M A N A G E M E N T O F C H A N G E - I M P L I C AT I O N S F O R L E A D E R S
D e f i n i n g F u t u r e J u s t i c e - M a y 2 6 2 0 1 8
2
TO MANAGE CHANGE WELL WE NEED TO UNDERSTAND
• WHY WE NEED TO CHANGE • WHAT IS CHANGING
• WHO WILL BE IMPACTED • WHEN WILL THAT CHANGE OCCUR
THEN PLAN FOR AND LEAD THE CHANGE
T H E F O R C E S O F C H A N G EF O W V I D E O
3
W E L I V E I N T I M E S O F
U N P R E C E D E N T E D C H A N G E
T H AT P R E S E N T S B O T H
C H A L L E N G E A N D
O P P O RT U N I T Y F O R
L E A D E R S A C R O S S A L L
S E C TO R S
Disruptive forces
AI, Cognitive Computing,
Robotics
$500,000 in 2008
$22,000 today
Changing nature of careers
2.5 – 5 years: Half-life of skills
4.5 years: Average job
tenure
Explosion in contingent work
40% contingent workforce (US) by
2020
Jobs vulnerable to automation
35% UK 47% US
77% China
Diversity & generational
change
Millennials 50%by 2020
Tsunami of data
9 x more in last 2 years
Deloitte Consulting Pty Ltd © 2018
4Future of Work Finance Services
1970s 1980s 2000s1990s Today2010s
Technology
Individuals
Businesses
Public policy
Rate
of
change
Source: Deloitte Human Capital Trends, 2018
W H AT A P P E A R S TO B E H A P P E N I N G
5Future of Work Finance Services
1970s 1980s 2000s1990s Today2010s
Technology
Individuals
Businesses
Public policy
Rate
of
change
Source: Deloitte Human Capital Trends, 2018
W H AT I S R E A L LY H A P P E N I N G
6Future of Work Finance Services
Ch
an
ge
Learn
ing
Peo
ple
People Risk and Impact Management
Leadership Alignment and Stakeholder Engagement
Communication
Culture
Organization Design and Governance
Learning and Capability Transfer
Talent Requirements and HR Programs
Workforce Transition
DeployTestBuildDesignAnalyze
People Risk and
Impact
Management
Leadership
Alignment and
Stakeholder
Engagement
Communications
Culture
Organization
Design and
Governance
Learning and
Capability Transfer
Workforce
Transition
Talent
Requirements and
HR Programs
Transformation
Change Leadership
Organization / HR
Learning
Key
Capturing
Hearts and
Minds
Scaling to
Technology
Implementation
Integrating
with Culture
Kotter’s 8
Steps of
Change
Enterprise
Value
Delivery
People
Dimensions of
Transformation
Connecting to
Business
Outcomes
Outcome
Driven
Change
Driving Change
Method through
Analytics
Analytics
Driven
Change
A continual evolution in managing change…
Then
Now
What’s next?
7Future of Work Finance Services
7 − Vision to Value: Change
Framework, Deloitte
Changing the way we do ‘change’
Leader-led
Accelerated
Business Value
High Touch,
High Tech
Underpinned by
behavioural science
Precise and measurable
through analytics
8Future of Work Finance Services
8 − Vision to Value: Change Framework, Deloitte
VISION TO VALUE: CHANGE FRAMEWORK
1. DEFINE PURPOSE
• Visualise the business future
• Build the conditions for
leader led change
• Mobilize and engage
communities
2. DESIGN FOR IMPACT
• Use data analytics to direct
the change effort
• Define the change
campaign
• Personalize the change
experience
4. DRIVE THROUGH PERFORMANCE
• On board people to their new
reality
• Follow through with performance
support
• Recognize success and evolve
3. DEVELOP CAPABILITY
• Accelerate future skill sets
• Activate business networks to
drive a tipping point in change
adoption
• Make behaviors everyday
habits
9Future of Work Finance Services
• Work of the ‘Hands’
• Analog/Data light
• Profit Driven
• Hard skills
• Hot bodies
• Big permanent, homogeneous workforce
• Focus on technical expertise
• Ad-hoc training
• Overwhelmed
• Hierarchical, siloed
• Positional power
• Slow to adapt
• Traditionaloffice
WhatwasW
OR
KW
OR
KE
RW
OR
KP
LA
CE
What willbe
• Work of the ‘Minds and Hearts’
• Digital/data insights
• Purpose Driven
• Soft skills
• Hot warm and cold bodies
• Big contingent, diverseworkforce
• Focus on uniquely human skills
• Life-long learning
• Well being
• Networks of high performingteams
• Personal power
• Nimble and innovative culture
• Virtual, smart, frictionless work
spaces
R E T H I N K I N G T H E F U T U R E O F W O R K
9
Deloitte Consulting Pty Ltd © 2018
10Future of Work Finance Services10
W O R K
Work of the ‘Hands’
Analog / Data light
Profit Driven
Hard Skills
Work of the ‘Minds and Hearts’
Digital / Data Insights
Purpose Driven
Soft Skills
What Was What Will Be
W h a t i s t h e n a t u r e o f t h e s h i f t s y o u a r e s e e i n g i n y o u r a c t i v i t i e s ?
W h a t i s t h e i m p a c t o f r o b o t i c s , a u t o m a t i o n a n d a r t i f i c i a l i n t e l l i g e n c e o n t h e s e r v i c e s
a n d r o l e s i n y o u r i n d u s t r y ?
W h a t j o b s a r e b e i n g m o s t i m p a c t e d i n y o u r s e c t o r ?
H o w a r e y o u r e s p o n d i n g t o t h e s e s h i f t s ?
Deloitte Consulting Pty Ltd © 2018
11Future of Work Finance Services
11
W O R K E R
Hot Bodies
Big permanent, homogeneous workforce
Focus on technical expertise
Hot warm and cold bodies
Big contingent, diverse workforce
Focus on uniquely human skills
Life-long learning
What Was What Will Be
Ad-hoc training
W h a t i s t h e n a t u r e o f t h e s h i f t s y o u a r e s e e i n g i n y o u r s e c t o r ?
W h a t c a p a b i l i t i e s w i l l b e r e q u i r e d i n t h e f u t u r e t h a t a r e d i f f e r e n t t o t o d a y ?
H o w a r e y o u r e s p o n d i n g t o t h e s e s h i f t s ?
12Future of Work Finance Services12
W O R K P L A C E
Hierarchical, siloed
Positional power
Slow to adapt
Traditional office
Networks of high performing teams
Personal power
Nimble and innovative culture
Virtual, smart, frictionless work
spaces
What Was What Will Be
• W h a t i s t h e n a t u r e o f t h e s h i f t s y o u a r e s e e i n g i n y o u r w o r k p l a c e ?
• W h i c h o r g a n i s a t i o n s a r e r e s p o n d i n g w e l l t o t h e s e t y p e s o f c h a n g e s ?
• H o w a r e y o u r e s p o n d i n g t o t h e s e s h i f t s ?
Deloitte Consulting Pty Ltd © 2018
13© 2018 Deloitte MCS Limited. All rights reserved.
L E A D E R S N E E D TO T H I N K , A C T A N D R E A C T D I F F E R E N T LY
Cognitive transformation Behavioural transformation Emotional transformation
THINKDifferently
REACTDifferently
ACTDifferently
• Conceptual thinking: Conceptualising possibilities in a virtual world
• Breadth of perspective: Handling ever-increasing cognitive complexity
• Experimenting: Thinking openly and being interested in new ways of doing things
• Decisiveness: Making decisions quickly without all of the information
• Emotional intelligence: Reading and adapting to constantly shifting power and relationship dynamics
• Social flexibility: Collaborating with ease across many different teams
• People regard: Valuing the contribution of new and current work partners
• Drive: Investing huge amounts of energy into getting things right; try, fail, try again
• Risk taking: Tolerating an environment of risk and ambiguity
• Resilience: Showing resilience in the face of constant change
• Challenging: Being brave in challenging how things are being done
• Self-belief: Having the confidence to take the lead in driving change
14© 2018 Deloitte MCS Limited. All rights reserved. 14© 2018 Deloitte MCS Limited. All rights reserved.
KEY QUESTIONS FOR LEADERS
How will I adapt my leadership behaviours to respond to the disruptions that will change the nature of our sector?
How will I change my thinking now to build towards this new future?
How will I enable our aspirations?
Digital FinanceCopyright © 2016 Deloitte Development LLC. All rights reserved. 15
5 KEYS TO SUCCESSFUL CHANGE
3
E m b r a c e t h e n e w b u s i n e s s m o d e l s : a n e t w o r k o f t e a m s
E m b r a c e c u l t u r e a n d p u r p o s e a s t h e s t r a t e g y
4
1
5
2
Ap p l y D e s i g n T h i n k i n g
G e t r e a d y f o r t h e n e w c a r e e r p a t h s
Ac c e l e r a t e l e a r n i n g a n d p e r s o n a l r e i n v e n t i o n
Deloitte Consulting Pty Ltd © 2018
Presentation title[To edit, click View > Slide Master > Slide Master]
Member firms and DTTL: Insert appropriate copyright[To edit, click View > Slide Master > Slide Master]
16
Q & A
Deloitte Consulting Pty Ltd © 2018
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Please see www.deloitte.com/about to learn more about our global network of member firms.
Deloitte provides audit, consulting, financial advisory, risk management, tax and related services to public and private clients spanning multiple industries. Deloitte serves four out of five Fortune Global 500® companies through a globally connected network of member firms in more than 150 countries bringing world-class capabilities, insights, and high-quality service to address clients’ most complex business challenges. To learn more about how Deloitte’s approximately 225,000 professionals make an impact that matters, please connect with us on Facebook, LinkedIn, or Twitter.
This communication is for internal distribution and use only among personnel of Deloitte Touche Tohmatsu Limited, its member firms, and their related entities (collectively, the “Deloitte network”). None of the Deloitte network shall be responsible for any loss whatsoever sustained by any person who relies on this communication.
© 2018. For information, contact Deloitte Touche Tohmatsu Limited