My 2 Cents On Leading through transformation
The dynamics of an aircraft and its forward motion are what push it through the air. To me, firms and corporations often operate like an aircraft; their business models may define their dynamics, but their ability to constantly transform and renovate themselves keeps them in the air, even in times of unprecedented turbulence.
There is a dire need for transformational growth, which isn't about some technical aspects of a company. It simply means the company's mindset is what keeps them sturdy during a gusty storm. The transformational change must begin from the cockpit of the aircraft, i.e., in the boardroom. As per a survey, 71% of the companies believe their leaders don't have the potential to lead their firm in the future. That speaks volumes for where we are heading towards!
We are in the fourth phase of the industrial revolution, where businesses face rigorous technological developments like Artificial intelligence, machine learning, big data, etc. The big data information market was alone worth $54 billion in 2016. But, at the same time, they are also prone to face competitive pressure. This momentum has brought along several business growth opportunities, and to achieve the target goals and hack growth opportunities, a leader has to bring greater value to their company to induce better efficiencies in their team.
To establish new values today, you need to rethink all your past strategies to create the best future outcomes. To transform your current position, power, performance, and capabilities, you have to cultivate a vision. A study of 500 firms worldwide suggests that the leading cause of their success is a transformation that pushed them into new markets. However, you should also have the will to implement such changes.
According to a survey, 83% of the organizations believe that they need to develop leaders at all levels. As a leader, we cannot just rely on our senior team leaders for a transformation; we have to empower leaders at each step of the ladder - individuals at all levels and fronts. They need to have a novel approach for enhancing their present performance and problem-solving attitude. Here are the six focus areas that are key to leading through transformation in my opinion.
1. Render your vision and strategies company-wide.
A sense of clarity keeps you motivated till you reach your target. Almost every high-performing team that I have worked with has realized that motivation for innovation and hard work doesn't come from an endless quest for inspiration! We all love to read motivational quotes and speeches, but these are quick dopamine shots that don't last for too long. So what works? Leading with purpose, plan, and responsibility.
Make sure you articulate it throughout your company. A crowd with cause and clarity is no more a crowd; it starts functioning as a team! At Saffron, we emphasize informing our team members about the goals we achieve and their contribution that led to final success. It is imperative to note that frequent recognition will spark a positive change.
2. Refining core values ignites a positive change.
Compelling core values form the heart of a workforce and add meaning to their work. You ought to hire or nurture individuals who mirror the same vision as yours, employees that align with your organization's values. From workshops, collaborations to debates, it is essential to adopt dynamic methods to know the current culture in your company.
Doing so will give your team a greater sense of awareness and allow them to renovate their values from scratch. You can't expect transformation if you don't refine and align your team members with your vision and values. Ensure you are specific and to the point, so that it is easier for your team to understand. On the other hand, vagueness will eventually dilute the meaning behind them.
3. Build a client-focused organizational structure.
After setting up your business objectives and redefining your core values, the next big task is to reorganize your service offerings around your clients. What hinders the process is that a company might offer a hundred services that may include departmental or cross-departmental services.
Still, if it fails to align all these small businesses as one, the company won't deliver the best client experience. It is vital to define your organization's structure in a way that provides holistic solutions to your clients. Make sure you simplify your service offerings because it will eventually streamline your business model. It will also shift their focus from cost to value. Therefore, the whole game lies in simplifying what's already complicated and not vice-versa.
4. Get your whole company involved.
Establishing ambitious expectations and imposing sky-high strategies without considering your team's involvement can run your organization into the ground. Help your employees to establish a higher purpose in your company. Once you realize how effective this can be, you will be able to successfully maximize employee involvement.
Increased engagement will allow your team to touch on essential topics that will help them improve as a team and individuals. Conducting innovation meetings, problem-solving meetings, regular town halls, and such are some ways you can facilitate employee engagement in your company. Regardless of the preferred approach, the motive should be to establish a flow of team collaboration and open feedback. It is essential to understand that shared learnings create new opportunities within the team. When the same method applies to all levels, the success rate becomes higher in achieving a common goal.
5. Cultivate corporate culture from the top.
A strong corporate culture will benefit any company no matter which industry they belong to. In the past few years, we have put significant emphasis on building our team culture. It not only brought us progressive ideas but also provided stability during tough times.
A leadership development program is another excellent way to facilitate innovative collaboration and improve the company’s feedback system. However, there has to be a mix of formal and informal leadership development programs to make the black box more transparent. Embedding culture in your organization isn't challenging if you can encourage your employees to apply the same principles to the tiniest aspect of their work.
6. Make innovation everyone's responsibility.
Creating a culture of innovation in your organization allows you to challenge the invisible setbacks. No matter how fundamental it may sound, it is challenging to implement it if you, as a leader, have orthodox beliefs. Don't lock that area to one corner of your company; instead, let it flow all across the verticals. Having a separate team for innovation is the best long-term success plan; everyone must do it.
Satya Nadella wasn't delivering motivational speeches in the Microsoft headquarters; instead, he encouraged the employees by launching a company-wide hackathon; he empowered them by making them work under projects that they loved. That amplified their employee engagement, which allowed Microsoft to deepen its roots in cloud computing and A.I. This was a new avenue that now accounts for 32% of its total revenue.
Giving a chance to your team to learn more can inspire them to innovate more ideas. Once Einstein said, "A person who never made a mistake never tried anything new," I've seen large and successful brands incorporating activities that celebrate mistakes!
For, e.g., Google encourages risk-taking among employees by rewarding their failures. They have a success rate of just 10%, but every time they learn something new. They don't allow their employees to fear facing the consequences, instead enable them to bat with a free mind, no matter how bad the cricket pitch is. At Saffron, we differentiate innovative ideas into small and large innovations which helps us reward even the smallest of wins.
Parting thoughts...
If you find your company at the stage of transformation, you need to know there is no shortcut to growth. You have to dedicate a considerable amount of time and commitment to see the actual difference. It'll be challenging and time-consuming but it is a must for you to not lose sight of your end goal. These six key areas can help your company think progressively, adapt, improvise, and implement them to reach new heights of success.