People power… the ‘Make or Break’ of your Transformation journey

MAKE YOUR PEOPLE THE HEROES TO BRING YOUR VISION TO LIFE

by Evelyne Legaux on 15-02-2024

 

This month’s article explores the central roles of people-centricity and trust in transformation success. More specifically, we dive into the fascinating realm of human behaviours and why leaders should embrace it.

 

At the dawn of 2024, what is top of mind for CEOs & other executives in the corporate world? Whether it’s the impacts of geopolitical tensions, climate change, threats to democratic values or GenAI, it’s all about embracing rapid change & navigating uncertainty and unpredictability.

The world is going through a period of declining trust, be it between people & political leaders, between fragments of polarized societies, between countries, between employees & their leaders or else between human beings & new technology.

Many fundamental questions are on people’s minds across the planet today, such as these:

• with 54% of the global population facing general elections in 2024, what will the political landscape around the globe look like on the other side of it? And what will the implications be in terms of policy-making & global trade in particular?
• how will the ongoing wars, conflicts & geopolitical tensions evolve, and what will the impact on post-WWII international institutions be?
• why do young people believe in democracy less & less?
• how will climate change & the need to preserve/restore biodiversity transform our ways of living?
• how will GenAI impact humanity at large? How can it be made responsible, ethical & cyber-safe?
• how will GenAI transform the nature of work & impact jobs?
• what does the power of Gen AI being solely controlled by a few global tech companies, mean for humanity?

And so on, the list is endless… but it all revolves around the people and the need to take the fear away from them, if we are to collectively rebuild trust…

 

Putting people at the centre

Truth is the smarter & the most sophisticated new technology is, the more important the human factor becomes. While technology itself may be everywhere & getting the headlines, it’s the human engagement, business acumen, insights & ability to have meaningful conversations with other humans & stakeholders, that make the change truly happen…

Considering the world of Finance as an example, no matter how brilliant that new technology is, it’s the human expertise that will continue to define the value-add to the business, turn analytical insights into actionable strategies & ultimately bring the vision to life. Finance as a function is no longer just about numbers & analysis of past performance, it’s about partnering with the business organization to craft a compelling vision & strategy that create value. It’s about understanding & mitigating risks while envisioning & leveraging new opportunities.

In other words, it’s about people knowing their purpose, and what they want to create to serve it…

 

Are you, like so many others, considering a new technology-based transformation journey?

• If yes, whether you choose Intelligent Automation, a fully integrated Digital solution or GenAI, technology is only the enabler that will ultimately bring that transformation to life. But without a clear vision for where you want to be on the other side of it and if your people aren’t buying into it, technology by itself will just sit there doing nothing for you.

Bringing people along on the journey is a definite MUST! Empowering them to understand & relate to your vision, own the roadmap, redefine their own work, innovate, experiment or fail then rebound – as a natural ingredient of such a journey – is essential to building effective engagement & trust, therefore is a KEY driver to success.

So, you need to radically shift your way of thinking! Start with the outcome that you want and develop a people-first approach to get there, then look at optimising business processes and selecting the right technology that will deliver your vision.

• Whenever defining your vision, think BIG & WIDE! Too many leaders focus on the immediate operational cost/benefit analysis of new technology adoption, thus fall short of grasping the full picture. Adhering to such a narrow & restrictive view of what new technology can bring to a business organization, clearly is a missed opportunity…

So, don’t build your business case on downsizing/cost cutting considerations. Instead, do build a vision based on sustainable value-creation for your people, external stakeholders & society at large. Communicate positively, transparently & honestly about your vision and what the transformation journey ahead entails. Put the human factor at the heart of it all through a nurturing & empathetic leadership style.

Throughout the entire journey, be obsessed about making your people the heroes…

 

The ‘make or break’ role of behavioural dynamics

Most digital transformations fail, with at least 70% of them failing to meet their full original objectives…

A frequent mistake made by organizations in the corporate world is to see digital adoption as a pure technology project. With nothing further from the truth, such a vision ought to be re-conceptualized. Bringing people along on the journey so as to get their buy-in & commitment to it, is indeed one of the fundamental pillars of success in any digital transformations.

• For this to happen though, leaders or otherwise people managers must first recognise the depth of change at play here for all the people involved, that is evolving roles, functional organizations & operating models, a re-invented relation with technology, new skillset requirements (e.g. complex problem-solving, design-thinking, resilience, digital literacy…), expected new ways of thinking, etc… So much change coming their way can only cause stress, fear & anxiety for people.
• It is therefore essential for today’s leaders to understand the fundamentals of human psychology & what the drivers of behaviours Where psychological safety – i.e. one of the most basic human needs - is no longer guaranteed, people will react in different ways, based on their conscious & unconscious bias, personality traits & past experiences. For many, this will practically translate into a range of negative emotions up to existential worry, a sense of disconnection from the vision, a loss of motivation and ultimately resistance to change… It is also important to know that resistance can be either active & obvious, or else passive, subtle & difficult to spot although equally damaging. Lastly, leaders must accept that so much change is not for everyone, and be ready to support those people.
• Leaders must also demonstrate soft skills such as authenticity, empathy & integrity, and implement a thoughtful communication strategy that make people feel valued, empowered & supported, in order to foster trust & drive effective adoption within their organization. They must create the space & a framework for people to openly & safely express their emotions or concerns, and most importantly take the time to listen to them & understand the behavioural dynamics at play.

People are the unpredictable part of any digital transformations. Creating psychological safety & building trust are of the essence here.

Don’t undermine the power of human behaviours. People are the ‘make or break’ of any  transformation journeys…

 

A word about …the phenomenal potential of GenAI

The transformative power of GenAI is immense & remains beyond comprehension for most of us. Knowing that GenAI can model 200 million proteins in a few months or cut aviation emissions by half for instance, tells us that the benefits expected from it in healthcare, food, education & many other sectors, are near limitless.

Yet, Gen AI is one of, if not THE biggest source of fear today…

To mitigate the risks of manipulative, unethical or weaponized AI, the world needs to come together to make it a responsible tool that serves humanity rather than destroys it altogether.

With the potential to deeply transform the nature of work & massively destroy jobs while creating new industries & revolutionizing workforce planning, today more than ever people need to be put at the centre of a GenAI adoption journey!

Regardless of the upcoming European AI Act & AI Treaty, transparent communication, clear usage policy guidelines, the provision of learning or upskilling opportunities for people and the carrying out of a 3^rd party independent review of internal AI practices, are paramount for organizations to build that vital human trust.

 

Whatever new technology looks like on your adoption roadmap, the secret to transformation success is the ability to turn repetitive & cumbersome jobs into strategic value-add ones, fundamentally re-imagine the nature of work and augment human intelligence rather than replace it.

 

Do let us know your thoughts or questions in a comment below, by email on info@financeotcconsulting.com or indeed through our Contact page.

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