By Ryan Gottfredson, author of Success mindsets: Your keys to unlocking greater success in your Life, Work & Leadership.
In 2013, Microsoft was not primed for future success. For the prior 13 years, their market capitalization and stock price stayed stagnate at around $250 billion and $26, respectively.
This stagnation meant that they were losing ground to their competitor. In fact, many wondered if Microsoft was “dead in the water.”
Since 2014, though, Microsoft has been on a tear, with its market capitalization now at $1.4 trillion, and its stock price at around $175.
I believe we have to consider Microsoft to be much more primed for future success than in 2013.
What has been the difference?
One thing is obvious: a new CEO. During the early part of 2014, Satya Nadella took the helm at Microsoft.
Since then, Nadella’s focus has been on helping Microsoft develop the characteristics of future success.
What organizational characteristics enable future success?
Let’s start with this question: What characteristics do organizations have that are going to be obsolete 5, 10, 20 years from now possess today that will hinder their future success?
They include being:
What characteristics do organizations have that are going to be highly successful 5, 10, 20 years from now possess today that will help them ensure future success?
They are the opposite. Being:
This sets up a continuum as follows:
Where does your organization fall on this continuum?
And more importantly, how can you help your organization develop more of the future-ready characteristics? Let’s consider what Microsoft did.
How did Microsoft become primed for future success?
When Satya Nadella stepped in as CEO of Microsoft, he quickly recognized that Microsoft possessed more of the characteristics that hindered future success than those that enabled future success. This became evident in one of the first meetings he had with his leadership team. In the meeting, a facilitator asked for a volunteer amongst the team, promising whoever volunteered to have an extraordinary personal experience. Nobody was willing to stand up. This led Nadella to wonder: “Why wouldn’t everyone jump up. Wasn’t this a high performing group? Didn’t everyone just say they wanted to do something extraordinary? … The answers were hard to pull out, even though they were just beneath the surface: Fear of being ridiculed, of failing, of not looking like the smartest person in the room, and arrogance. ‘I am too important for these games.’”
In his book, Hit Refresh, Nadella describes Microsoft’s culture as: “Rigid. Each employee had to prove to everyone that he or she knew it all and was the smartest person in the room. Accountability, delivering on time, and hitting the numbers trumped everything. Meetings were formal. Everything had to be planned in perfect detail before the meeting…Hierarchy and pecking order had taken control and spontaneity and creativity had suffered as a result.”
Recognizing these limiting characteristics, Nadella made it his mission to change the culture at Microsoft. In fact, in his book, he continually states that the ‘C’ in CEO stands for curator of the organization’s culture and is the CEO’s most important role.
So, what did Nadella focus on to ensure Microsoft developed the characteristics that enable future success?
Priming your organization for future success
The solution for priming your organization for future success is the same as it was for Microsoft’s.
As we make shifts in our mindsets, we develop the characteristics that enable future success.
Specifically, there are four shifts in mindsets that we need to make:
Fixed mindset to a growth mindset
As an organization shifts from a fixed mindset to a growth mindset, it, and the employees within it, will focus less on looking good and more on continually improving the organization’s impact on and value to those it is serving.
Nadella quickly realized that the negative culture at Microsoft was because of a fixed mindset. One way that he helped Microsoft make the shift was by putting the following on all employee ID cards: “Know it all to learn it all.”
Closed mindset to an open mindset
As an organization shifts from a closed mindset to an open mindset, it, and the employees within it, adhere less to tradition and become more willing to embrace innovation and new ideas. Also, this shift necessitates a change from communication and information going from the top down to communication and information coming from the bottom up. Such a change allows for the fostering of psychological safety, which is the #1 factor that drives top performing teams.
Nadella knew that if Microsoft was going to be the spontaneous and creative company that it once was and that it needed to be, there needed to be greater open-mindedness and psychological safety. Thus, Nadella sought to break down structures and polices that prevented empowerment.
Prevention mindset to a promotion mindset
A shift from a prevention mindset to a promotion mindset requires that the organization develop a clearer purpose and destination they are shooting toward. This primes the organization for future success in two ways:
- It forces the organization to become less short-sighted and more future-centered
- It helps the organization to become less risk adverse and more willing to take the strategic risks that will ensure progress toward the organization’s destination and accomplishment of its purpose.
One of Nadella’s first priorities was to develop and evangelize a new, clear mission statement: “Empower every person and every organization on the planet to achieve more.” What a great mission statement! It gets leaders and employees to be forward thinking, causing them to naturally ask the question: “How do we/I do that?”
Inward mindset to an outward mindset
As an organization shifts from an inward mindset to an outward mindset, it, and the employees within it, view employees and customers less as objects or numbers and more as people of value.
To help make this shift, Nadella has emphasized inclusivity, stating “Inclusion happens when…you are showing up, you are being an ally, a mentor, you are really creating, through your everyday actions, a more inclusive environment…that’s the journey we’re on…[its] very, very exciting.” He has even developed a mobile empathy museum.
Is your organization primed for future success?
What mindsets does your organization currently have? Regardless, your organization will develop more of the characteristics of future-readiness if you can promote growth, open, promotion, and outward mindsets.
If you are interested in assessing the mindsets of your organization, consider this free personal mindset assessment.
Board Report Highlights Complex Decision-Making Process Across Banking and Finance sector
‘The State Of Decision-Making’ report from Board, reveals business decisions made in silos without modern planning tools
A third (33%) of Banking & Finance decision-makers believe decisions made in silos, despite majority (63%) of decisions being implemented worldwide
More than half (57%) of Banking & Finance decision-makers rely on spreadsheets for decision-making despite modern planning tools now available
The #1 decision-making platform, has today released ‘The State Of Decision-Making’ report focussing on how UK organisations make their important business decisions.
Based on a survey of 500 senior decision-makers, across industries including, Banking & Financial Services, Consumer Goods, Manufacturing, Pharmaceutical, Professional Services, Retail, and Transport & Logistics, ‘The State Of Decision-Making’ report from Board shows that today’s business decision-making process is increasingly complex, with multiple departments and seniority levels all responsible for some form of decision-making, leading to a lack of cohesion between units and a waste of business resources.
‘The State Of Decision-Making’ research found that while a clear majority of respondents (63%) working within the banking and finance sector say the important decisions they are responsible for get implemented globally, the decision-making process itself is not joined-up across the business, with one third (33%) also saying that crucial business decisions are made in departmental silos.
The research, conducted on behalf of Board International by independent research organisation 3GEM, also asked respondents the tools they use to make decisions and, while almost every action within an organisation today will lead to the creation of new data, it seems many businesses are not using the crucial insights which data can provide to make important decisions.
More than half (55%) of respondents in the banking and finance industry said they were making business decisions based on data and insights, but ‘gut feeling’ decisions are still made by up to 44% of companies. What’s more over half (57%) of the sector’s companies still rely on spreadsheets to aid their decision-making, despite more modern and reliable tools now available.
“In today’s fast-paced, data rich and evolving business environment, making quick and effective decisions is critical to both compete and survive,” explains Gavin Fallon, Managing Director for UK, Nordics & South Africa at Board International. “Important decisions are being made at any one time across multiple business functions, but all too often, important decision-making is disconnected, modular or fragmented.”
The research also asked respondents about the challenges banking and finance decision-makers face at their organisation, with nearly a third (29%) citing a lack of available data and insights and one quarter (25%) citing the fact there are too many people in the decision-making process as their biggest frustrations. However, industry decision-makers believe that the process can be improved with the introduction of new technology, with the majority (57%) of respondents saying this would make their decision-making better, while 41% also felt increased use of data and insights would help.
“Businesses have to plan every day for a far more uncertain future and set themselves up to prepare for change and keep changing against the backdrop of a more volatile and uncertain marketplace than ever,” continues Fallon. “A bad decision can have wide-ranging impact across the whole organisation and no business can afford to waste time and resources on bets that may or may not come off. As the business environment increases in complexity, the ability to not just react, but predict, in real-time, becomes more important than ever.”
Reinventing Your Digital Marketing Strategy Post-Covid
By Paige Arnof-Fenn, Founder & CEO Mavens & Moguls
I started a global branding and marketing firm 19 years ago. Marketing is a term that means different things to different people so it helps to clarify whether you are talking about market research, PR, social media, advertising, promotions, guerrilla marketing, strategy, analytics, SEO, SEM, B2B, B2C, content, etc. There are so many tools in the marketing toolkit today but I think it is redundant to say digital marketing because truly everything has a digital element since everyone is accessing and interacting with your brand online, through their phone or via the website at some point. In the old days there was print, TV, radio, direct mail and outdoor those were your only options but today technology runs our lives so everything is digital eventually. If digital is not part of your strategy then you would not be relevant so digital marketing is marketing in 2020.
As far as digital goes I am a big fan of SEO, social media especially LinkedIn and Content Marketing. Because we are always online now 24/7 it is easy to get sucked into it but you do not have to let it run your life! My advice is to pick a few things you enjoy doing and do them really well. You cannot be everywhere all the time so choose high impact activities that work for you and play to your strengths. It does not matter which platform you choose just pick one or 2 that are authentic to you. It should look and sound like you and the brand you have built. Whether yours is polished or more informal, chatty or academic, humorous or snarky, it is a way for your personality to come through. Everyone is not going to like you or hire you but for the ones who would be a great fit for you make sure they feel and keep a connection and give them a reason to remember you so that when they need your help they think of you first.
There have been a lot of changes in the past few months due to the virus crisis but one thing that has not changed is that smart technology still runs our lives today and it is hard to stay on top of the latest tools and platforms to take advantage of current trends so you may feel lost, confused or frustrated by all the options and noise in the market today. There will be new tools and technologies coming for sure but here are some digital strategies to include in your plans to grow your audience:
* Smart speakers and voice search are growing in importance so being able to optimize for voice search will be key to maximize the marketing and advertising opportunities on Siri, Alexa, Google Home, etc. I predict that the brands that perfect the “branded skill” with more customer-friendly, less invasive ads are going to win big. Are you prepared when customers ask your specific brand for help like “Alexa ask Nestle for an oatmeal cookie recipe” or “What is the best Mexican restaurant in Boston?” if not you are missing a big opportunity!
* Live video grabs attention – live streaming is available on every major social media platform and it is only getting bigger to hook in users with short attention spans, in a mobile first world, you have less time to grab people, attention spans are shorter than ever so video will be used even more, show don’t tell for maximum impact, rich content drives engagement.
* Interactive marketing makes it stickier — brands will drive engagement even more with polls, surveys, quizzes, contests, interactive videos, etc. to grab audience attention even quicker
* AI-powered chatbots cut costs and convert visitors into leads by encouraging themed content to answer FAQs with voice search-friendly semantic keyword phrases, is your content strategy ready?
* More confidence in trusted content, friends and influencers than advertising – the world has been moving this way for years with people seeking their friends’ and influencers’ opinions and advice online on what to buy, where to go, and what to do more than a paid ad or fancily packaged content. Customers are savvy today they are happy to buy what they want and need but they do not like to be sold things. Curated content and ideas from a trusted source beat paid content every time. Partnering and building relationships with the right influencers with content that is co-created helps brands scale and grow faster and amplify and boost their message.
* Authentic relationships beat marketing automation — technology runs our lives more than ever but it is relationships that drive business and commerce so people will find more ways to connect in-person to build trust and strengthen connections. Make sure you offer several ways to talk with them and get to know them. Algorithms can only tell you so much about a customer, transactions are driven by relationships. Use automation where you can but do not ignore the power of the personal touch.
* Big data is getting bigger but customer conversations are key to best insights for content. Talking directly to your customers to get first-hand in real-time their experience and knowledge will be a priority and competitive advantage to get the messages right.
* Content will match the buyer’s journey and understanding that journey will inform how to attract, engage and convert customers and which keywords and topics are used.
* Influencers will continue to rise in prominence so partnering and building relationships with the right influencers with content that is co-created helps brands scale and grow faster and amplify and boost their message.
Banking beyond the office
By Tim Hood is the Associate Vice President for Hyland in EMEA.
Following months of unprecedented challenges, the global financial community is beginning to get a sense of COVID’s long-term legacy. And while the current situation still has some way to run, the prospect of a rapid bounce back to the old normality looks doubtful.
Over the last six months, a wholesale review and reinvention of a raft of working practices has taken place.
Fortunately, the financial sector was able to adapt relatively quickly to this altered reality because compared to some, it was well down the path to digital transformation.
And as the work-around solutions using technology that was never intended or designed for remote working have been refined or replaced, many firms are finding that these new ways of working are actually working well.
That’s evidenced by the fact that ‘return to office’ dates keep rolling back, with a number of institutions not expecting staff to return to the office until the beginning of 2021, at the earliest.
However, the social distancing measures that remain in place will undoubtedly continue to have a major impact on the traditional office space. With almost half of British workers now working from home according to the Office for National Statistics, how many will want to return to the office, having been free of their daily commute for the last six months? In a recent survey by the Centre for Economics and Business Research (CEBR), one-third said they wanted to continue working from home.
And as homeworking protocols become ever more embedded, that could see many functions where remote oversight is possible, never return permanently or totally to a central office.
So, with homeworking seemingly here to stay, for a large number of organisations the new norm is likely to be a blend of remote and office-based working.
In uncertain times, one of the most critical business skills is the ability to adapt. Just because we have always done things that way is no longer a valid line of thinking. So, when it comes to matters like remote working, it’s time for a more flexible mindset.
Some banking leaders are beginning to acknowledge the changing reality. Barclays CEO Jes Staley said that corporate offices “may be a thing of the past.” JPMorgan, Goldman Sachs and Morgan Stanley are also proving to be trend-setters in the reassessing the future shape of offices and flexible working.
Of course, effective remote working depends on people having access to accurate, up-to-date information.
That may require reprioritising investment to ensure more appropriate technology solutions are in place. Believe me when I say that accelerating digital transformation is no mere nicety, but a prerequisite for corporate survival over the coming months and years.
Of course, every organisation is different and will have to review its existing systems and procedures before implementing any major technological changes. But I would say that there are several core components required to help ensure future resilience.
As a minimum, there should be the establishment of a content services hub to centralise document storage and workflows in a single location, with a user interface that’s consistent – whether you are logging on from your dining table at home or at your office desk.
This will remove potential information silos where data gets stuck, and also prevent the creation of multiple document versions that inevitably follows.
Next, look to introduce intelligent automation where you can, to accelerate improvements in document storage and workflows.
Then, look at shutting down any redundant or unnecessary systems and applications. This is an opportunity to streamline operations by ensuring business-critical information, which may be spread over several dozen apps in some corporate organisations, is uniformly updated and easily accessible. When staff have to search for important documents across multiple locations, they end up frustrated and prone to making mistakes that result in delays and poor customer service.
Though the immediate response to COVID-19 may have had a short-term adverse effect on many in the financial sector, longer-term it can be the catalyst that enables the creation of a truly digital workplace that seamlessly melds together a flexible, distributed workforce with a much streamlined corporate space.
Achieving that will require organisations to carefully chose the correct technology solutions. If they can do that, then our brave new world may not be so scary after all.
Going branchless: How banks can keep customers coming through the virtual doors
By Richard Kelsey, Head of Software Sales at Backbase Though you might be familiar with the popular seaside town of Newquay,...
Board Report Highlights Complex Decision-Making Process Across Banking and Finance sector
‘The State Of Decision-Making’ report from Board, reveals business decisions made in silos without modern planning tools A third (33%)...
EaseUS Free Data Recovery Software Recover Lost And Erased Documents
Have you anytime inadvertently masterminded erased or lost data from your work territory or PC? In case along these lines,...
Shawbrook Bank “cautiously optimistic” as it Publishes Half Year Report for 2020
Financial performance impacted by the pandemic Expected credit loss (ECL) charges of £45.8 million recognised on loans and advances to customers...
Shining a spotlight on operational resilience and cyber-risk in financial services
By Miles Tappin, VP of EMEA for ThreatConnect, explores why the financial services industry must build a cyber security strategy...
Front line strategies for responding to the COVID-19 crisis: Experiences from legal team leaders around the world
By Diane Dix – General Counsel, Total Safety, Marc Michael – Chief Counsel, Global Dispute Resolution, AES Corp, Tim Williams...
Reinventing Your Digital Marketing Strategy Post-Covid
By Paige Arnof-Fenn, Founder & CEO Mavens & Moguls I started a global branding and marketing firm 19 years ago. Marketing...
The impact of a recession on your pension
By James Turner, Director at Turner Little The stock market is beginning to show signs of life as measures introduced...
From accountants to advisors: changing roles and expectations
By Chris Downing, Director for Accountants & Bookkeepers at Sage The line between strategic advisor and traditional accountant is blurring....
Trust matters more than ever in an uncertain world
By Zac Cohen, COO, Trulioo Trust in the time of COVID-19 Perhaps more than ever before, retail and investment banks...