We live in a dynamic, changing world.

Recent research*( Hay Group – Engaging minds) found 6 grand themes that are transforming the business landscape. The study of over 5 million employees in over 400 international companies highlighted the critical role that an engaged workforce will be in meeting these challenges. Businesses will need to find new ways of engaging their people.

 

The five key challenges that organisations will face in a world transformed by these trends are:

transparency

agility

collaboration

innovation

productivity

 

The Grand Themes

  1. Globalisation 2.0
    1. Emerging markets are gaining economic power resulting in new dynamics
  2. Environmental Crisis
    1. Climate change creates increased uncertainty, rising costs, oscillating share values and anxious stakeholders
  3. Demographic Change
    1. Business has to compete harder for talent in an aging global environment
  4. Individualism
    1. Employees have more opportunities and are more diverse than ever before, requiring businesses to work hard to retain talent
  5. Digitization
    1. New forms of communication radically shift professional boundaries
  6. Technological Convergence
    1. New advances in nano, bio, information and cognitive (NIBC) sciences will spur a wave of powerful technological breakthroughs, transforming many areas of everyday business.

(Engaging hearts & minds Hay Group 2015, p.6)

 

  1.  TRANSPARENCY

    trancparency ISSUE: 

The digital age has created a new era that has erased the boundaries between professional and personal lives. The many platforms (Facebook, Linkedin, Twitter, Flickr) provide unprecedented opportunity for employees to find out information and news about their employers long before internal announcements are made.

Employees and customers are also easily able to publicly endorse or criticize companies with the click of a mouse.

Dynamic Governance Solution Framework:

  1. Structures that enhance and strengthen clear communication
  2. Clear processes that ensure your company’s aims are supported and understood by everyone
  3. Ongoing learning for all members with transparent feedback and performance review methods

 

 

  1. AGILITYagility

ISSUE:

The business environment is now constantly changing and fluid. In order to thrive business need to be able to respond to these changes. However, creating a culture that embraces change while also holding to core values is problematic. Rapid change without the right communication creates insecurity and erodes employee confidence.

 

Dynamic Governance Solution Framework:

  1. Clear processes that ensure your company’s aims are supported and understood by everyone
  2. Fast & effective decision-making processes that enable workers to move forward operationally with minimum supervision
  3. Clear domains of authority and delegation of decision-making power

 

 

  1. COLLABORATIONvision

ISSUE:

The combination of globalization, digitization & innovative technological convergence creates a fast pace globalised work environment. Businesses will be required to collaborate in new and intensified levels in order to keep up with change and make the appropriate strategic decisions.

 

Dynamic Governance Solution Framework:

  1. Clear processes that incubate creative solutions
  2. Fast & effective decision-making processes that enable workers to move forward operationally with minimum supervision
  3. Clear domains of authority and delegation of decision-making power

 

 

  1. INNOVATIONinnovation

ISSUE:

Dynamic new market forces means all businesses need to adapt quickly or fall behind. This comes from technological changes as well as customer preferences shifting.

 

Dynamic Governance Solution Framework:

  1. Structures that empower collaboration and problem solving
  2. Clear processes that incubate creative solutions
  3. Communication systems that bring solutions to the whole organisation quickly

 

  1. PRODUCTIVITYproductivity

ISSUE: It is difficult to innovate and be efficiently productive simultaneously. Organisations that can multitask to find balance between innovation and productivity will be in the best position to thrive.

Dynamic Governance Solution Framework:

  1. DG system is designed for action
  2. Circular feedback loops measure effectiveness efficiently
  3. Clear processes that incubate creative solutions