to save you from disaster and help you achieve market leadership – so long you approach it in the right way.
“I think big data will allow us to be more incisive, but that only matters if we’re all curious and alert to what it tells us,” she explained.
And, according to Benson, the frontline data is where the critical insights can be found, not in the boardroom. Leaders need to become more humble in attitude and implement practical means of uncovering the essential data. Often, this means listening to more junior members of the organisation and encouraging them to speak up. It seems there’s never been a more appropriate time for leaders and board to be more accessible – and, all importantly – equipped with the appropriate communication, or more specifically, listening skills.
5. Innovation
We all claim to want innovation, but we’re stifling it. Most organisations reward individual achievement when they should be focusing more on mutual benefits. The collective reward approach creates a fertile environment for innovation. Benson suggests that leaders foster innovation by creating funding schemes for ideas which are selected via a clearly articulated process. In short, it’s both the responsibility and a necessity for executives and leaders to be crystal clear on the type of culture they want to have in their organisation, in order to realise their business strategy.
Most of Benson’s clients are playing catch up with the shift that’s taken and is continuing to take place. What’s reassuring is that despite the emphasis on ‘big data’, virtualisation and other terms that didn’t exist 10 years ago, the virtual world in which we find ourselves today is still composed of human beings. The trends Benson identified each have a human attribute, enabling us to design a workable response to a new and exciting environment. According to Benson, long as we stay curious about it, we will survive. And many of us will succeed beyond our wildest dreams.
