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There is a need for companies/organizations to build their capacity for change as a strategy to develop a competitive advantage that will enable them to survive and thrive in an economic landscape of increasing volatility and uncertainty.
These were the views of the speakers at a breakfast roundtable in Lagos for selected business leaders, organized by StreSERT Integrated Limited (SIL), in partnership with Kotter Training.
Roselyn Onalaja, Managing Consultant, StreSERT Integrated Limited, during the presentation of Kotter Change Leadership, noted that although Nigeria is facing an economic crisis that has created unprecedented challenges for its citizens and businesses, the seeds of opportunity abound and that organizations need to develop the capacity to leverage these benefits. .
Speaking on the theme: “From Crisis to Opportunity: Building the Capacity of Change Leadership to Thrive in Times of Volatility and Uncertainty,” she said that inflation, unemployment, currency devaluation, rising cost of living, fluctuating oil prices, limited industrial diversification and policy reforms shaping and reshaping Nigeria’s economic landscape and testing its social and business structures. According to her, these challenges require organizations to quickly adapt to the new reality, making cost efficiency and innovation their central strategies.
“At national and subnational levels, there is an urgent need for policies that stabilize the economy and support long-term development. The principles of change management suggest that governments should be transparent and inclusive in their policy reform efforts. Clear messages and citizen involvement contribute to building trust. And these are all crucial for the successful implementation of difficult economic measures,” she said.
Onalaja added that adaptive policies and proactive approaches are needed to evolve in Nigeria’s dynamic socio-economic environment and mitigate the risks associated with the economic challenges. However, amid all these challenges, opportunities exist that organizations can unlock.
According to her, developing resilience and adaptability, rooted in real capacity for change, will help organizations weather the current crisis and a future where the pace of change will be even faster.
She said Kotter Change Leadership programs are designed to build change leadership capabilities across the organization, helping organizations master the art and science of change, which is essential in today’s world where change is no longer incidental, but has become continuous.
“Kotter change leadership programs equip leaders and teams with the knowledge and skills needed to confidently navigate and drive change, especially during uncertain and turbulent times. Change leadership enables organizations to overcome resistance, harness collective energy and turn challenges such as technological disruptions, economic volatility and talent retention into opportunities for sustainable success and growth,” she said.
The keynote speaker, Rachel Rosenfeldt, executive director of Kotter Incorporated, supported Onalaja’s words by stating that companies with adaptive cultures perform five times better than their counterparts with rigid cultures, especially in employment growth, stock prices and net income growth.
“This idea of adaptability and adaptive culture is an extremely powerful capability for companies and organizations. It means being able to thrive and perform, especially in times of volatility, uncertainty, ambiguity and change,” she said.
Rosenfeldt explained that building an organizational capacity for change is a necessity in an increasingly uncertain and unpredictable world and requires organizations to move beyond thinking about shareholders to thinking about customers and employees and taking a people-centered approach to business, including thinking about how much trust you build among your people.
She also added that while the ability to respond quickly to emerging trends, threats and opportunities has been necessary for successful businesses for centuries, the pace of change in recent decades has made this the most crucial element for success today made.
She noted that very few organizations can claim a truly strong, adaptive culture. “How willing are you to take risks? Are you reactive or proactive in times of change? Are you open to change, or are you resistant to it?”
During the panel session, moderated by Patrick Awodu, Chief Operating Officer, StreSERT Integrated Limited, Funke Amobi, Deputy Head Operations, Stanbic IBTC Bank Plc, Jumoke Aleoke-Malachi, Head Talent, Wema Bank and Yemi Faseun, Chief Talent Officer, TY Talent Partners spoke about the ways organizations can thrive in periods of uncertainty and unlock opportunity in the midst of a crisis.
Amobi said crises provide some of the greatest opportunities for businesses to thrive. She identified strategic planning, financial management, operational adaptability and human capital management as key elements that organizations must implement efficiently to survive in periods of crisis and sustain growth.
Amobi also mentioned that organizations should conduct scenario analysis and ensure that their strategic planning includes ‘what if’ analysis, adding that organizations should also seek outside support to ensure the robustness of their strategies and plans.
She argued for more attention to employee involvement, training and development and the customer. “You can’t afford to upskill people with outdated skills, and you need to equip your people with the skills they need to take advantage of the opportunities,” she said.
Aleoke-Malachi stressed the need to drive change from the top down and gain popular support. She said: “You innovate or you die, no one wants to be left behind. And the key to successful innovation is gaining different insights. Leaders must create an atmosphere that promotes engagement. Encourage people to speak out, because you never know who has the right solutions.”
For his part, Faseun, while reaffirming Aleoke-Malachi’s position, said that organizations desiring change should not only focus on the business objectives of the change effort, but also ensure that there is something in it for the people.
He called for more attention to the human side if we want to fully reap the benefits of technology. He said technology is key but people must be carried along and the impact must be considered and planned to ensure organizational success.
Iheanyi Nwachukwu
Iheanyi Nwachukwu is a creative content writer with over 18 years of journalistic experience writing on banking, finance and capital markets. The multi-award winning journalist is the assistant editor of BusinessDay. Iheanyi holds a bachelor’s degree in economics from Imo State University; Master of Science (MSc) degree in Management from the University of Lagos. Iheanyi has completed various work-related training courses including (i) advanced writing and reporting skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA).