Business Transformation

Business Transformation
Published: 25 March 2020

Highly competitive market conditions and disruptive technologies are changing the face of traditional business models and revolutionizing employee and consumer expectations. We recently hosted a dinner for HR Leaders. 85% of the attendees indicated their organization is currently involved in operational or strategic business transformation. Evolving business models, new technology and rebranding are just some of the changes that organizations are facing.

The importance of employee engagement

Having spoken with many HR Leaders about the changes happening within their businesses, it is clear that ensuring employees are engaged on the transformation journey from an early stage is just as important as the transformation itself. Of the respondents at our dinner who said their business was going through a transformation, all said that HR was involved in this and that the impact on their people was being considered. However, in some cases, leaders can be preoccupied with the structural change of a transformation, and subsequently fail to invest enough time in the people aspect, ultimately leading to a lack of success. Leaders must understand the advantages of bringing their teams on the transformation journey. Organizational agility and a culture that embraces change are critical in a successful transformation that still enables the company’s underlying strategy. 

Transparency is key

Our keynote speaker discussed her company’s transformation from a traditional print catalog business to becoming a well known online retailer while also rebranding. She described how the success of these transformations would not have been possible if their people were not on board with what they were trying to achieve. The leadership team strived for transparency across the business in terms of their communication and the way that they worked with each other. The leadership team was able to ensure that the employees affected by the changes were treated fairly and felt supported by offering reskilling. By ’leading from the front’ and creating a distinct vision and end goal, it allowed everyone across the company to fully engage and join them on their transformation journey.

Celebrate your success

After accomplishing a goal or completing an initiative, it may be easy to forget to celebrate that success. Often, as soon as a team or individual hits a milestone their focus moves on to the next one, with little thought for what they had just accomplished. Taking some time out as a team to look holistically at what has been achieved is extremely important and can also create a closer bond between colleagues. Everyone responds well to success; why not shout about it?

Talent attraction

Attracting external talent is important to all organizations, and in a fiercely competitive market, it is important to differentiate yourselves from the competition. To attract the top talent, companies must have great reputations, great cultures and provide opportunities for career development. For talent considering joining a business that is going through change, it’s important to feel that everyone is working towards the same goal. They will be attracted to this, which in turn can then help the success of the change.

Business transformation is crucial for the long term success of any organization regardless of industry, whether it is a start-up or a much more established company. Creating a culture that embraces change will enable them to have a point of difference and competitive advantage, whilst also investing in their long-term performance. It is crucial to have a strong and committed HR leadership team that fosters a culture of resilience and growth. This can increase engagement, reduce attrition and attract top talent, whilst still navigating a way through any change or business transformation.

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