Have you got head in sand?
Have you got head in sand?
No seriously, have you?
Whether you like it or not, the world has changed. Priorities have changed, life has changed, the way we work has changed and we are never going back to ‘normal’. There is no going back, we need to create the new.
Have you got head in sand?
No seriously, have you?
Whether you like it or not, the world has changed. Priorities have changed, life has changed, the way we work has changed and we are never going back to ‘normal’. There is no going back, we need to create the new.
In 2020 when COVID landed, I was as shocked as anyone that I would see something in this in my lifetime (makes me sound old, I know). But it came into our lives (and hasn’t left) and has changed the way we used to know the world.
COVID has impacted everyone differently and there is always a bittersweet story to tell. I can’t complain; I haven’t had anyone I know die of COVID, and I might be a minority.
COVID has created perspective:
I wrote an article last year around perspective. Check article here. I note that perspective normally comes from a bad situation. So how has COVID created perspective, let’s see:
The concept of working in office 5 days a week, has changed
The concept or reality of flexible working, has changed..
The normalisation of having children in zoom/teams. calls or home while you are working has changed.
People are rethinking their careers/jobs and what is important (i.e. the great resignation, war on talent)
Employees are demanding more, and with the war on talent they are getting what they are asking for and more.
Employers that have a clear EVP are well ahead of the companies that haven’t invested in the people experience side of things. It’s not a piece of paper or words – it’s reality.
Amount of people moving out of the city; to the country or more regional. This includes people moving out of Melbourne and Sydney to Queensland etc.
People got a taste of different life, slower life, easy lifestyle and more time spent with their families.
People are looking for a change in lifestyle
Perspective and change creates opportunity. So many new jobs, roles, life changes ….how have you created your new. If you don’t take this opportunity to create your ‘new’ you, you will have missed an opportunity.
What is your reflection from COVID? How has it changed your life, work or other?
Employers who are pretending the world hasn’t changed, are in for a significant amount of pain! Employers need to ensure they pivot to ensure they can attract and retain great talent in this very tight market.
Proactive approach to culture and employee engagement including flexibility is becoming really critical.
Article by Jo Hands, Whiteark Founder
Have you got your head in the sand? If yes, this might be the time to sit up and work out what you want/need to do different for personal and work!
At Whiteark, we have been helping our clients with new ways of working, employee engagement activities including role clarities etc. We have watched our clients embrace the new normal and helped them through the transition.
If we can help you, reach out for a no obligation chat to Jo Hands on 0459826221, or jo.hands@whiteark.com.au
Read more articles written by Jo Hands
Effective hybrid working starts with company culture
Colin D Ellis, an award-winning speaker, facilitator, and best-selling author has recently released his new book – ‘The Hybrid Handbook’. Colin covers the 6 Considerations your organisation needs to address to implement a successful Hybrid Working Model.
Colin D Ellis, an award-winning speaker, facilitator, and best-selling author has recently released his new book – ‘The Hybrid Handbook’. Colin covers the 6 Considerations your organisation needs to address to implement a successful Hybrid Working Model.
To secure your talent pool for future success, you need to move quickly on implementing your Hybrid Working Model to be considered an employer of choice. It’s time to start working through your checklist.
Do you have all the elements for a strong company culture?
Company culture can be defined as a set of shared values, goals, attitudes and practices that characterise a company. Company culture impacts all facets of the business, from recruitment to retention to performance. Organisations with strong corporate cultures have been linked to higher retention rates and increased engagement.
Company culture can be defined as a set of shared values, goals, attitudes and practices that characterise a company. Company culture impacts all facets of the business, from recruitment to retention to performance. Organisations with strong corporate cultures have been linked to higher retention rates and increased engagement.
Company culture is a naturally occurring phenomenon; your company will develop a culture whether intentional or not. Culture is influenced by a company’s mission statement, core values, beliefs and attitudes, appetite and success of innovation, work environment, employee benefits, charitable and social events and flexibility/business working hours.
Post Covid-19 culture is going to play an extremely important role in retaining and attracting top talent. Has your organisation considered what changes need to be made to create/maintain a strong company culture post covid-19?
How to find new customers during COVID
During yet another lockdown it’s hard to reach out and acquire new customers. You are busy managing your family, your own mental health, plus you actively try to keep morale high at work too. To reach new customers, you will want to understand how they have changed. How did their shopping preferences, their daily routines, their work lives change? Let’s explore these questions together.
During yet another lockdown it’s hard to reach out and acquire new customers. You are busy managing your family, your own mental health, plus you actively try to keep morale high at work too. To reach new customers, you will want to understand how they have changed. How did their shopping preferences, their daily routines, their work lives change? Let’s explore these questions together.
Developing your lead generation strategy
Since the onset of COVID-19, businesses have had to find new and clever ways to connect with their customers to generate sales and maintain relationships – this has led to the acceleration of digitisation as more customers shifted to online.
Since the onset of COVID-19, businesses have had to find new and clever ways to connect with their customers to generate sales and maintain relationships – this has led to the acceleration of digitisation as more customers shifted to online.
Customers now have the power to dictate when and where companies can interact with them. Organisations that are customer experience-minded and leverage communication technology to engage with today’s customer in the way they prefer – in the right channel, at the right moment, with the right information, will be most successful in converting leads.
Have you analysed the change in your customers’ behaviours to help better manage them and improve your customer experience?
The question on everyone’s mind - how will customers behave post the pandemic?
The question on everyone’s mind - how will customers behave post the pandemic?
A pandemic is temporary but it will influence temporary behaviours into fundamental shifts - some things will revert to pre-covid, some things will look very different, and other things will be gone for good. Covid-19 propelled a whole new generation of digital adopters online with about 70% planning to keep using the new channels permanently. It is critical for companies to improve their online offerings to provide a competitive experience for digital adopters. The quality of the customer experience remains an influential buying factor. To improve the customer experience overall, organisations need to understand the changing wants, needs and expectations of their target customer in terms of product/service offerings, the channels they use to interact/engage and when they use these channels.
There is no one size fits all option
When redesigning your company’s ways of working it’s critical that you design a model that intentionally and thoughtfully supports your business operations.
The covid-19 pandemic has fuelled the remote working trend that was already underway – it has accelerated the shift toward more flexible and customised models. If companies don’t reinvent their people strategy and how they support their employees, they will lose in the new reality. This week’s focus will be on “Ways of Working and Your People Strategy”.
Business leaders have the opportunity and imperative to redesign the future of work to unleash a new wave of human creativity and productivity. The new design will need to have intent and requires effort, leadership engagement and innovative thinking. This will result in unlocking new talent, creativity, and productivity benefits.
When redesigning your company’s ways of working, it is fundamental that you adopt a broad and holistic approach while considering the value at risk to revenues, efficiencies, customer and employee satisfaction, retention, acquiring new talent, sustainability, and wellness.
General Insurance Australia
The industry is forecast to improve over the next five years, as local and global economies are projected to record stronger growth. Interest rates are expected to rise too, which will likely boost investment income for insurers. The industry includes general insurers and reinsurers. General insurers underwrite insurance policies to cover individuals and businesses' financial loss associated with property, casualty, liability and other risks. Underwriting involves assuming risks and assigning premiums. ]
Industry Report
General Insurance in Australia
The industry is forecast to improve over the next five years, as local and global economies are projected to record stronger growth. Interest rates are expected to rise too, which will likely boost investment income for insurers.
The industry includes general insurers and reinsurers. General insurers underwrite insurance policies to cover individuals and businesses' financial loss associated with property, casualty, liability and other risks. Underwriting involves assuming risks and assigning premiums. Reinsurers assume all or part of the risk associated with existing insurance policies underwritten by other insurers.
The occurrence of natural disasters has resulted in a rise in the number of claims, forcing industry operators to raise premiums. The COVID-19 pandemic has also led to a shift in types of insurance claims.
DEMAND DETERMINANTS
OVERALL ECONOMIC ACTIVITY | CONSUMER WEALTH | DEMOGRAPHICS | BUSINESS AND CONSUMER CONFIDENCE | RISK PROFILES | PREMIUMS
Demand for products from the General Insurance industry is affected by many factors including: overall economic activity, consumer wealth, demographics, business and consumer confidence, risk profiles and premiums. Wider economic activity affects insurance demand through exposure to risk. Higher employment leads to more risk associated with workers' compensation. A strong economy and labour market increases disposable income, driving household consumption and wealth and therefore, generates greater demand for insurance. Similarly, any decrease in overall economic activity can reduce household coverage, as wealth and consumer expenditure decline. Demographics also influence insurance demand, with individuals' coverage and expenditure increasing as they age. Premiums affect coverage levels and the volume of policies offered. Premium increases can constrain demand and reduce coverage as consumers self-insure when insurance costs outweigh potential payout gains.
OUTLOOK 2021 - 2026
Industry revenue is projected to grow over the next 5 years; driven by the anticipated economic recovery from the recession which is likely to generate demand for general insurance products, providing insurers with the opportunity to grow premium revenue. Additionally, forecasted growth in the cash rate and bond yields will enable operators to generate higher investment returns. Adversely, strong industry competition is forecast to put pressure on profit margins as well as the effects of the 2019 Royal Commission into Misconduct in the Banking, Superannuation and Financial Services which is to come into effect as at 1 July 2021.
The major players are projected to continue to dominate the industry, intensifying price competition and increasing policy coverage. Strong competition is likely to impact Small/Medium Enterprises the most. Large insurers hold more capital, so they can bear higher pricing risks and are better placed to add further coverage to existing policies. Online aggregators have driven a rise in competition, as greater price transparency has generated additional pressure on firms to compete on price.
Larger insurers have a history of aggressive expansion through M&A, and further activity is projected which is expected to reduced industry enterprise and establishment numbers. Employment numbers are also anticipated to drop marginally, as key players continue to acquire smaller operators.
External competition is likely to increase as non-traditional insurers and large technology companies, such as Google, Facebook and Amazon, are anticipated to push into the industry. These companies have been making inroads into online user experience and customisation, and have demonstrated an ability to quickly enter and disrupt new markets. However, the pandemic has forced insurers to accelerate the adoption of digital technology.
The industry will likely face some technological disruption. While technological developments could increase competition within the industry, it also creates opportunities for industry players to to expand, given the growing popularity of cloud computing and business being conducted online.
Cyber insurance is becoming an increasingly popular area of general insurance, which typically covers losses from data theft and other IT-related risks. This market remains largely untapped and presents an opportunity for operators, given the complexity and risks of the cyber landscape.
Source: IBISWorld | General Insurance in Australia, March 2021
LOOKING TO CREATE VALUE IN YOUR ORGANISATION? LET US HELP.
Whiteark is not your average consulting firm, we have first-hand experience in delivering transformation programs for private equity and other organisations with a focus on people just as much as financial outcomes. We understand that execution is the hardest part, and so we roll our sleeves up and work with you to ensure we can deliver the required outcomes for the business.
Our co-founders have a combined experience of over 50 years’ working as Executives in organisations delivering outcomes for shareholders. Reach out for a no obligation conversation on how we can help you. Contact us on whiteark@whiteark.com.au
Simplicity
Jo Hands is talking about simplicity. It's a theme for 2021... Companies want to drive simplicity, and many CEOs we are talking to consider this to be a key area of focus. As companies grow, shrink and change, they find themselves more complex. But where does it come from? Ultimately complexity is driven by core business functions: process, policy, systems, operating models, and is fuelled further by unclear decision-making.
It's a theme for 2021. Companies want to drive simplicity, and many CEOs we are talking to consider this to be a key area of focus. Let’s explore why…
As companies grow, shrink and change, they find themselves more complex. But where does it come from? Ultimately complexity is driven by core business functions: process, policy, systems, operating models, and is fuelled further by unclear decision-making.
Complexity costs companies’ both money and time – and probably more than you would think. On average, complexity costs companies 23% of their cost base.
So, given its impact, it makes sense that a key area of focus is to reduce complexity. But how do companies do this successfully?
“Simplicity (noun) is defined as “the quality or condition of being easy to understand or do.” And “the quality or condition of being plain or uncomplicated in form or design.””
The five key steps to reduce complexity in your business:
Ask senior leaders to write a list of roadblocks in the organisation
Ask staff to ask it they could change one process in the company what would it be
Identity themes (4-5) that would reduce complexity
Identify measures of complexity for 4-5 items and targets to drive simplicity
Start a program of work endorsed by the CEO around driving changes in 4/5 items and celebrate success
It helps to put things in context, so here are some key areas where we have seen improved simplicity that has directly created a financial benefit:
Remove unprofitable customers - reprice or remove
Remove Unprofitable products - stop selling
Remove number products in offering (do we neatly need 214 staplers?)
Clear delegations driving improved and timely decision making
Bill / billing process
Simplicity is an overused term and not many companies do this well. Ask yourself, is it time to spring clean the cupboards in your business? To remove the clutter, simplify the way you work and operate in order to drive a better customer experience and improved financial outcomes…
Remember the secret is to take a non-emotive view of things - no sacred cows!!
At Whiteark we love helping companies simplify through the 5 Step approach. The impact is beneficial for customers, employees and shareholders alike.
Download our free guide below to help you analyse your business processes and get started…
James Ciuffetelli and Jo Hands have practical experience in helping companies implement change around simplification, and we have seen the benefits this provided first hand. Get in touch for a no obligation conversation about how you can strategically simplify your business.
Browse more articles about change and transformation.
Need support in your organisation? Reach out.
Whiteark is not your average consulting firm, we have first-hand experience in delivering transformation programs for private equity and other organisations with a focus on people just as much as financial outcomes.
We understand that execution is the hardest part, and so we roll our sleeves up and work with you to ensure we can deliver the required outcomes for the business. Our co-founders have a combined experience of over 50 years’ working as Executives in organisations delivering outcomes for shareholders. Reach out for a no obligation conversation on how we can help you. Contact us on whiteark@whiteark.com.au
Article by Jo Hands, Co-Founder Whiteark
Simplification
Jo Hands talks about the importance of simplification and where to start when trying to simplify in your own business. Companies create complexity as they grow, and action is required to change. You don't want to shave around edges, so instead create a set of criteria - and be very clear on what must change. Then build a program of work around this.
Simplification... it's the buzz word. But it’s not to be eye rolled, because when done effectively, it can have brilliant (and profitable) outcomes.
The power of simplifying your organisation can:
Drive improved employee experience
Drive improved customer experience
Drive efficiency and better commercial benefits
Improved governance
Improved simplification
…and more
Companies create complexity as they grow, and action is required to change. You don't want to shave around edges, so instead create a set of criteria - and be very clear on what must change. Then build a program of work around this.
Ask yourself, does your company have:
Too many products
Too many price points
A complex labour module
A complex IT / technology set up
Governance processes
Decision processes
It's the time to take a hard line on simplifying your business in order to drive improvement. Download our free guide below to help you analyse your business processes and get started…
James Ciuffetelli and Jo Hands have practical experience in helping companies implement change around simplification, and we have seen the benefits this provided. Get in touch for a no obligation conversation about how you can strategically simplify your business.
Browse more articles about change and transformation.
Need support in your organisation? Reach out.
Whiteark is not your average consulting firm, we have first-hand experience in delivering transformation programs for private equity and other organisations with a focus on people just as much as financial outcomes.
We understand that execution is the hardest part, and so we roll our sleeves up and work with you to ensure we can deliver the required outcomes for the business. Our co-founders have a combined experience of over 50 years’ working as Executives in organisations delivering outcomes for shareholders. Reach out for a no obligation conversation on how we can help you. Contact us on whiteark@whiteark.com.au
Article by Jo Hands, Co-Founder Whiteark
Perspective...
Jo Hands is talking perspective. She explains “There are things in life that result in an increase in perspective. It's normally something unpleasant. So it takes some unpleasant to happen to you or someone you love to create perspective. The perspective needs to be strong enough to drive a change in behaviour. The perspective needs to be consistent / enduring enough to make long term sustainable change.”
There are certain things in life that result in an increase in perspective. It's normally something unpleasant.
So does it take something unpleasant to happen to you or someone you love in order to create perspective? Perhaps.
The reality is, your newfound perspective needs to be strong enough to drive a change in behaviour. And this newfound behaviour must be consistent and enduring in order to make long term sustainable change.
Ask yourself:
What things in your life have given you perspective?
Has it resulted in a behaviour change, and if yes, for how long?
Our recent shared experience of Covid19 has given everyone perspective (in differing degrees) which has resulted in behavioural changes throughout society.
These ideas have been taken from our podcast episode with Bernard Salt about Building A Better Australia (EP016). 🎧 Tune in to 𝐓𝐡𝐞 𝐂𝐡𝐢𝐞𝐟𝐬 🎧
Let’s explore some emerging thoughts as a result of altered perspectives:
People are considering career changes
People are thinking differently about work - and what flexibility means to them
People are reconsidering overseas trips and business trips
People are considering where they live
People are considering how they spend there money
These ideas have been taken from our podcast episode with Bernard Salt about Building A Better Australia (EP016). 🎧 Tune in to 𝐓𝐡𝐞 𝐂𝐡𝐢𝐞𝐟𝐬 🎧
This disruption has triggered major changes in the way people think and operate, and has resulted in a number of trends:
A push for flexibility or people are changing jobs
Remote working: Living regionally, working CBD
People changing jobs with a major challenge around War On Talent
These ideas have been taken from our podcast episode with Bernard Salt about Building A Better Australia (EP016). 🎧 Tune in to 𝐓𝐡𝐞 𝐂𝐡𝐢𝐞𝐟𝐬 🎧
So, what does this mean for organisations and leaders?
Acquiring and retaining talent is more difficult
Policies around flexibility are critical
Building connection with team members will result in better retention
Leaders need to tweak their style as a result of hybrid working and find something that works for teams and organisation
Executives need to proactively manage their people - creating a great place to work, with flexibility and opportunity and ensure attract and retain top talent . Having a clear people plan and communications will be critical
Building a way to measure productive work is really important that moves from hours to time to be productive
Leaders need to pivot to be relevant, right now. How are you pivoting your style to be relevant?
Need some inspiration? Reach out to us for a no obligation conversation today.
Browse more articles about change and transformation.
Need support in your organisation? Reach out.
Whiteark is not your average consulting firm, we have first-hand experience in delivering transformation programs for private equity and other organisations with a focus on people just as much as financial outcomes.
We understand that execution is the hardest part, and so we roll our sleeves up and work with you to ensure we can deliver the required outcomes for the business. Our co-founders have a combined experience of over 50 years’ working as Executives in organisations delivering outcomes for shareholders. Reach out for a no obligation conversation on how we can help you. Contact us on whiteark@whiteark.com.au
Article by Jo Hands, Co-Founder Whiteark
How to effectively navigate change...
Jo Hands explains how to effectively navigate change. When it comes down to it, change isn't easy. Most people resist it. Most people find a way or an excuse not to change. It's human nature. But change is inevitable and for high performing companies a must. So as a leader you need to determine, how to navigate change?
Change isn't easy. Most people resist it. Most people find a way or an excuse not to change. It's human nature.
But change is inevitable and for high performing companies a must. So as a leader you need to determine how to navigate change…
Five key tips:
Make a case for change - the 'why'
Get Executive buy-in / sponsorship
Build a champion network to drive change
Set goals and measure success
Communicate, communicate, communicate
When you start change program, you will have naysayers - people who say it's not going to work, we have tried this before, it's not worth the effort. You need to push through and show them all you can make change - showing activity and outcome is critical.
The culture of an organisation will determine how hard it is to drive change - and therefore doing some change around culture is critical.
There are so many things you can do to drive culture improvement but the most important is to have the right leaders. If you don't have the right leadership team, you will likely fail - and so your job is to get the right people in your team to run and manage the teams.
Change is required - having a team that proactively manages change will give you the best outcome.
Be bold, ignore the naysayers and make change.
Browse more articles about change and transformation.
Need support in your organisation? Reach out.
Whiteark is not your average consulting firm, we have first-hand experience in delivering transformation programs for private equity and other organisations with a focus on people just as much as financial outcomes.
We understand that execution is the hardest part, and so we roll our sleeves up and work with you to ensure we can deliver the required outcomes for the business. Our co-founders have a combined experience of over 50 years’ working as Executives in organisations delivering outcomes for shareholders. Reach out for a no obligation conversation on how we can help you. Contact us on whiteark@whiteark.com.au
Article by Jo Hands, Co-Founder Whiteark
Forecasting
Mark Easdown writes about forecasting. The prediction process starts with propositions, then verified, quantified and made actionable. A robust peer review occurs and 95% of predictions are modified along the way. Plummer routinely scrutinises predictions with actual events and these results are highlighted at conferences – championing the successes and sharing insights across those that were wrong. “Nobody here is hired because they’re psychic; there hired to generate insights that are useful – even if they turn out wrong. It’s useful to get you thinking”.
Article written by Mark Easdown
Decision Making & Planning, Ways of Working with Uncertainty
“The only function of economic forecasting is to make astrology look respectable.”
“Forecasts usually tell us more of the forecaster than of the future.”
“There is great value in bringing together people who attempt to address a common problem of forecasting from different perspectives and based on very different kinds of data.”
“Your assumptions are your windows on the world. Scrub them off every once in a while, or the light won’t come in.”
“For superforecasters, beliefs are hypotheses to be tested, not treasures to be guarded.”
“I prefer true but imperfect knowledge, even if it leaves much indetermined and unpredictable, to a pretence of exact knowledge that is likely to be false.”
“The Lucretius underestimation, after the Latin poetic philosopher who wrote that the fool believes that the tallest mountain there is, should be equal to the tallest one he has observed.”
A forecast is a statement about the future. (Clements & Henry, 1998)
As authors of “Forecasting” (J.Castle, M.Clements, D.Henry) note; a forecast can take many forms;
Some are vague and some are precise, Some are concerned with near term and some the distant future
“Fore” denotes in advance whilst “Cast” might sound a bit chancy (cast a fishing net, cast a spell) or might sound more solid (bronze statues are also cast)
Chance is central to forecasting & forecasts can and often do differ from outcomes
Forecasts should be accompanied by some level of certainty/uncertainty, time horizon, upper/lower bounds
The domain in which the forecast occurs matter, especially if no-one knows the complete set of possibilities
The authors consider the history of forecasting;
Forecasting likely pre-dates recorded writing with hunter-gatherers seeking where game of predators might be, edible plants and water supplies. Babylonians tracked the night sky presumably for planting and harvesting crops
Sir William Petty perhaps introduced early statistical forecasting in 17th Century and thought he observed a seven year “business cycle”
Weather forecasting evolved with Robert Fitzroy in 1859, who sought to devise a storm warning system to enable safe passage of ships and avoid loss of vessels &/or ships staying in port unnecessarily. Forecasting of nature extended to hurricanes, tropical cyclones, tornadoes, tsunamis and volcanic eruptions.
Yet, history is littered with failures in forecasting, large and small;
Ambiguous forecasts from Oracles of Delphi and Nostradamus
UK storms 1987, with lives lost and approximately 15million trees blown down
Failure to predict 1929 Great Depression or severity of Global Financial Crisis, mid-2007 to early 2009
“When the Paris exhibition closes, the electric light will close with it and no more be heard of it” – Sir Erasmus Wilson & “a rocket will never be able to leave the earth’s atmosphere” – NY Times 1936
What do we want from forecasts ?
Do we want just accuracy? To what degree is that even possible across complicated and complex domains?
Do we want cognitively diverse teams to make us more aware of extreme events? Thus, minimising downside risks?
Do we just want comfort, ideological support and evidence of our existing beliefs? Do we want entertainment?
Do we want to influence a target audience, shift consensus or established beliefs?
These answers may differ if you are a CEO, CFO, Head of Sales, Head of Innovation, an Insurance Actuary, Epidemiologist, Politician, Economist, Intelligence Agency, Shock Jock or Sports Commentator.
For example, it was a mainstream view of epidemiologists across last 20 years that a pandemic was a prominent risk;
“The presence of a large reservoir of SARS-CoV-like viruses in horseshoe bats, together with the culture of eating exotic mammals in southern China, is a time bomb. The possibility of the re-emergence of SARS and other novel viruses from animals or laboratories and therefore the need for preparedness should not be ignored.”- David Epstein 2007
https://davidepstein.com/lets-get-ready-to-rumble-humanity-vs-infectious-disease/
https://cmr.asm.org/content/cmr/20/4/660.full.pdf
So, is COVID19 perhaps SARS2? Clearly, forecasting a pandemic is desirable. How do we give prominence to diverse voices & data and what are the better practices to observe and implement?
SUPER-FORECASTING
In October 2002, the US National Intelligence Estimates (a consensus view of the CIA, NSA, DIA and thirteen other agencies with > 20,000 intelligence analysts) concluded that the key claims of the Bush Administration claims about Weapons of Mass Destruction in Iraq were correct. After invading Iraq in 2003, the US found no evidence of WMDs. “It was one of the worst – arguably the worst - intelligence failure in modern history” notes Philip Tetlock and Dan Gardner in their book “Superforecasting : The Art and Science of Prediction”
In 2006, IARPA was formed to fund cutting-edge research with the aim of potentially enhancing the intelligence community work. IAPRA’s plan was to create a tournament-style incentive for top researchers (intelligence analysts, universities & a team of volunteers for the Good Judgement Project (GJP)), to generate accurate probability estimates to questions that were;
Neither so easy that an attentive reader of the NY Times could get them right , nor
So hard that no one on the planet could get them right
Approximately 500 questions spanned: economic, security, terrorism, energy, environmental, social and political realms
Forecast performance was monitored individually and in teams, and Tetlock’s GJP team proved 60% more accurate in year 1, 78% more accurate in Year 2.
What did these forecasting tournaments learn about the attributes of super-forecasters that may be of relevance in Commercial or Government organisations? Here are a few;
Superforecasters spoke in probabilities of how likely an event would occur (not in absolutes : yes/no), this better enabled them to accept a level of uncertainty – it made them more thoughtful and accurate
Superforecasters were often educated yet ordinary people with an open-mind, an ability to change their minds, humility and an ability to review assumptions & update forecasts frequently, albeit at times by small increments
Actions which were helpful included;
Breaking the question down into smaller components and identifying the known and the unknown, focus on work that is likely to have better payoff, actively seek to distinguish degrees of uncertainty, avoid binding rules. Consider the “outsiders” view, frame the problem not uniquely but as part of a wider phenomena
Examine what is unique about problem and look at your opinions and how they differ from other people’s viewpoints. Take in all the information with your “dragonfly eyes” and construct a unified vision, balancing arguments and counterarguments, balancing prudence and decisiveness – generating a description as clearly, concisely and as granular as possible
Don’t over-react to new information – a Bayesian approach was useful
The GJP found that while many forecasters were accurate within a horizon of 150 days, not even the super-forecasters were confident beyond 400 days, forecasts out to 5 years were about equal with chance.
What about forecasting teams versus forecasting individuals?
o With good group dynamics, flat and non-hierarchical structures and a culture of sharing – teams were better than individuals – aggregation was important. In fact teams of super-forecasters could beat established prediction markets.
o The note of caution around low performing teams came when people were lazy, let others do the work or where susceptible to group-think.
“Unchartered : How to map the future together.”
Daryl Plummer of Gartner, a technology advisory firm who produces forecasts for customers who wish to discern hype from reality.
The prediction process starts with propositions, then verified, quantified and made actionable. A robust peer review occurs and 95% of predictions are modified along the way. Plummer routinely scrutinises predictions with actual events and these results are highlighted at conferences – championing the successes and sharing insights across those that were wrong. “Nobody here is hired because they’re psychic; they’re hired to generate insights that are useful – even if they turn out wrong. It’s useful to get you thinking”.
The author notes “that what matters most isn’t the predictions themselves but how we respond to them, and whether we respond to them at all. The forecast that stupefies isn’t helpful, but the one that provokes fresh thinking can be. The point of predictions should not be to surrender to them but to use them to broaden and map your conceptual, imaginative horizons. Don’t fall for them – challenge them.”
“How to Decide” : Annie Duke – Simple Tools for making better choices
The author presents some useful tips that teams can use to elicit uninfected feedback and leverage the true wisdom of the crowd in decision making. This is especially useful where key forecast & value chain insights and institutional knowledge is held across multiple SMEs and stakeholders;
The Problem;
“When you tell someone what you think before hearing what they think, you can cause their opinion to bend towards yours, often times without them knowing it”, “The only way somebody can know that they’re disagreeing with you is if they know what you think first. Keeping that to yourself when you elicit feedback makes it more likely that what they say is actually what they believe”, “To get high quality feedback it’s important to put the other person as closely as possible into the same state of knowledge that you were in at the time you made the decision”, “Belief contagion is particularly problematic in groups”
Tips to elicit those insightful cross-functional perspectives;
Elicit initial opinions individually and independent before the group meets. Specify the type of feedback or insights required and request an email or written thoughts be provided before meeting. Collate these initial opinions and share with group prior to meeting. Now focus on areas of “diversion”, “dispersion”, avoid using any language around “disagreement”
Anonymise feedback to group – this removes any influence from the insights or opinions of higher status individuals
Anonymising feedback also gives equal weight to insights and opinion and allows outside-the box perspectives to be heard
Anonymised feedback will also allow mis-understandings to be discussed and the team to grow in knowledge together
If the team needs to make a decision within a meeting; try
Writing down insights and passing to one person to write on a whiteboard – maintaining anonymity
Writing down your insights and pass to another person to read aloud to the group
If you must read your own thoughts to group – start with most junior member and work towards most senior
“Radical Uncertainty: Decision Making for an unknowable future”
Authors: John Kay & Meryn King
“The belief that mathematical reasoning is more rigorous and precise than verbal reasoning, which is thought to be susceptible to vagueness and ambiguity, is pervasive in economics”& Jean-Claude Trichet of the 2007-2008 GFC; “As a policy-maker during the crisis, I found the available models of limited help. In fact, I would go further: in the face of the crisis, we felt abandoned by conventional tools”
The authors draw a number of helpful lessons in the use of economic and financial models in business and in government;
Use simple models and identify key factors that influence an assessment. Adding more and more elements to a model is to follow the mistaken belief that a model can describe the complexity of the real world. The better purpose for a model is to find “small world” problems which illuminate part of the large world radical uncertainty
Having identified model parameters that are likely to make a significant difference to your assessment, go and do some research in the real world to obtain evidence on the value of these parameters to customers or stakeholders. Simple models provide flexibility to explore the effects of modifications or scenarios.
A model is useful only if the person using it recognises it does not represent the world as it is really is, rather it is a tool for exploring ways in which decisions might or might not go wrong.
Uncertainty : Howard Marks : https://www.oaktreecapital.com/insights/howard-marks-memos/
In his May 2020 newsletter to Oaktree Clients, Howard Marks notes the field of economics is muddled and imprecise, there are no rules one can count on to consistently show causation, patterns tend to repeat, and while they may be historical, logical and often observed, they remain only tendencies. Excessive trust in forecasts is dangerous.
When considering current forecasts, he notes the world is more uncertain today than at any other time in our lifetimes, the ability to deal intelligently with uncertainty is one of the most important skills, the bigger the topic (world, economy. Markets, currencies, interest rates) the less possible it is to achieve superior knowledge and we should seek to understand the limitations of our foresights.
A forecast is a statement about the future, a future we cannot know everything about , yet it remains a useful tool for decision making, scenario modelling, stress testing and planning. The map is not the territory, so with forecasting we should learn from better practices around collating diverse views and data, building cognitively diverse teams, constantly challenging assumptions, leverage the wisdom & insights of your subject matter experts, maintain intellectual humility & resiliency facing uncertainty, use models wisely and adopt a bayesian approach.
“No amount of sophistication is going to allay the fact that all your knowledge is about the past and all your decisions are about the future.”
LOOKING TO CURATE YOUR BUSINESS STRATEGY? REACH OUT.
Whiteark is not your average consulting firm, we have first-hand experience in delivering transformation programs for private equity and other organisations with a focus on people just as much as financial outcomes.
We understand that execution is the hardest part, and so we roll our sleeves up and work with you to ensure we can deliver the required outcomes for the business. Our co-founders have a combined experience of over 50 years’ working as Executives in organisations delivering outcomes for shareholders. Reach out for a no obligation conversation on how we can help you. Contact us on whiteark@whiteark.com.au
Article written by Mark Easdown
How to make change stick
Colin D Ellis explains how to make change stick. Organisations talk a lot about change and transformation, but in general most aren’t very good at doing it. A recent SAP survey found that of the 84 per cent of organisations that started transformation initiatives in the past year, only 3 per cent had actually successfully completed one.
Organisations talk a lot about change and transformation, but in general most aren’t very good at doing it. A recent SAP survey found that of the 84 per cent of organisations that started transformation initiatives in the past year, only 3 per cent had actually successfully completed one.
Thoughts from Colin D Ellis
One reason for this is that while senior managers get very excited about smarter, faster ways of doing things when they’re pulling their business plans together, they forget that to achieve them they have to stop doing some things and redefine the way they get others done.
Cultural evolution is frequently cited as the biggest enabler of successful change, yet very few organisations ever take it on, opting instead for quick-fix training solutions, restructures, operating model changes or (as is currently en vogue) promises of hybrid working.
It’s not that any of these things are wrong, it’s just that in order to deliver transformation and make change stick you need to establish a new foundation upon which to build them. Those foundations contain the following:
A sound business case for change. This will answer the ‘why this and why now?’ questions from staff and stakeholders alike as it’s not good enough to simply say ‘we need to transform’, there has to be a sound and logical rationale for doing so
A redefined culture. This is the activity that almost all teams or organisations forget to do and yet it’s the most important. Without redefining the vision, behaviours and collaboration principles expected of each other you have nothing to transform to
Public accountability. There needs to be a senior executive within the business who is prepared to throw their reputation, energy, money and effort behind the activity to ensure it delivers what was promised in the case for change. This person will also encourage all the other executives do their bit to ensure that the change happens.
Clear, unambiguous communication. This should focus not only on the activities required to complete the initiative, but also on the personal change required to achieve success. I don’t mean an email or poster, in Comic Sans font, pinned up on a noticeboard, but regular effort from those accountable for the transformation.
With an appropriate level of justification, definition, accountability and communication, culture change or transformation isn’t as hard as some would have you believe. If you’re not prepared to do these things, then your staff would like you to stop talking about transformation as if you mean it. However, if you are, then you can guarantee then they’ll be up for it too and that will make everything stick.
Colin D Ellis is an award-winning speaker, facilitator and best-selling author of Culture Fix: How to Create a Great Place to Work. You can find out more about him and the work that he does at www.colindellis.com
Key considerations for building connection across the organisation post Covid-19
Phoebe Reid writes about the key considerations for building connection across the organisation post Covid-19. Companies are finding themselves in unfamiliar territory as their employees return to the office post Covid 19 and are learning how to work together again. Building connectedness is an important part of working together successfully and links closely to employee engagement and ultimately meeting business goals.
Companies are finding themselves in unfamiliar territory as their employees return to the office post Covid 19 and are learning how to work together again. Building connectedness is an important part of working together successfully and links closely to employee engagement and ultimately meeting business goals.
For this to happen, leaders need to lead! Behaviour needs to start at the top and it will flow, employees want and need to have purpose and great leadership will support this happening. Spend the time with your team, have regular check ins, discuss and review/set their KPIs and goals, chat about how they are going, and generally be there for them.
Connection, growth and belonging are all key to a company’s success. Humans naturally enjoy each other’s company and being able to work collaboratively, so it’s often the corridor or kitchen conversation where you really get to understand what is going on. It is about finding the right balance between flexible work from home and time together in the office.
Some initiatives and areas that impact connection building in the workplace are;
Connectedness Initiatives
Having fun at work has been missed by many, it might be the Friday night drinks, bring your pet to work day or the monthly birthday celebrations, people have missed the opportunity to connect. Make sure this is a priority, put together a calendar of fun events, ask your team members what activities would make them feel more connected to each other and actively create an informal environment to reconnect.
Team lunches with employees from different departments are a way to get employees interacting with people from across the business and further promotes connection. Employees will benefit from having team activities like a volunteer day where the team can go and help at a charity. When implemented properly, these activities can be excellent for cultivating a sense of unity and belonging.
Promote the benefits of the office like being able to collaborate in person, informally bounce ideas off each other, the coffee machine and of course Friday night drinks! Set up wellbeing information sessions, often your employee assistance program provider can run these. Organise fitness in the park or at a nearby gym for your employees. For some, the office offers a sense of calm and control over their day and fewer distractions than at home, these people will be key to connecting those that are feeling more anxious about being back in the office. Schedule your team meetings on a day that everyone is in to promote face to face time.
To help employees focus and reengage with your strategy, run cross functional sessions on your strategy and 5-year plan, discuss what’s working well and get feedback on what you can be doing better. Sessions on behaviours and values could also be considered. Consider joint departments leading regular town halls to; share what is going on, interview new starters, share good news like record sales or new business and also acknowledge specific achievements of team members.
Having the right Flexible Work Policy supports connectedness. In developing your policy seek feedback to see what employees preferences are around flexible work. As with any successful change, seeking feedback and employee input will result in a more effective outcome. Employees are working from home in a variety of combinations from 1-5 days per week. Finding overlap days where the majority of the team are in the office is important. Having team meetings on these days and organising fun activities described above to connect people will help with this. Ensure that you have the flexibility to review your policy as things change or if the current arrangement isn’t working.
Employee Engagement
Employee engagement represents the levels of enthusiasm and connection employees have with their organisation. It’s a measure of how motivated people are to put in the extra effort for their employer and is often a sign of how committed they are to staying.
Now would be a good time to run an employee engagement survey. Tailor your questions to get constructive feedback for your business and ask questions about what initiatives will help them in feeling more engaged and connected to your business and their colleagues. Then use this feedback to run cross functional focus groups, then develop an action plan and actually implement it. Too often employees take the time to fill in the survey and provide feedback and nothing is done, this can be demotivating.
This article has described just some of the ways that you can build connectedness across your business post Covid 19. Please get in touch if Whiteark can help you with developing your business and people plans.
The importance of innovation during a pandemic
According to McKinsey, organisations that have focused on innovation during the recovery of a crisis came back 30% stronger than companies who did not. Concentrating on the long term and planning for growth rather than survival will help gain a competitive advantage during the recovery.
According to McKinsey, organisations that have focused on innovation during the recovery of a crisis came back 30% stronger than companies who did not. Concentrating on the long term and planning for growth rather than survival will help gain a competitive advantage during the recovery.
The COVID-19 outbreak has impacted nearly every industry; and as the government begins to ease restrictions, companies are exploring ways to recover their losses. During the onset of COVID-19 organisations innovated rapidly with a short-term focus on continuing operations and employee safety. In the recovery phase, companies will require a considerable amount of strategic innovation (growth and change) rather than reactive innovation, to explore future opportunities centered around core business models.
It is key for organisations to innovate with a purpose to increase their likelihood of success for the long term. Companies should focus on growth and gaining an advantage over their competitors. The below framework will help with explore growth strategies.
Assess changing demands and needs of consumers
The recent pandemic has fundamentally changed the way most businesses operate, particularly because of the rapid adoption of digitisation. Companies need to understand the demands and needs of consumers by analysing the new patterns of spending. Once change has been identified, analyse what it means and its impact on your industry and business.
Consider ways to respond
Now that you understand the change in consumer spending patterns, explore ways in which your organisation is equipped to respond. This requires planning for the future, think about the pain points the changing consumer behaviour reveals and task your innovative experts with creating some new products or services to address these customer pain points.
Change your business model
Organisations need to accept that the way that their business operated prior to COVID-19 is history. It is important to identify ways in which your former business model has been permanently changed and then look at ways you can transform these models into new ones to make way for future growth.
Each industry and each company have their own unique challenges and opportunities to explore, so innovation will look different for everyone. One critical enabler to strategic innovation post COVID-19 is technology. Once you identify opportunities to pivot your business model, consider what technologies can help you get there - e-commerce, artificial intelligence, virtual realities, touchless technologies etc.
When considering your innovation strategy, remember to adapt to changing consumer wants, explore new opportunities, and allocate resources towards innovation.
Need to map your way forward through Covid19 and innovate from the inside out? Let us help.
Whiteark is not your average consulting firm, we have first-hand experience in delivering transformation programs for private equity and other organisations. Focused on delivering both commercial and financial outcomes. We understand that execution is the hardest part, and so we roll our sleeves up and work with you to ensure we can deliver the required outcomes for the business. Our co-founders have a combined experience of over 50 years’ working as Executives in organisations delivering outcomes for shareholders. Reach out for a no obligation conversation on how we can help you. Contact us on whiteark@whiteark.com.au
Digital Commerce
According to Gartner, five areas of digital commerce are being transformed due to the effect of Covid-19 on customer behaviours and businesses accelerating their adoption of online and digital alternatives.
According to Gartner, five areas of digital commerce are being transformed due to the effect of Covid-19 on customer behaviours and businesses accelerating their adoption of online and digital alternatives.
1. Contact Purchasing
Contactless purchasing has become a preferred payment. Gartner predicts 80% of ordering and replenishment will be contactless by 2024.
Customers:
Contactless payments and pickup/delivery
Operations:
Contactless business operations where companies can use robotics, artificial intelligence and computer vision to assist employees across the supply chain
2. Virtual Product Reviews
Currently the adoption of 2D and 3D product previews remains light.
Gartner predicts the uptake will increase - software vendors offering visual configuration tools have reported a rise in business due to the pandemic.
Virtual Product Reviews may reduce the need for samples and showrooms and enable more customer self-service when buying configurable products.
3. Live Commerce Streaming Services
Live commerce involves video streaming to demonstrate products and interact with shoppers in real time to encourage purchases. Brands that have implemented livestreaming for selling or customer engagement are seeing early signs of success.
4. B2B Buying Experience
Businesses that sell B2B should think about transforming their shopping platform into one that has a more consumer-like feel to gain traction with younger professionals as they will expect a B2C like experience.
5. Enterprise Marketplaces
Enterprise marketplaces are online marketplaces operated by organizations that enable third-party sellers to sell directly to end customers.
Need to make the most of digital commerce trends?
Let us help. To learn more about how to leverage digital trends and pivot your business, contact us on whiteark@whiteark.com.au
Cashflow is King
It’s not complicated, confusing or easy to manipulate, it doesn’t lie and shows the real health of a business. Even non-accountants understand cash as they all have to manage their personal cashflow – to ensure there is more inflows than outflows and …
It’s not complicated, confusing or easy to manipulate, it doesn’t lie and shows the real health of a business. Even non-accountants understand cash as they all have to manage their personal cashflow – to ensure there is more inflows than outflows and managing the debt levels for the inflows in the household.
When assessing the underlying performance of a business cash is the best indicator to show how the business is performing, how healthy the business is and being able to accurately determine if your business model is viable for the long-term.
Despite the fact that cash is king, everyone understands it, and without it, a business can’t function. Businesses don’t spend enough time understanding their cashflow to be able to proactively drive improvement in the cashflow of a business.
There are four key things to consider when managing your cashflow:
Understanding the past – understanding the activity that drives cash inflow and cash outflow and the timing of these elements
Shape your future -
Make changes to your business that bring cashflows in earlier (change in payment day terms, utilise credit cards for customers to pay etc)
Take an aggressive stance to work with customers that pay you for your services. Pre-screen customers for credit history to ensure you are not generating revenue with no cashflow
Make changes on how to delay cash payments going out the door through utilising credit cards, changing payment terms, negotiating extended terms or move monthly to quarterly, delay purchasing until required
Daily cashflow forecasting helps you really manage tightly the cashflow of the business
Daily reporting on cashflow drives good discipline and an ability to make quick decisions. This reporting can show actuals versus forecast.
Making even a small change can make a huge impact on ensuring your business is maximising its cashflow position.
If you want some more advice around maximising your cashflow reach out to Whiteark; we have experience in cashflow improvement.
COVID19 has challenged many companies specifically in how to proactively manage cashflow to be able to stay viable; some tips to consider that might help your business maximise cashflow in this period:
Ask your customers to pay you as early as possible
Provide other payment options for customers (credit cards, afterpay etc) so you can get your money sooner
Negotiate payment terms with key suppliers
Review expenditure that can be stopped / delayed or deferred
Utilise credit cards to delay payments to be made; credit cards can be used for majority of transactions and even most suppliers take credit card as well
Need to take a closer look at your cashflow?
Let us help. To learn more about how to make cashflow king in your business, then contact us on whiteark@whiteark.com.au
Resetting Your Digital Strategy
COVID-19 has caused disruption for all businesses across Australia, whether it be positive or negative. One of the impacts that has been positive is that it has sparked digital acceleration for many companies and industries. Companies have been forced to scramble, improvise, and …
COVID-19 has caused disruption for all businesses across Australia, whether it be positive or negative. One of the impacts that has been positive is that it has sparked digital acceleration for many companies and industries.
Companies have been forced to scramble, improvise, and embrace new ways of operating within weeks instead of what would normally take years. It is now clearer than ever that our future is digital. The key enabler for this acceleration in digital adoption is the increased connection to technology for businesses and consumers.
It is now time to reset your digital strategy for post COVID and explore new opportunities that a time of immense change inevitably elicits. You should review things that have worked well for you during the pandemic and avoid regressing to former ways of operating.
Below are 5 areas you should focus on when revisiting your digital strategy:
Priorities
Customer
Innovative Ideas
Digital Roadmap
Increasing Focus and Agility
Priorities
Have you begun to pivot your priorities to meet the demands of this digital world? Are the core objectives and assumptions that informed your strategy still relevant? Consumers have changed their media habits and purchasing behaviours with an increase in mobile usage, a surge in the percentage of consumers shopping online for groceries, and the amount of consumers now tackling home improvement projects. You need to explore the market opportunity as there are high chances there will be new markets to enter and new customers to engage; or possibly what used to be a small component of your business pre-covid, is now one of the biggest contributors. It is time to pivot and reset your goals and priorities in a way that responds to the new reality with digital channels at the core.
Customers
Your customer journeys that were relevant pre-covid are now most likely incorrect or redundant so you need to explore what matters to your customer in this new reality. You need to revisit your customers’ attitudes, needs, motivations and behaviour as it relates to your business. The more you understand your customer the better you will able to market to them, create products and services that meet their needs, gain a competitive advantage, proactively identify shifts in purchasing intent and behaviour, and increase your chances for success. Ultimately you will be more equipped to identify, understand, analyse and retain your customers as you focus on enhancing your customer experience. Companies that develop a comprehensive voice of customer research and strategy have seen significant reductions in customer service costs and have had much higher customer retention rates. Despite the financial downturn, now is the time to boost your digital customer experience since digital is now the primary channel for many.
Innovative Ideas
Mass digitisation and disruption has meant consumers and businesses are more open and willing to adopt new approaches to doing things. This is the time for businesses to pilot innovative ideas and delivery models. At a time when traditional strategies have been upended, COVID has encouraged leaders and businesses to pivot quickly and explore new things and assess new approaches, value streams and delivery models.
Digital Roadmap
When resetting your digital strategy, you need to ask yourself the question, is my digital roadmap solving the right challenges? You need to review digitisation across your entire organisation – How are you interacting with your customers? How are different departments doing their jobs now? How are you launching new products? Nurturing relationships with prospects? It is time to evaluate the approaches that are working, those that can/need to be scaled, where optimisation is required, and what requires a complete overhaul. Re-prioritise your technology investments or develop a newly inspired digital roadmap with clear priorities and fresh insights. As part of your review audit and rate your digital capabilities, infrastructure, and experience to measure how you stack up against your competitors and where urgency is greatest.
Increasing Focus and Agility
COVID has been a catalyst for change and we have seen how quickly companies can pivot during these unprecedent times. Are you able to lift your focus and agility? Your organisation could benefit from having greater clarity of focus and alignment of strategic objectives to reduce silos, empower collaboration and agility, and inspire your top talent.
As you begin to reset your digital strategy, make sure you revisit your priorities, customer journey and experience, innovative ideas, digital roadmap and increasing focus and agility.
Looking to reset your own digital strategy?
Let us help. To learn more about how to reset your digital strategy contact us on whiteark@whiteark.com.au
People Working from Home
Prior to the outbreak of COVID-19, many corporate employees felt that working from home was a treat, but how are people feeling now that they have no choice but to work from home? Are you feeling connected enough to your superiors and team members?
Prior to the outbreak of COVID-19, many corporate employees felt that working from home was a treat, but how are people feeling now that they have no choice but to work from home?
Are you feeling connected enough to your superiors and team members? Are you feeling more or less productive? Are your stress levels heightened as you try to balance your work and home life at the same time, in the same space?
Before COVID-19 was detected in Australia a third of the country’s population was regularly working from home but in May 2020, during the peak of Australia’s first wave of coronavirus, almost half of the population was primarily working from home and this remains in place as everyone who CAN work from home MUST work from home.
Results from a OnePoll survey that queried 1,000 office workers working from home revealed:
80%
of respondents believe working from home will be more common post the recovery period of COVID-19.
50%
Almost 50% are working more productively during the time they would usually spend commuting to and from work.
32%
are more focused because they are less distracted by colleagues.
70%
believe they have been more productive working from home than they otherwise would have been in an office environment.
36%
feel less stressed.
35%
said they prefer traditional job roles involving working from the office five days per week.
COVID-19 is a catalyst to redesigning the future of work, and create opportunities for organisations and leaders to look at things differently.
The working from home trend could prove to be much more enduring than the pandemic, permanently changing Australia’s working culture, as working from home is likely to become a core part of the new normal.
There’s no blueprint for what we’re currently enduring and business leaders around the globe are adapting strategies to keep up. In addition to enhancing digital skills and improving infrastructure, it is vital that leaders focus on empathy as transformation and disruptions become the new norm.
Leaders need to proactively equip their teams with not just physical resources, but skills, mindsets, behaviours and values, that are vital in establishing strong and supportive foundations for remote working. Teams need to be more adaptive and stay constantly connected. Control has to some extent given way to trust, and people are learning how to do work disparately and with far less oversight. Be patient, be understanding and offer guidance and support where possible.
Please keep safe and stay connected, it is important to be mindful of everyone’s situation during these times.
The CFO role has never been so important. Companies are navigating uncertain territory and having a strong CFO that can manage the nuts and bolts of finance and help navigate the commercial as well is instrumental to how companies navigate this period.