Connect better to grow
“Connectivity is one capability that really has risen to the top of the heap,” says Laura Manson-Smith, Korn Ferry’s Global Leader in Organization Strategy Consulting. Because it’s no longer enough to connect with your customers—you also need to connect with other companies to drive growth.
Take, for example, the response to the pandemic, when previously competing pharma companies decided to collaborate to develop vaccines more quickly. Similarly, with the war in Ukraine creating ongoing volatility in the energy market, the major oil companies have been looking to partner with smaller organizations to drive innovation. In some cases, these partnerships lead to acquisitions; in others, they forge a symbiotic coexistence that might have been inconceivable in the past. “It will be key to partner with other organizations or risk getting left behind,” says Manson-Smith.
Share knowledge to empower
“Some business leaders think that capital is the thing holding them back from growth," says Mark Grimshaw, Korn Ferry Senior Client Partner in its Global Sales and Service Practice, “but they’re wrong. In sales, for example, increased buying complexity and sophistication is reducing the value of all but the very best salespeople.” He says this puts the onus on leaders to foster better collaboration and knowledge-sharing among peers. But changing mindsets to empower people and fuel business impact will take courage. Quoting the poet Goethe, he says, “Be bold and mighty forces will come to your aid.”