Managing change is the most common thread amongst senior management, and business resilience is ultimately linked to the personal resilience of you, the business leader.
Overview:
- Managing change is the most common thread amongst senior management, and business resilience is ultimately linked to the personal resilience of you, the business leader.
- In terms of managing business change, there is the decision-making process itself, as well as the role of the next generation in shaping these changes.
- Is your style stronger on deeds than words? Do you have a clear vision and a set of goals accompanied by a clear list of actions, timelines, accountabilities and incentives? Do you favour consensus building at the early ideas’ generation stage and a hard-nosed approach at the implementation approach?
- Who will be the innovators? Beware the tendency to focus on enthusiastic new intakes and overlook the middle set who are often at a pivotal time in their careers, learning how to become accountable.
Summary:
- Succession planning was identified as one of the main risks to business match fitness according to delegates, particularly when considering how the needs and expectations of new generations are changing. Another topic that was flagged was cognitive diversity and how to evolve recruitment practices to ensure individuals from all backgrounds are captured in the process.
- Participants debated how to make the asset management industry attractive to new talent in comparison to the technology and investment banking sectors at a time when it is attracting a lot of attention from the regulator on profit margins and value for money. The situation is also further compounded by the fact that asset managers have reduced the number of graduate programmes on offer, and whether London can retain its place as the global destination for talent in light of Brexit.
- It was also noted that the industry remains disconnected from its end customer and it is this group who are driving change from below and ultimately pay the salaries of people working in asset management.
- One participant suggested that ESG could be used as a recruitment tool and a point of differentiation, as well as provide a strong rationale for active management. This of course ties in with the wider trend of newer generations looking to make a positive change with their careers.
