Organizations today not only need to balance strategy with purpose, they also need consistency and agility for engaging employees, demonstrating effective leadership, building a performance culture, and leveraging the strength of their employer brand. People Matters showcases the Aon Best Employers List 2018 and divulges the secrets of what makes the enlisted organizations well-positioned in the hearts of their employees
In 1965, the average tenure of companies on the S&P 500 was 33 years. By 1990, it was 20 years. It's forecast to shrink to 14 years by 2026.
Fortune 500 turnover is a proxy for agility at organizations. If you were to look closer at what is happening:
1. The industry composition within the S&P index is varying dramatically – new niche sectors have come in
2. Geo-political forces are playing an important role in determining fortunes of sectors, and not just organizations
3. Technology and digital changes are rapid
4. Younger companies and start up existence – and them undergoing IPOs relatively early in their years to raise money
Given that there is synergy in what organizations are aiming for, it becomes imperative to not just move quickly but also move with purpose and alignment across levels. An agile organization hence is not just able to set direction and pace but also maneuver at high speeds without getting impacted by those maneuvers.
With the constant and abundant customer feedback available, organizations can identify and understand the changing demands of the customers, which provides strong support to build and deliver product and services that the customer needs. At the same time, organizations also need to be agile to create a minimum viable product (design thinking) and test acceptance and not spend vast amount of money to see their offerings succeed or fail.
What does being agile mean?
It means the ability of the organization to respond quickly to change with both speed and ability to change directions. In order to be so, organizations need to have outcomes which work in parallel and have minimal interdependence with the parallel tracks to eliminate points of friction. Organizations focused on being agile need to focus on being agile while being consistent, and not just being one of those outcome at the cost of the other.
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