20.04.2021
The New WorldThe New World. 2021’s new favourite corporate cliché, but what is this and what does it mean for businesses? On the surface it is all about solidifying new remote and flexible working arrangements, however, business leaders should be aware that this is just the tip of the iceberg. The vast majority of business have been through huge turbulence and a triple-lockdown over the last 12 months, forcing internal discussions about cost exposure, efficiencies and opportunity. The suddenness of the pandemic and the restrictions it created, forced us all to adopt remote working practices. Most are reporting a successful transition, but in the longer term, there must be a full adjustment to “The New World” and further business transformation that reaches beyond simply buying more laptops and corporate Zoom accounts. Through our numerous conversations with Business Leaders and Senior Finance Professionals, at least 95% have committed to a degree of further business transformation. Reviewing real estate commitments naturally sit high on the priority list, but equally and critically important is systemisation. Systemisation does not just mean new systems, but the identification and re-engineering of processes and procedures that enable virtual collaboration. Those systems and engagement methods that can replace those water cooler moments to account for the loss of walking over to a colleague, and to replace asking questions of your manager across the desk. Through these conversations, we have identified three core themes of concern. Inbox Enlargement: The significant increase in email traffic will come as no surprise to us all as a result of the inability to have a quick chat or series of quick chats;
Calendar Congestion:Whilst our inboxes are becoming even fuller, our calendars are also following suit;
Solution Stagnation: Problem/Error management has become more time consuming. Issues are identified later and risk profile increases;
There is logic to implement some basic strategies to alleviate this, such as “No VC Fridays”, but adding more layers of policy, process or controls will not necessarily make things easier. The long-term strategy should be a fully transformative one. Implementing a culture of continuous improvement, identifying new supporting technologies, workflow tools, management techniques and outsourcing arrangements are essential to streamline and future proof our working practices. All businesses need to think about what “The New World” means for them and how they can successfully transition their business and teams to work effectively in it. Most scenarios will look significantly more virtual with smooth, simple collaboration, connectedness, and delivery being the end state. We all have technology on our side but without an understanding of what these new processes and operating models should look like, it will be impossible to maintain a high performing working environment. The transformative process must begin now.
Posted by:
HedgerWay Senior Financial Recruitment
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