Deloitte CEO Thomas Pippos: Time to reset, reconnect, rebuild

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020 has changed the course for many businesses and demonstrated their capability to operate and adapt in the context of a global pandemic.

Reflecting on the year, it seems somewhat fortuitous that at the 2019 Deloitte Top 200 Awards we acknowledged that long-term business success is built on the foundational pillars of resilience and adaptive capability.

It has certainly rung true this year and the finalists in the 2020 Deloitte Top 200 Awards have demonstrated outstanding leadership and true depth to get through this most challenging of times. They are also the businesses leading the way in understanding the need to take time to reset, reconnect and rebuild.

Reset

In terms of reset, when Covid-19 hit New Zealand and we headed into lockdown, the first thoughts for many businesses were often around survival and the need to make plans for an immediate uncertain future.

Understandably, the focus on staying afloat and finding an immediate equilibrium has meant some businesses have not taken the time to fully reflect or review where they should be heading in the medium to longer term.

Positively, it is never too late to stop and make this assessment. For many, now is actually an optimal time to consider that reset. Now allows for the benefit of hindsight as with Covid19 having been active in New Zealand since March, businesses are armed with nine months of insights to support informed decision making for the medium and longer term.

Taking stock of what your organisation has faced, how it has responded and identifying where to next, is still a logical part of the reset heading into 2021 and beyond.

Reconnect

Part of reconnection is with teams. People are fundamental to the success of many businesses, and during the lockdown periods, some businesses went above and beyond in looking after their people.

Businesses living their values, particularly people-focused values, that put their people at the forefront of their planning, generally retained and enhanced the goodwill of their employees and in turn, often saw the reciprocation of greater discretionary effort, even during those tough times.

By contrast, those businesses which focused less on their people generally impaired the collective goodwill of their team; that can take time to win back.

Leveraging the desire among employees to reconnect is a chance to regain their support and trust as well as rebuild the team. As businesses go through the reset process, they can reclarify their course and make it clear to their people — as part of reconnecting with them.

Ultimately, fostering an environment where people feel secure and valued for their contribution will inevitably play a key role in helping organisations achieve optimal levels of discretionary effort looking forward, which will often be key in a business’s success.

Relevant also is that the way we connected with one another changed overnight. We moved from physical interaction to solely digital connections, and now a new way of working is in place for many. However, the desire to reconnect in person again is high and in this desire is an opportunity to regain or enhance that discretionary effort.

Rebuild

Building back better as we look to the future will need dynamic thinking applied to business strategies and constant revalidation of an organisation’s purpose. It references back to the foundational pillars of resilience and adaptive capability.

Covid-19 presented opportunities for business which may not have come about without it, including the opportunity to differentiate in the market, some finding clear air that showcased a competitive advantage.

Of course, as the market eventually resettles, competitors will inevitably look to catch the frontrunners again, as a steady market tends to see

The only constant is the need to change, even as markets settle, to constantly ‘build back better’. Thomas Pippos

people follow one other, reinforcing the importance of constant innovation and its implementation in any rebuild. The only constant therefore is the need to change, even as markets settle, to constantly “build back better”.

Conclusion

2020 has not been smooth sailing. Accepting that while some industries were impacted far more than others, many that had commercial strength and resilience, and understood the need to adapt, managed to navigate the situation far better than they envisaged they would.

The Deloitte Top 200 Awards have for the past 31 years celebrated the success of our largest Kiwi organisations and their leadership. 2020 pays homage to those who have faced up to the challenges of Covid-19 to reset their business, reconnect with their teams and rebuild for the future.