Taking the Pulse of Global Business

Twice a year CNA Hardy takes the pulse of global businesses. The developments they noted can be found here.

In the current edition CNA Hardy have identified three key priorities:

Leadership

  • CNA Hardy took a closer look at talent in the board room.
  • I would go further and ask the question: What part do teams and their leaders who are far away from the exec play in the increasing complexity of risk and company performance? And what can be done for all of them to create a symbiotic relationship between company leadership and day to day leadership/execution? This leads inevitably to the next topic they identified as critical.

 

Culture

  • CNA Hardy suggested that “organisations need to think harder about (…) embedding a more proactive attitude to loss and risk prevention”.
  • I agree with their emphasis that this needs to feed into the organisation from the top. It also comes down to empowering your people and making sure everyone knows what their role on the path to success is. Taking responsibility and being someone who leads by example, even in the smallest possible task. This requires everyone to perform their job to their best ability. However, if your followers are not able to align themselves to this – due to their skills and psychometric profiles the leadership will find it difficult to influence and guide them.

 

Strategy

  • CNA Hardy favoured a holistic approach to strategy while nurturing partnerships in these challenging times.
  • Whilst it is usually the CEO with the executive team and the board who have the biggest influence on the strategy more and more functions become more involved in the process than ever before. Risk managers, actuaries and claims professionals have insights that are key to strategy and need to present their knowledge to the board or even the investors. Talent develops fast and gain critical exposure to decision makers. However, many of these professionals were trained as experts and not to look at their expert knowledge in regards to the overall strategy.

 

The increased complexity allows even more opportunity to gain a competitive advantage through assessing talent effectively before embarking on a focused journey of training, mentoring and coaching on the route to success. 2019 – here we come!

#talent #leadership #assessment #insurance

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