Towards the end of 2019, we seemed to be inundated with articles on the topic of change and how all businesses, regardless of sector or geography, faced unprecedented levels of disruption. This seemed like old news even then, as ‘disruption’ was already the commonly accepted bogyman for more established businesses. True, the pace of change was still accelerating, so much so, that I was beginning to think we might one day see the end of the digital movement. There comes a point after all when differentiators become commodities and the next new thing comes along. At this point there is usually still a great deal of work to be done for many businesses to ‘catch up’ or embed the new systems and processes. The last eight months, however, have truly changed the rules and forced businesses to adopt radically different strategies. Those businesses that had already embraced digital ways of working and are thriving through the crisis, are rapidly adapting to cope with increased demand. Those that had yet to modernise can only ‘adapt or prepare to fail’, as was debated in our recent webinar of that title. Even in those sectors that have been severely affected by the crisis, organisations are looking hard at their recovery programmes, trying to imagine their place in the new normal and how they will recover.
When it comes, this ‘new normal’ will come quickly. In the time between national lockdowns, the UK economy recovered or ‘grew’ at a heroic rate. The recent vaccine announcements had a similarly dramatic effect on the FTSE, particularly in sectors that are struggling due to the restrictions we face. Those of you that were working during the millennium will remember how quickly we can bounce back from unforeseen, highly disruptive events. Like then, we will see a huge increase in the demand for change and more specifically, for the people who can drive that change. At one end of the scale they will be highly innovative creative change agents, helping Fintech businesses capitalise on advantages gained through our mass behavioural changes. On the other we will see a demand for more traditional transformation skills, helping businesses to catch up with the rapidly digitally enabled world. Currently, that talent is in reasonable supply, particularly for clients who are happy to look outside their own sectors. If history has taught us anything about these mass events however, it is this. Once the current problem is solved and insecurity is removed from the markets, businesses will surge forward to adapt or fill the spaces left. Private Equity will leap into gear to buy up the cash flow losers and, in Europe at least, will do it with money banked before this crisis, ready for the BREXIT fall out.
With the above in mind, we are already seeing an increase in demand across the board for our services:
- Insight: Helping clients prepare for the future, with bespoke insights and data to inform decisions
- Consulting: Helping our clients assess and develop both current and incoming talent
- Board Advisory: As our clients embrace new ways of working, they need help, advise and insight
- Executive Search: Reshaping leadership teams to meet the new normal
- Interim: Connecting clients with short term credible alternatives to high cost consultants