Thursday, June 5, 2014

World Business Forum Sydney 5: Abandon the Past

Gary Hamel, visiting Professor of Strategic and International Management at London Business School
  • The most fundamental business challenge: how do you thrive as an organisation where change is relentless and the future is less and less an extrapolation of the past.
  • Insurgents create the new opportunities – we expect newcomers to create new industries and products despite the incumbents having the resource advantages.
  • Pope Francis is the world's greatest example of changing bureaucracy in an organisation.
  • ‘Change management’ is often spontaneous, reflexive and continuous.
  • To inoculate against irrelevance and build evolutionary advantage you need to abandon traditional ways of thinking about change. There is too much emotional equity in the past.
  • A really innovative company enables employees to write their own mission statement, empowers employees to choose leaders, has peer-to-peer management, gives frontline discretionary authority, has responsibilities but not ‘jobs’, opportunities not promotion and compensation through peer review.
More at Business Research and Insights blog of NAB