Experts share insights for companies to unlock opportunities during crisis

There is a need for companies/organisations to build up their change capabilities as a stratagem to develop a competitive advantage that will allow them to survive and thrive in an economic landscape with increasing volatility and uncertainty.

These were the views of speakers at a breakfast roundtable in Lagos for select business leaders organised by StreSERT Integrated Limited (SIL), in collaboration with Kotter Training.

Roselyn Onalaja, Managing Consultant, StreSERT Integrated Limited while showcasing Kotter Change Leadership noted that though Nigeria is facing an economic crisis that has created unprecedented challenges for its citizens and businesses, the seeds of opportunity abound and organisations need to develop the capacity to seize these advantages.

Speaking on the theme: “From Crisis to Opportunity: Building Change Leadership Capability to Thrive Through Times of Volatility and Uncertainty”, she said inflation, unemployment, currency devaluation, rising costs of living, fluctuating oil prices, limited industrial diversification and policy reforms are shaping and reshaping Nigeria’s economic landscape and testing the social and business structures. According to her, these challenges demand that organizations adapt quickly to new realities, making cost efficiency and innovation their central strategies.

“At the national and sub national level, there is a pressing need for policies that stabilize the economy and support long term development. Change Management Principles suggest that governments should be transparent and inclusive in policy reform efforts. Clear messaging and citizen engagement help build trust. And all of these are crucial for successful implementation of difficult economic measures,” she stated.

Onalaja added that adaptive policies and a proactive approach are needed to evolve in Nigeria’s dynamic social economic environment and mitigate the risk associated with the economic challenges. However, in the midst of all of these challenges, exist opportunities that organisations can unlock.

According to her, developing resilience and adaptability rooted in genuine change capability will help organisations weather the current crisis and a future where the pace of change will be even more rapid.

She said Kotter Change Leadership programmes, have been designed to build change leadership capability across the organisation, helping organizations master the art and science of change, which is essential in today’s world where change is no longer episodic but has become continuous.

“Kotter change leadership programmes equip leaders and teams with the knowledge and skills necessary to navigate and drive change confidently, particularly during uncertain and turbulent times. Change leadership empowers organisations to overcome resistance, harness collective energy and turn challenges such as technological disruptions, economic volatility and talent retention into opportunities for sustained success and growth,” she said.

The keynote speaker, Rachel Rosenfeldt, Executive Director, Kotter Incorporated, buttressed Onalaja’s words by stating that businesses with adaptive cultures, outperform their peers with rigid cultures by five times, especially in employment growth, stock prices, and net income growth.

“This idea of adaptability and adaptive culture is an extremely powerful capability for businesses and organizations. It is being able to thrive and perform, particularly through times of volatility, uncertainty, ambiguity and change,” she stated.

Rosenfeldt explained that building an organizational change muscle is an imperative in an increasingly uncertain and unpredictable world and requires organisations to move beyond thinking only about shareholders to thinking about customers, employees and having a human-centric approach to doing business, including thinking about how much trust you are building amongst your people.

She also added that while the ability to react quickly to emerging trends, threats, and opportunities has been necessary for successful businesses for centuries, the pace of change in the past few decades has made it the most critical element for success today.

She remarked that there are very, very few organizations out there who can claim really strong, adaptive culture. “How willing are you to take risks? Are you reactive, or are you proactive during times of change. Are you receptive to change, or do you resist it?”

During the panel session, moderated by Patrick Awodu, Chief Operating Officer, StreSERT Integrated Limited, Funke Amobi, Deputy Head Operations, Stanbic IBTC Bank Plc, Jumoke Aleoke-Malachi, Head Talent, Wema Bank and Yemi Faseun, Chief Talent Officer, TY Talent Partners spoke on ways organisations can thrive in periods of uncertainty and unlock opportunities in the midst of crisis.

Amobi, said crises present some of the biggest opportunities for companies to thrive. She listed strategic planning, financial management, operational adaptability, and human capital management as key elements that organisations need to efficiently implement to survive in periods of crisis and sustain growth.

Amobi also mentioned that organisations should undertake scenario analysis, ensuring that their strategic planning include ‘what if’ analysis, adding that organisations should also seek outside support to ensure the robustness of their strategies and plans

She called for more attention to employee engagement, training and development and the customer. “You cannot afford to upskill people with obsolete skills, and you need to provide your people with the skillsets they need to take advantage of opportunities,” she said.

Aleoke-Malachi, highlighted the need to drive change from the top, and to get the buy-in of the people. She said: “You either innovate, or you die, no one wants to be left behind. And the key to successful innovation is getting different views into the room. Leaders need to create an atmosphere that fosters engagement – encourage people to speak up as you can never know who has the right solutions.”

On his part, Faseun while corroborating Aleoke-Malachi position, add that organisations desirous of change should beside focusing on the corporate objectives of the change effort, ensure that there must be something in it for the people.

He called for greater focus on the people side if we are to fully enjoy the benefits of technology. He said technology is key, but people must be carried along, and the impact on the considered and planned for, to guarantee organizational success.