Ideas Led Organisations

I took part in a very interesting research project a while ago and I was fascinated by the online feedback presentation. It was based on online interviews with over 100 leaders (and me!) from the United States, Asia-Pacific and Europe representing large and small businesses and a wide range of sectors including financial services and some companies with which you will be very familiar. The consultants involved were Ibis Ideas and their premise was that: “Organisations that will survive and prosper are those that are capable of developing – and then harnessing – fresh thinking.” They described these companies as Ideas Led Organisations (ILOs). And they concluded that every business – from the most obviously “innovative” to the relentlessly traditional – could benefit from building a culture where good ideas, and the people that develop and deliver them, flourish. So, what does such a firm look like? Does it look like yours?

 

Needless to say, in ILOs, ideas are valued. Fresh thinking is part of everybody’s job and staff are rewarded for their contribution. Ideas are generated by individuals and teams that can bring diversity of thought and experience to solving problems. ILOs also ensure that fair systems are in place to make sure good ideas emerge, free from politics or undue influence. I have to say that this point resonated with me as I have witnessed ideas being crushed by the senior person in the room on countless occasions during my years as a consultant. Looking back to my time in the industry I think I may have been one of those people. Actually, I know I was! ILOs also nurture and then activate great ideas and ensure they are well run to deliver long-lasting viability.

 

In the Ibis Ideas research every ILO they encountered had a clear, well-understood sense of purpose. They knew why the exist. I believe this is inherent in most of the businesses in our sector. It is very important. And it leads to the ability to develop and realise ideas, not just for the business but for clients and business partners. Culture was seen as a key issue. One CEO said: “The one thing you can’t reinvent in a crisis is your culture. Invest in that now”. Given the current pandemic, “now” might be too late! Many leaders commented that it was very important that the most senior individuals and teams “walked the walk” on ideas and led by example. Where ideas are highly prized and celebrated by directors, people are more likely to contribute. And staff at every level have to feel comfortable offering ideas. In an ILO, every leader and manager must ensure that they extinguish the risk of individuals being, or even feeling humiliated, for putting their ideas forward.

 

“Those who are not nimble will be praying that they can get away with it” responded one CEO.  Agility enables both the pursuit and delivery of ideas. And leaders were clear that while smaller organisations, could in theory be more agile, this isn’t always the case. I guess it depends on relative size. In my experience very few product, fund or platform providers are nimble unless their backs are to the wall whereas most financial advice firms are very nimble indeed. And, of course, they have clients rather than customers so they get constant reliable input as to what needs to change. Importantly, ILOs are bold. They recognise that the best new ideas might kill aspects of their existing business models but they make them happen anyway. However, some leaders shared their frustration that organisational timidity prevented them activating an opportunity and then seeing it realised by a competitor. ILOs are also comfortable with sharing information and have a culture of maximum transparency. And leaders are bold when providing feedback and manage performance effectively – dispensing quickly with anyone that does not pull their weight.

 

Leaders of ILOs could not have been clearer in believing that everyone in the organisation must feel they have a common interest. A kind of “We are all in this together” feeling. They work hard to ensure that every employee feels a kinship, not just with organisation but also with each other. An “esprit de corps” if you like.  I guess we have all been there. You know it when you see it or feel it.  And you know when it isn’t there.

Finally, and in my opinion perhaps most important, ILOs never, ever, let themselves get too comfortable!