The best of COVID driven change: Positive impacts on leadership
There is a lot written about the negative impacts of all the change that is occurring in the world. The change is relentless i.e. economic; talent war; absenteeism due to illness; geopolitical; supply chain; environmental. In fact from a business point of view, I feel there are many really positive aspects that these changes are driving. These include;
1. New and refreshing approaches to governance. Many businesses that did not have advisory boards are actively investing & many have taken the opportunity to refresh how they lift business performance to take into account the pace of change.
2. Identifying and articulating the purpose of the company/entity is now so inextricably linked to attracting skilled and talented employees that even the most transactional business leaders are dipping their toes in the water. The purpose, beyond simply making a profit or returning to shareholders (it is a given that a business adapts to changing market conditions and is always seeking to deliver a long term and sustainable bottom line profit) is now something openly kicked around and discussed. The smart leaders know this attracts young and professional talent seeking to make an impact. In fact, building a recruitment brand and culture is now a critical part of attracting and retaining good people.
3. Investment in developing the future leaders and human capital of a business is now a priority across nearly all organisations. A year or two ago this was largely lip service with a focus on compliance topics. Now coaching, professional development & training go well beyond simply ensuring compliance boxes are ticked. It will reduce the risk to the business in the future through succession. Most growth is hindered by a lack of key leadership capacity & competence to drive it.
4. There is now far more awareness of the need to lead the business in constant change, whilst executing strategic goals and delivering profit. Two years ago this was the realm of high performance business leaders and yet now it is the status quo across most businesses and most industries. This requires regular strategic reviews, updates and the alignment of boards, management teams and the wider company staff to keep momentum.
5. Most leaders now realise they must continually up-skill and develop themselves to lead well in the future. Ensuring they take time out, keep fit and balance the needs of a diverse set of stakeholders. They know they need to better engage, align and delegate effectively and an intentional company culture is critical to change. It can't just be about working longer hours.
6. Environmental concerns are top of mind for a broad range of stakeholders and businesses are now starting to ask questions about their part in reducing global warming, reducing the impact on finite resources and clarifying the part they want to play moving forward. Certainly many are seeking to understand their carbon footprint and to have an initial stocktake as to where they currently sit across a range of environmental issues.
I think in a time of constant change (where stress levels can be high) it is important to acknowledge the many positive things that change is driving. The future of business is bright and with new technologies, access to data, information & learning there are so many opportunities being created for those who have the mindset to leverage it.
Enjoy the ride!
This article was contributed by Kendall Langston, Partner & Strategic Advisor.
This is also published on his Linkedin page:
https://www.linkedin.com/pulse/best-covid-driven-change-positive-impacts-leadership-kendall-langston