Seni Adetu
That the world has changed tremendously over the last couple of decades especially in business sense is no news, but we probably don’t fully understand yet the extent of the further changes to expect into the future. I might have written in this column before how, way back in 2000, the much-respected business publication — “The Economist” — headlined one of its editions “The hopeless continent” — referring to Africa.
Fast forward to 2011, it had started seeing Africa differently with the headline “Africa rising”, and two years later “Aspiring Africa.” The truth is, Africa has been transformed economically over the years in that period. Generally, there’s much more economic stability than we hitherto witnessed, even if there’s still financial exclusion on account of the expanding rich-poor dichotomy.
The quantum of FDI’s that has been pumped into Africa in that period is unthinkable, with an estimated $60bn in 2016 alone. Nigeria has been at fore of this renewed optimism in Africa. I was reading somewhere that Africa’s consumer spending is currently estimated at about $4 trillion and is projected to hit about $5.6 trillion by 2025, with Nigeria, which is currently at six per cent of that value, expected to achieve a 15 per cent contribution of the growth from $4 trillion to $5.6 trillion. Yes, we have our economic challenges, the fact remains that we have made significant progress over the years. Our people are a lot more entrepreneurial and there are loads of SMEs in the land today. Whether they are thriving under the current clime, is a slightly separate conversation. Our consumers are becoming much more discerning and choiceful in their product purchases and consumption.
There is growing taste for world-class experiences. The dynamics of price-to-value considerations in purchase decision-making has become a stark reality such that companies who hitherto exploited Nigerians have to now deal with possible down-trading or consumers/customers basically demanding and expecting same for less. Name the sector, and I’ll tell you how intense the competitive landscape has become — be that in banking, telecoms, conventional FMCGs, etc. All said, by far one of the most interesting developments is the part played by the millennial in this transformation. Technology is in fact redefining our lifestyles.
For most youths, the most important asset and companion has suddenly become their phones and Ipads. They are not just tech-savvy, they are social media-crazy, it seems. If you are a university lecturer, you would now be more professional in your dealings with your female students to avoid a situation millions of Nigerians get to see what transpired. They transact everything on the go — product purchases, media consumption, movie choices, etc. Mobile connection (in terms of number of handsets in circulation) has sky-rocketed at an estimated 150 million+ units. I remember when my kids first told me about WhatsApp a few years ago and wanted me to sign up – I dismissed it outright. I claimed I didn’t need it – was satisfied with regular calls and “texting.” By the time they started sending stuffs I needed urgently from them to my (non-existent) WhatsApp page, no one preached any further before I joined. The point is that the train of change is so powerful that if you try to resist it, it would simply leave you in its trail. On the leadership side, the millennial are provoking a rethink of how you get the best from employees. It’s truly business unusual.
For a start, while we grew up adjusting to the rigidity of a 9am – 5pm work structure, today, these ones are demanding flexibility in practically everything related to work – i.e. how often they come into the office vs. working virtually; how open the office setting should be vs. the old-fashioned walled structure; the ability to challenge the status quo vs. our SOP-adherence orientation. I can go on and on; but the killer question is how can we, the so-called established leaders, adjust to these changes and create the desired legacy in our roles.
(1) Structure: In place of the old, hierarchal structure we are so accustomed to, the new world is calling for a more flat structure, which provides an opportunity for openness and ability of the whole team to contribute ideas. This also enhances not just the alignability of the team to critical business decisions, but their co-ownership of the same.
(2) Mentoring: Given the restlessness of the new age and the dynamism of the environment, any leader aspiring to inspire his team must tap into digitisation. Asking the younger mentees to read one encyclopedia-type book isn’t attractive anymore in a world where there’s Google and online Wikipedia.
(3) Vision relevance: In the past, it was about creating organizational visions that energise the team for breakthrough performances. With the millennial, it’s about: “what’s in it for me and my future.” You would have to come to their defence as you see the state welfare apparatus deteriorate leaving them with no choice but to battle for their own future.
(4) Feedback management: They love feedback in an authentic, undiluted manner; not being fearful of their bosses. The macho-male domineering tendencies of the old-fashioned leader are something they detest wholly.
(5).People vs. performance balancing: The bigger change I see that today’s leaders must embrace is the balancing of focus on performance vs. people. The automode, I have said before, is for leaders to focus all their energy and attention on the delivery of their profitability. It’s all about numbers. That must change. Yes, you need to have adored brands and/or quality service delivery to your customers’, yes you must create great times and exciting experiences with your product and service offering, yes you’re employed as CEO primarily to grow shareholder value, but we are at an age where you must treat and handle your people like eggs. It is people that deliver numbers after all. But it’s not just about getting people and engaging them for performance. It is about having them sign up for longevity of stay in the organisation, and being true ambassadors of the company, even when they are done. In this new age, they crave to be valued “10 times” more than ever before. To close, my provocation today is that all leaders must reassess their management and leadership styles in the context of the changing world to ascertain they are still fit for purpose. A Charles Darwin quote regarding the “new world” says: “it is not the strongest or the most intelligent who will survive, but those who can manage change.” I couldn’t agree more.
Have a great week.
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