The Guernsey Finance Industry update on the 19th January gave a very loud and clear message that Guernsey is obtaining good international engagement and is very much ‘open for business’.
We first heard from the diverse Industry Panel (a pleasant contrast to the sadly exclusive, Guernsey Finance Business Development Panel), where the key message of ‘NextGen’ and ‘Sustainability’ were echoed, when the panel were asked about forthcoming challenges and considerations, for their relevant sectors. Rhona Humphreys advised that ‘succession planning is key for the private wealth sector for both clients and advisors, it is for us to ensure we are creating successors who understand Guernsey and its clients. Providing more informed family investors and maintaining a bespoke service in a digital world are agenda items to consider now and to plan for in the future especially as culture changes.’
An organisations leadership pipeline is expected to deliver its next generation of leaders who are capable of leading now. The payoff is a supply of leadership talent that simultaneously achieves targets, protects and strengthens ethical reputation and navigates transformational change in pursuit of a bright, competitive future.
Todays turbulent business environment demands that individuals and organisations perform at higher levels and with greater speed than ever before. Too often in times of turbulence and a volatile business world, the temptation is to batten down the hatches and seek safety by focusing on what can be controlled. Typically that means turning inward and acting defensively to avoid damage and minimise risk. In stressful circumstances, leaders need to remember that not all risks are bad, not all opportunities for growth disappear and externally focused perspective is more important than ever. In essence, the heart of the leadership challenge confronting todays leaders is learning how to lead in situations of greater volatility and uncertainty in a globalised business environment allied with the needs to deal with scale, complexity and new organisational forms.
At Aspida, we have utilised market risks as opportunities and changed our business model to adapt and strengthen, such as advancing and growing our Aspida Trainee Scheme in conjunction with applying our Governance Risk and Compliance platform, Resolver. Meaning that we have streamlined business processes and optimised our base of NextGen leaders. This of course equates to maintaining retention by investment and equipping our future leaders with the learning and development tools needed, together with the cognitive and social intelligence competencies needed for sustained success and effectiveness in a volatile business environment.
When evaluating a boards succession plan for clients we must consider the future leaders/successors that have a broader skillset, one that equips them to think and act globally in a highly disruptive and ever changing business environment. They must do so whilst embracing cross cultural diversity and cultivating collaborative relationships within and outside their walls. These are the hallmarks of the mindset needed to develop effective NextGen local and global Leaders.