Innovation
As Jaime Swindle highlighted, businesses need to innovate to be able to thrive, and there have been many ways organisations have innovated and changed over the course of the crisis. The speed of change through this period of time has been key. Sigga Sigurdardottir shared how Tesco Bank implemented an e-gift card for volunteers who were shopping for those shielding, which they managed to implement in 28 days from concept to delivery: “What normally would take 5 to 6 months, we are doing within 3 to 4 weeks.”
Sigga further explained how Tesco had been strategizing their priorities. For example, with the decreased usage of travel money, they have transferred this service to a cash home delivery for elderly customers who may struggle to get out.
James Godfrey mentioned that innovation is about a mindset, and organisations need the right environment and empowerment from their leaders to create an innovative environment. He also highlighted that with the demand for innovation, faster decision making and execution, companies should be prepared to take risks, accept failure when it occurs and be able to move on.
Others are reviewing their Real Estate Strategy – no longer expecting the full workforce to be in the office five days a week has meant that offices can be repurposed moving them from a workspace to a collaboration space.
Leadership
Jamie Swindle discussed the two main types of leadership approaches that she has seen become prevalent during the pandemic. “On one hand we see a big bravado type leadership style where everything will be fine, while on the other hand we see a more collaborative style of leader who looks at the opportunity to adapt their operating processes.” She highlighted that while neither style is right or wrong, a blended approach has seen the most success.
James Godfrey commented that we are in one of the world’s largest social experiments. He explained that in order to deal with uncertainty, organizations have to change at pace and adapt their thinking away from traditional methods as to how they should operate. Organizations will need to be collaborative and have open adaptive learning processes, where they continuously look at their current models and evolve.
“Leaders having the courage to lead from the front have the courage to push through the blocks. The idea we will let teams just get on with it doesn’t work, but a top down approach also doesn’t work. Successful organizations must have trust, agility and innovation.”
Above all, leaders need to learn “Trust” and trust their employees, customers and partners.
Finally, Sigga spoke about the three-step approach Tesco Bank had implemented:
- Purpose led
- Focused on customer
- Collaborative
Being an authentic leader and bringing your whole self to work has been key and she asks her team what the conditions are that they need for success. She explained it is important, especially with individuals working from home, that a leader brings the wider team along with them on this journey to success. This has led to an increase in communication, particularly at a personal level, and increased collaboration. Explaining the purpose of a business leads to more powerful decision making and celebrating success and risk taking gives more power to employees.
