Why a change at the top can improve your business performance? by Sarah Tiffany
Last weekend I watched the Wimbledon men’s tennis final and was gripped and unable to tear myself away from the television. It has been hailed as one of the greatest finals of all time but perhaps more so as it saw a change of leadership at the top. The men’s championship has been dominated by 4 players for over 20 years and the arrival of a new leader has definitely shaken things up a bit. It got us thinking about the benefits of a change of leadership within an organisation and the positive impact that this can have on business performance.
Well-established leadership within any organization undoubtedly has many benefits including experience and expertise, consistency and organisational stability. However, if not well managed, it can also bring with it a degree of complacency, a stagnation of ideas and management techniques as well as posing some difficult questions around succession planning. Here are our thoughts on the key benefits that a change in leadership can bring when handled correctly:
- Fresh perspectives
A new leader will probably want to try things a different way, possibly bring-in other management techniques and processes which will help the business to adapt and move forward. Keeping things fresh and up to date will undoubtedly bring about growth and encourage new business opportunities.
- Innovation
A new leadership team can be more inclined to experiment, more willing to take calculated risks and will therefore foster a culture where people can be more creative and are more willing to try out new ideas. Keeping up with current trends and giving employees more ownership and accountability will help the organisation to adapt and will drive progress.
- Talent attraction and retention
When a team is in place for a long period of time, the opportunities for career progression are significantly impacted. Shaking things up at the top, will filter down right through the organisation and will open up the talent pipeline. The more options for career development within an organisation the more talent it will naturally attract – both internal and external. Creative talent will feed your innovation pipeline and hopefully establish a dynamic, vibrant workforce to give the business a real competitive edge.
- Improved agility and efficiency
The world is constantly changing – new technologies, trends, products and requirements and organisations need to evolve and keep up with the pace of change. A change in leadership may be more open to tackling long-standing issues and encouraging higher efficiency and performance levels within the business, thus improving both agility and decision-making.
Of course, in order for all of the above to be embedded, it is crucial that any change is implemented as smoothly as possible, and colleagues feel supported through the transition. Clear, consistent communication around the company vision/objectives and regular opportunities for feedback and discussion are key. There may be resistance and uncertainty that will need to be carefully managed but the long-term benefits will ensure that you continue to adapt in the ever-changing world of work.
