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

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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

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Q & A

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