What Next in Executive Search? Preparing for Business Transformation
In this second article in our series, Simon Quinn, Director of Search, writes about the changes we are seeing in the world of Executive Search.
We asked four of our senior business transformation interim Directors and Change Managers, with backgrounds in turnaround consultancy, charity, FMCG and HR to give us their views on the likely shifts in the business world.
What we are now seeing is an increasing demand for business transformation specialists, as we move into a post Covid-19 World. All businesses, whatever sector in which they operate, will currently be reviewing everything from their supply chains to their overall strategy and business processes and as a result of this, we are seeing a rise in the need for transformation experts.
We asked for their views on the following two key questions:
Firstly, what they perceived to be the political, economic, social and technological shift that will/might happen as a result of this pandemic?
Secondly and strategically, what they thought businesses should consider in the short to medium term, if they are to remain connected and relevant in their business community / sector/ industry?
Their observations are both fascinating and insightful, pointing to some key considerations for all leaders to prioritise in the coming months. Here, we showcase their thoughts:
Interim CEO/MD - Branded and Consumer Businesses:
Transformation and Turnaround Specialist
Many businesses will need to undertake a full strategic review of the business, reflecting the fact that the world has changed, including:
Revising all forecasts to set realistic expectations
Undertaking a complete rethink of internal communications
Considering if the business is still operating in the right markets and as a result look to enter/exit markets via acquisitions and disposal
Reviewing the business strategy – does it need changing or updating?
Are the supply chains still valid?
What is the security/proximity of the supply chain?
Focus on considering the true total cost rather than the lowest price
Consider if in-house or outsourcing is best model for future business
Once the above steps have been taken, businesses should undertake a full restructuring exercise right across the business, to reflect the financial situation, the state of the markets etc.
Interim Executive Director – Charity / Not for Profit sector
Business transformation and project specialist
Strategically charities and non-profit organisations will have to focus on reviewing their business and financial models, as it is clear that the Covid-19 crisis has particularly hit these sectors.
In the short term, it may be a tempting desire to revert back to the old ways of working. However service delivery methods, supply chains, business travel and ways of working in offices/factories/shops will have changed and will have continued restrictions on them in the future.
As a result, the way we work going forward will have to change and as leaders we may well need to re-engineer processes. In the medium term, there will be more consolidation through mergers or acquisition to remove cost inefficiencies, while sustaining income opportunities.
Charities historically have been very resistant to full mergers, but this crisis may well be the catalyst for significant changes in the sector.
Business Change expert – Food and FMCG sector
Experienced Director covering UK, Europe & North America
Key considerations are:
Be aware of changing consumer demand.
Be prepared to react quickly to stock levels & prices in the supply chain.
Put pressure on lenders to maintain cash flow.
Review the labour market.
Enlist temporary expertise to effect rapid change management.
Always remember that the Customer is King.
Innovation is key – this will affect both own label & branded food products.
Interim HR Director – Global Professional Services sector
Leader of Change Management and Human Resource Programmes
Engagement and motivation of Colleagues is the key driver to transformation and overall business success. This in turn brings enhanced customer experiences, increased revenue, and increased profitability.
It seemed that the whole of the United Kingdom business world adapted overnight in the response to Covid-19 but the ‘honeymoon’ period where we are working from home appears to be ending and is not even the medium term solution to defining the modern workplace.
Employees, customers, and suppliers appear to be losing the sense of community and so organisations now need to put policies and practices in place that create a balance between working from home (where possible) and making the physical workplace safe.
There is a lot to do as creating this new way of working will be different for every organisation – there is no blueprint as every organisation is different and the overriding culture will drive the need for specific and tailored solutions.
Business Transformation is therefore more relevant than ever, and I believe there is a real opportunity here to learn lessons from the past and to create a future based on sustainability.
It is also very noticeable that all of our contributors believe that technology is having a significant impact and will continue to play a big part in the future business transformation that is needed as a result of the pandemic, whether that is through communication platforms such as Zoom and Skype, digital solutions using SaaS/IaaS products & services, data analytics or robotics to automate processes. Although a lot of technologies were in place prior to the crisis, the impact of the pandemic will speed up their implementation to drive efficiencies.
So, we can see through the varying thoughts of our experts, that re-assessing business strategies and learning to drive resilience without a baseline to plan from will be critical in the coming months.
Whether it is adopting new operating models, considering M&A activity or focusing on culture, community and sustainability, change in some form will be needed by all businesses to better engage with their customer of the future.
If you are considering what changes your organisation may need to adopt, contact Moon to learn more about the current business transformation specialists we are representing.
