How Your Business Can Evolve to Thrive post COVID-19
We held a virtual symposium in partnership with Grant Thornton LLP, with expert speakers Neil Parker and Tim Ward to share their views around four key themes:
1. People and culture
2. A new operating model
3. Re-imagining the business
4. Macro trends in a new world.
Attended by over 70 business leaders we got a real insight into the challenges, opportunities and optimism of business leaders in leading their organisations into a ‘new normal’:
People and culture
Leadership is different to management
Recognising people need both leadership and management to perform at their best.
Regular, transparent communication, output based goals, trust and flexibility have been key elements in maintaining energy and motivation of teams during lockdown.
It is recognised that home working has provided efficiency, productivity and inclusivity benefits
From a physical health pandemic comes better awareness of mental health
•As we have seen inside people’s homes, creating more personal relationships with colleagues and customers, mental health conversations have become more accessible and less intimidating.
•Lots of people are anxious about the return to work, not solely due to health and safety, also a return to the pace, demands and business of life. Employers and leaders must be equipped to support people with a challenging transition.
A new operating model
Offices as collaboration spaces
•It is recognised that home working has provided efficiency, productivity and inclusivity benefits, however people have missed the physical and social interaction with colleagues which is difficult to replicate virtually.
•Many will be re-assessing how they use office space to encourage joint working as opposed to siloed working which could be done from home. It is expected that we will spend less time in the office but collaborate more whilst there.
Reimagining hierarchy and realigning teams
•Management have observed how teams practically interact, seeing how information and responsibilities really flow through the business.
•This has been a valuable learning exercise and has led many to redefine structure and realign teams around how things actually work best, rather than ‘bolting-on’ to the way things have always been done.
Reimagining the business
Investing in digital
•There is a real opportunity to invest in systems that work and can scale, to facilitate more efficient and agile working. These investment decisions are being quickly progressed from planning to execution.
People will remember the way that businesses have responded and interacted with them during the COVID-19 pandemic
•People and organisations have a strong external motivation to change, making it easier to drive rapid progress and adopt new ways of working. Habits and inertia which made progress more difficult have been temporarily removed.
Unlocking a global workforce
•Where hires may have been restricted by geography, the adoption of new technologies and the success of remote working are inspiring some companies to look further afield to bring the right skills into their businesses.
Importance of a social contract
•People will remember the way businesses have responded and interacted with them during the COVID-19 pandemic; how employers have communicated and supported their employees and; how suppliers have been dependable and flexible to customer needs.
•Many executive teams have decided to “walk the walk”, taking pay cuts, foregoing dividends etc to demonstrate to staff “we are in this together”.
•Businesses who are seen to be making big profits whilst accessing government financial support may risk reputational damage and a negative impact upon customer relationships.
Reshoring of supply
•As reliability and trust become ever more important, many businesses are shortening or localising their supply chains. This started in response to Brexit, however the pace of change has increased as resilience has been tested during this pandemic.
Big brands vs local independents
•There may be a consolidation in markets, where second and third tier-brands struggle. The big, global players and local independent traders may have opportunities to grow and increase their market shares.
Moon Executive Search has an excellent relationship with the Grant Thornton UK LLP team locally. If you are considering your future strategy, the effect of COVID-19 on your business, or need some space to consider how you are leading your organisation through this difficult time, then Megan will be delighted to chat.
Moon Executive Search provide bespoke solutions for clients, using our extensive expertise and knowledge gained from twenty years of recruiting to find your perfect candidate. If you are looking to appoint a senior leader to your Board, visit Build Your Board to get started, or call us on 01275 371200. We are here to help in these unprecedented times.