The future of our industry is here and few of us saw it coming. The rate of change occurring in a matter of months has been incredible — shaking the foundations of our financial system, reshaping our view of government intervention in the economy and challenging the role of leadership to make sense of it all. Today’s leader has precious few navigation points in the current environment. When it seems the only constant for a leader is even more change, it is essential to hold on to a few timeless principles through the turmoil.
We do know that no matter what changes in the external world, great leaders rely on a strong internal sense of direction made up of purpose and values to navigate through uncertainty. Without this strong inner foundation, leaders run the alternative risks of paralysis or impulsivity in reaction to change. We encourage each one of you to examine your own core principles to guide you through the tests of today's economy. This issue of the Leadership e-newsletter examines the role of leadership in change.
Ron Magnus
Change: The Only Constant
Tim Tokarczyk
Today’s leaders must be constant learners, or they will lose their employees to organizations with better leaders, who focus more on developing their people. Leaders in the early 21st century are facing issues unlike any in our history. Change has become the only constant. Leaders are facing greater and greater ambiguity, while flexibility and adaptability have never been more important. The current environment is full of factors that are making leadership increasingly difficult.
The booming technology industry is constantly changing the way we do business. Baby boomers are beginning to retire, and leaders will face a shortfall of experienced employees during this slow, but mass, exodus from the workforce. Environmental factors have never been more important, and businesses will struggle to keep up with the latest requirements. Globalization has made the world smaller and will continue to shrink the globe until even the smallest regional players will need to develop a global mindset. The economy is wreaking havoc on many businesses and remains unpredictable.
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FMI Quarterly Interview: Changing the Game
Clark Ellis
“You have to ask, ‘What is changing, and what is going to change? How do I think about that as I attempt to quantify the risk?’ That is a huge issue. It always has been and always will be.”
The current construction climate is synonymous with change, and those firms able to develop a competency in change management, paralleling or exceeding any other required core competency, will win. Insurers are perhaps best situated to become future winners; their work revolves around quantifying risk. Here Gary Kaplan, Zurich’s new president of construction,
details learnings from his 20-plus-year career history in insurance and risk that gives him a unique perspective on change management. Clark Ellis, FMI principal and founder of FMI’s Residential Building Practice, talks with Kaplan about his tools and approaches to change management, his company’s philosophy on the subject and its application to the current construction market.
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