HOW TO START TALKING ABOUT CHANGE MANAGEMENT IN 2021

By: Charlie McIver, VP, Customer Success, EMEA

 

The one constant in life and in business is change. Nothing stays stagnant. If you stand still, the rest of the world will pass you by. We’ve heard all the clichés. But the reality is these are all based around one nugget of truth, which is that the ability and willingness to change and adapt are prerequisites to long term, sustainable success. Change for the sake of change is never a good plan. But overall, the pursuit of change is a positive and commendable venture. It’s in the execution where many organizations fall short. Poorly executed change results in wasted expense, negative outcomes, and low employee morale.

Today, there’s no question the financial services industry, along with the entire global economy, is being disrupted by unprecedented amounts of change triggered by the COVID-19 pandemic. As we kick off 2021, one thing is certain: change management has never been more important. This is especially true for financial institutions, which played a unique role in pandemic relief efforts. These organisations had to quickly adapt to new ways of working and new lending schemes to serve their customers. While every institution is different, those that were most successful had two things in common: they deployed digital technologies that empowered their employees, and they embraced a culture of change management.

 

Charlie McIver

What is change management?

At its most basic level, change management allows institutions to operate in smarter, more efficient ways by preparing employees for a big change before enacting it. This is why we say, “Ready, aim, fire” and not “Fire, ready, aim.” If you fire before everyone knows what the target is and why it’s important, there’s a good chance you’ll miss it or have a bad experience while trying to hit it.

To be fair, 2020 didn’t leave a lot of time for the “ready” part. The financial institutions that already had cloud-based technologies in place were able to move to remote work overnight, sending employees home with laptops and serving their customers digitally without pause.

Experiences such as this illustrate why it’s so important to cultivate a culture of change. It gives employees the skills to thrive in the face of change, even when it’s unexpected or unprecedented.

Whether your institution is planning a transformation project in 2021 or is just hoping to weather the next few months of uncertainty with your teams and business intact, the time to start talking about change management is now.

 

An ongoing conversation

When considering a business transformation project or adopting a new kind of software, the first step is to talk to your leaders and stakeholders. Start the conversation early, before any decisions have been made, and let that conversation continue and evolve as your project evolves. Not only will this get stakeholders invested in and excited about the project, it will also give them a sense of control in the face of change. Once your leaders are on board, leverage their enthusiasm to win over the rest of your organisation.

Most people understand that the past year has been full of change. We’ve all moved to a more digital life, whether that’s working from our dining tables or ordering our weekly groceries online. In many ways, that makes now the perfect time for a digital transformation project. If you tell your employees you’re thinking of implementing a new cloud-based technology or undergoing a digital transformation project, they are more likely than ever before to understand the value.

The key is to make sure they understand that whatever project you undergo is not necessarily about the technology itself, but about how that technology can transform your business, empower your employees, and meet your customers’ needs. Today, it’s more important than ever that people feel valued, heard and empowered within their organisation, given the unpredictable changes they have had to withstand. Change is hard, but if you can clearly show its value and how it will benefit both your employees and your customers, people will not only get on board—they’ll be genuinely excited for what’s to come.

In a globally connected, digital world facing constant, now extreme change, there is no greater investment to make than investing in your people. As the industry pursues continuous innovation to keep up with ever-changing customer demands, competitive pressures and a world of unprecedented obstacles, banks must continue to be more agile with their approach and support their teams through times of great uncertainty.

 

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