Five ways to support older workers – and reap the rewards

With rising life expectancy and pension ages and a declining birth rate, the workforce is ageing gracefully.

Almost two fifths of the UK population is over 50, up from 32% in 1981, an increase of 6.8 million people. The number of over-65s is expected to surpass the under-16s across Europe this year.

Meanwhile, the lower birth rate means fewer younger people are starting work to replace the retiring bulging Baby Boomers’ generation. Unless industry catches up, the demographic timebomb will have a profound impact on society, healthcare and the economy which is why the UK government and others are encouraging employers to value and actively nurture, retain and recruit older workers.

Over 55s currently represent 25% of our workforce. Yet over-50s are far more likely to be overlooked for promotions, retraining and hiring – one in three believe they have been turned down for a job because of their age and one in five employers admit age discrimination occurs in their organisation.

As well as being illegal and risking prosecution and reputational damage, discriminating on the basis of age is a poor business strategy which could leave any organisation short on skills and with an imbalanced and unstable workforce.

Here are five ways to support older workers – and reap the rewards.

1: Offer mid-life M0Ts.

This is a pilot that has been tested by the Centre for Ageing Better with four big UK companies and it has yielded positive results.

The scheme takes a holistic look at individuals once they reach the 50 milestone.

It explores finance and pension plans, career progression, aspirations and looks at how staff can better balance work with looking after their health and their families.

The result was increased productivity, reduced absence through sickness, commitment to ongoing learning and lower attrition rates.

A fifth of older people surveyed by The Centre for Ageing Better said lack of training was a barrier to their professional development. Are employers failing to offer training or retraining to older staff because they believe it will be a waste of resources? Or that older staff no longer wish to learn or even don’t have the capacity?

In the same survey, 90% of older staff said they took training when it was offered.

Meanwhile, the US Bureau of Statistics found that 45-54-year-old employees stayed with their company twice as long as 25-34-year-olds, meaning greater ROI when investing in older staff.

Offering clear progression pathways and keeping training programmes inclusive to all ages as part of ongoing later-career support can help keep your workforce motivated and skilled in alignment with your organisation’s strategic development and growth.

2: Include age in Equality, Diversity and Inclusion training

Most firms are hot on training around race, gender and disability discrimination but age bias is the big unspoken taboo.

Training could include positive reinforcement about older workers, guidance around the law and menopause awareness.

Ensure all staff are fully aware that disparaging comments, hostility and jokes around age are as unacceptable as those around ethnicity or sexuality; create systems where such inappropriate behaviour can be safely reported and managed.

3: Create a mentoring programme

Inter-generational workforces drive greater productivity, morale, continuity and cohesiveness. Mentoring schemes help connect the generations, allow more mature and experienced staff to share their accumulated knowledge and offer trainees, interns and younger staff safe relationships in which to ask questions, test ideas and learn. They encourage younger generations to appreciate the value of their more mature colleagues and make older staff feel integral to the workplace culture and evolution. The mentor/mentee relationships can also build a sense of familial loyalty and belonging to an organisation and improve wellbeing.

4: Ensure your public face is visibly inclusive

In order to keep and attract the best talent from every age group, make sure they are all represented in written and visual communications. Keep language inclusive – avoid terms like “young” or “energetic” in job adverts. Make sure there is a broad demographic represented in any images of the company, including older men and women of all races, ethnicities and backgrounds. Ensure any potential recruit can see themself becoming part of your organisation or team.

5: Take care of workforce health and wellbeing

More than half of workers will have long-term health conditions by the time they reach 60 but this needn’t be a barrier to productivity.

Making sure they have access to programmes or groups that focus on their physical wellbeing, like lunchtime yoga or Pilates, and mental wellbeing, like meditation or mindfulness classes, could encourage a more positive relationship with work

You can keep your workforce healthier for the future by extending health services to employees of all ages. For example, being aware of ergonomic practices to prevent back pain or musculoskeletal problems and offering access to occupational health could reduce the chance of these conditions becoming chronic.

Reviewing your workplace benefits for ways to support employees’ mental, emotional, and physical health throughout their working lives could mean they enjoy a healthy, active life as they get older.

Menopause support is equally vital to help your older female workforce. Half of the population will go through the menopause, eight out of 10 during their working life. A quarter will suffer debilitating symptoms including anxiety, joint pain, hot flushes and insomnia yet three quarters say their workplace does not offer any formal support.

Too often, women suffering some of these extreme effects feel they must suffer in silence, pass over promotions, cut their working hours or leave their job. A 2023 UK survey found almost a quarter were considering quitting because work conditions had become unbearable, potentially a damaging drain of talent and experience. Companies that fail to protect the employment rights of older women suffering menopausal symptoms also leave themselves open to legal action on the grounds of gender and/or disability discrimination.

Menopause training, flexible working, cooler office spaces, wellbeing support and other health programmes can all help minimise the impact for women, remove the stigma and extend their productivity and career lifespan.

More than 2,700 UK employers have signed up to The Menopause Workplace Pledge, committing to actively provide menopause support to staff, including Tesco and NHS England.

Two thirds of employers reported a skills shortage last year, yet as we have explored here, a ready-made workforce, experienced, emotionally mature and keen to be upskilled, is available to fill those gaps.

Rialto can support employers looking to identify and fill skills shortages within their organisations and support senior employees through mid-life MoTs with personalised programmes and coaching and online seminars on subjects around leadership and new technologies.

For all the talk of mass adoption of Artificial Intelligence in business, the reality is more nuanced. Outside of the tech sector and world’s most innovative and wealthy institutions, AI-inspired disruption and revolution has been held back by skills shortages, hesitancy around organisational knowledge, workforce fears, ethical considerations, funding, regulatory, governance and compliance fears.

However, most analysts agree that 2024 will be the year that hype is translated into action: research, recruitment, investment, experimentation and integration.  A recent Reuters survey of more than 4,000 professionals, primarily board level and senior leadership, found that 76% of their organisations were either using generative AI or planning to use it in the next 12 months.

Meanwhile a MIT Technology Review Insights survey of 300 global leaders published just this month found that most expect to double the purposes and functions where they deploy Generative AI in 2024, particularly in customer experience, strategic analysis and product innovation.

All the research suggests the minority that are not looking at AI solutions as a matter of organisational priority risk falling behind.

The good news is that this is the perfect window in which to benefit from being an early adopter while learning from the outliers, the earliest pioneers and developers who have paved the way for the next phase of the AI revolution.

So, how can senior leadership best collaborate to build a roadmap and supportive framework to achieve effective and safe organisational implementation of Generative AI and related frontier technologies, such as large language models, big data analytics, machine learning, robotics and natural language processing?

Here is our seven-step action plan to investigate and implement some of the core opportunities presented by rapidly advancing frontier technologies – while ensuring due diligence – to achieve maximum advantage with minimal risk, drag and organisational disruption.

Step 1: Senior leadership to collaborate, including department heads, human resources, board members and IT to build understanding around how new technologies could benefit the organisation. 

The first step is to ensure you have the talent, skills and leadership to identify opportunities and risks. This may mean restructuring the board, introducing executives with appropriate expertise such as Chief Information Officer or Chief Data Officer or creating a committee to oversee an organisational review through the dual lenses of technology and change management.

Senior leadership from every function should be familiar with the primary AI tools including ChatGPT, Gemini and specialist end-to-end platforms making waves in their sector, reading blogs and articles, listening to Podcasts, speaking to colleagues and associates or being briefed by internal or external experts.

All board members and senior leaders should be able to contribute to planning and implementing AI policies and infrastructure in line with the strategic objectives of their department and beyond, and possess or train up in the skills required to drive AI-led transformation such as resilience, emotional intelligence and critical thinking.

Leadership should oversee an audit of organisational data upon which successful AI-integration depends. If you have not already got one, you may wish to consider managing in a data department to audit and integrate data-driven decision making before attempting to usher in a wave of AI-based change.

Step 2: Commission a market scope. 

What are competitors doing well, doing badly – or not doing at all? Who is using what? And why? Which are actively promoting their AI credentials? Can you see their tangible benefits? Can you imagine your own organisation successfully replicating or superseding the successes while ironing out any potential issues. Look at the current market, pipeline technologies and end uses and horizon planning.

Step 3:  Avoid hype by starting with your pain points and unrealised growth potential and looking for solutions. 

Many companies have made the mistake of throwing money at popular headline platforms and then trying to make them fit.

Your team of experts and/or consultants should be able to make the case for every proposed investment and integration with projected ROI and other benefits such as improved customer and employee experience. Efficiency savings are only one of the potential opportunities to optimise your business. Think also about how AI and other technologies could help develop your business model and products or services, explore new markets, improve talent acquisition and management and logistics/procurement and supply chain processes.

4: Create a roadmap with actionable insights based on your thorough research and consultation. 

At what speed do you want or need to move? Where do you stand to make the greatest gains? What tensions must you navigate?  What are the risks and how can you minimise and mitigate them? (see below) Do you have the data to support integration and optimisation? What infrastructural, hardware and talent adjustments do you need to make?

Start with simple processes that will augment your existing operations to ensure smooth entry and employee confidence. For example, data management and analytics and automation of simple, repetitive tasks to free up employees for more meaningful work, quality assurance and monitoring and continuous, personalised employee training.

How your roadmap looks will depend on many factors including:

• Your sector. Health, customer services and marketing are among the industries and functions investing most heavily in technological investment – and expecting to see the highest growth. Logistics, public sector, education and energy companies have been more hesitant. You may find the road to successful integration better laid out if you are in a sector that is already embracing disruptive technologies – though that also means that if you are not one of those leading the way, you need to start catching up before it is too late. Conversely, those in the sectors with the lowest investment may have the hardest climb yet most to gain.
• The size of your business. The Reuters research found larger businesses were far more enthusiastic tech investors than SMEs. Effective adoption should ultimately reduce costs and improve profit margins but are you financially stable enough to justify and sustain mass investment now or would incremental changes suit your organisation better?
• Your business model. Do you have the agility, adaptability and flexibility to do things differently with technology? If not, how can you build that in?

Step 5: Explore vendor options.  

While big tech vendors – including Amazon, IBM, Google and Microsoft – are responsible for some of the biggest-selling AI tools and platforms, the development of generative AI and cloud computing has spawned a plethora of smaller, niche end-to-end platforms and tools which may be more relevant and financially viable to your business. It is worth bringing together a team of expertise or contracting consultants to explore all options and create a detailed plan before committing. Experiment with smaller tools and analyse the impact before extending across different functions. You may wish to integrate an end-to-end platform, such as Salesforce, Genesys or Amazon Web Service and bolt on tools as you go, or it may be beneficial to you to work with a software/AI developer to design an in-house system based on your own unique needs and business model.  Experiment with different models and tools and look out for free trials.

Depending on the size and scale of your AI-based integration, will you need data scientists and other specialists to integrate and manage your new technologies? Or can you buy in software that comes with human support to provide the expertise?

There are simple ways to immediately augment existing systems and workflows with add-on GenAI applications such as Microsoft’s Copilot which has integrated ChatGPT with its Bing Search engine to assist creative content, visual and text-based, improving productivity and inspiring innovation. Once again, training is key to ensure maximum gain from the licensable tool and minimising risks associated with all AI uses.

Research has found that many employees are using Copilot  and other GENAI tools at work independently, and while their initiative is to be applauded, it is essential that organisations take the lead in putting in place company policies around use of GenAI, setting out who should and should not be using it and for what purposes, alongside training to ensure responsible and ethical usage. (See step 7)

Step 6: Open a dialogue with stakeholders. 

Who needs to sign off investment and change management? Do you have investors to convince? Once you understand what you are trying to do, it is imperative that you communicate your intentions, purpose and methods very clearly to appropriate stakeholders. It is equally important to provide a safe space for honest feedback, to listen and nurture collaboration, constant adjustment and refinement.

This may only be board members, senior leadership, investors and partners at the earliest stage. However, the entire affected workforce must be brought on board before change is rolled out. Surveys show many employees are intimidated by technology and fear it will take their jobs. Before any staff are expected to work alongside AI and other new technologies, c-suite, senior leadership, team managers, human resources and internal comms need to work together to reassure, educate and train staff.

Technologies, data, analytics and machine learning are only as good as the humans piloting, feeding, analysing and monitoring them.

Step 7: Ensure ethical and regulatory guardrails are in place and test them thoroughly before going live. 

Experimental technology is by its very nature high risk and fallible.

You will have heard of generative AI hallucinating – the way it creates content by predicting next words in a sentence leaving it susceptible to total fabrication (though recent reports show Google’s Gemini is now winning the accuracy race over ChatGPT). It is imperative that all output is verified by humans, for tone and potential bias as well as factual errors.

Consider also ethical issues around transparent and accountable data management, intellectual property rights, regulations laws and customs across geographical and cultural regions and borders. Many companies have set up committees or teams to monitor compliance and ethics. There are technological solutions to all these issues but, as always, they need human managers.

Of course, technology-driven transformation and related change management are a process, not an event. The platforms, tools and applications are changing day by day, as are regulations in different parts of the world. Once integrated, AI-based solutions will need constant updating and refining which is why one eye should always be kept on the horizon. Impact must constantly be measured, evaluated against KPIs and adjustments made accordingly.

There is no finish line. It’s no use being an early adopting hare if you’re caught napping as the more cautious tortoises plod past you.

Having the soft skills embedded throughout your workforce to step up to the challenge of constant change and adaptation is as important as importing or training up staff in the technical expertise needed to implement effective transformation.

AI and related technologies will continue to impact almost every function in every sector, whether through automation or augmentation. After the initial phase of instinctive fear of the new, progressive leadership is increasingly appreciating the virtuous cycle of positive transformation afforded by AI proficiency.

Rialto has a team of experts who can support individuals, teams and organisations of any size in any sector through the seven steps to successful AI investment and integration, from market research to change management and skills benchmarking, and beyond.

Contact us for additional insights related to accelerating AI adoption and/or benchmarking your firm’s readiness to adopt AI compared to peers in your industry globally.

Once upon a time, senior executives and leadership tended to work behind closed office doors. The public face of the company – chair, CEO – or appropriate spokesperson would be wheeled out only occasionally to communicate big news.

Today, visibility, transparency and influence are cornerstones of strong and effective leadership. Consumers and clients, now used to the sharing connectivity and culture ushered in by social media, want to know who they are buying from or working with. Are they aligned ethically and brand-wise with the decision makers and, in the case of consumers, individuals profiting from their hard-earned money?

Talent also wants to feel connected to leadership, to feel they know and trust the people they work for and are valued.

If you are leading a medium to large organisation, you will have your own internal and external comms teams to manage the daily output of information, working in tandem with leadership to help maintain consistency and protect and promote the brand.

Alongside and above that, executives should be thinking about ways to position themselves as thought leaders and be seen to embody the essence and ethos of the organisation. Positive visibility will enhance relations with all stakeholders, raise your profile and further the objectives of the company as well as your own career.

Here are 11 steps to communicating with purpose.

1. Identify your purpose. Take time to consider why it is that you do what you do, as an individual and as an organisation. If you want stakeholders to believe, you have to bring them on board with your vision. Sometimes, with nose constantly to the grindstone, it is easy to lose sight of your purpose. Step back and ask, what you are expecting your core audience to buy into and why?

How do you want to come across? Tesla is an interesting case in point. The cult of personality around unpredictable CEO Elon Musk would never work in a bank or insurance company which needs a safe pair of hands. But Musk’s risk-taking innovative leadership style is perfectly matched to his disruptive brand.

How does your leadership style support your purpose and how can you communicate that effectively?

2. Consider the strategic objective behind every communication. What is your key messaging? What do you want to say about your organisation and your part in it and why?

Start with the objective, or call to action, and work backwards to the content and delivery. How do you wish to position yourself? Are you the right person to deliver this message? Think carefully about the words you use around your brand – imagine a word cloud, mentally sketch in the vocabulary you would like to see with your name or company name; try to include as many of those words as you can.

Are you in crisis comms mode? How can you turn that negative attention into a positive?

Are you seeking to build bridges with staff and stakeholders? How can you open channels of communication?

Or are you proactively promoting yourself and your company? Then alignment with branding or a specific campaign should be the priority.

You don’t have to wait until you have news to impart. Events in the wider world can be a springboard for thought leadership pieces as long as they are relevant, timely and you genuinely have something to add to the conversation. Keep the contact going and your presence consistent with regular, targeted output.

3: Consider who you want to reach. Is it customers? Investors? Your workforce? External stakeholders? Is your audience domestic or multi-national? Niche or broad? Tailor your style of delivery accordingly.

One of the greatest challenges facing leadership post-pandemic is maintaining cohesion and engagement from hybrid workforces. Use different channels, both synchronous and asynchronous, to make remote staff feel included and connected. Record personal messages or stream live to celebrate milestones, praise specific teams for jobs well done and share important news.

4: Think where and how you are going to reach them. Meet your target audience in the spaces where they hang out. Gen Z and Alpha – born in the last 25 years – might be more receptive to a TikTok or YouTube video. You’ll find Millennials there but also on Instagram, Whatsapp and Twitter/X.  Language and length of your message should be modified to suit without going completely native –  trying to be “down with the kids” will only ever backfire.

If it’s the business community you want to influence, LinkedIn with its cautious creativity remains the most important channel.

With website blogs and insights, get help with your SEO (Search Engine Optimisation – pushing you up on keyword internet searches) to extend your reach.

If you’re looking to build strong relationships, real life meetings will always be the best way to energise and engage people directly but webinars are more accessible globally and, with the right visual aids and personalities presenting, can have a longer shelf life than a live event if they are recorded and shared via YouTube and other channels.

Podcasts are another way to grow your influence and reach new, global markets in a specific field of interest. Relatively easy and inexpensive to make, they can be carefully choreographed to appear off the cuff and accessible. They offer an excellent opportunity to cloak your branding or messaging in a wide-ranging conversational format that feels more like an experience and less like hard marketing. Audio is often accessed by people when they have time to kill, commuting, walking, waiting, and wearing headphones, making it a focused, immersive listening activity.

However you decide to get your thought leadership out there, choose a Zeitgeist subject, do your research, think how you are going to incorporate key messaging and push it on social media.

5: Don’t be sesquipedalian! (that’s a long word for overusing long words, but you probably knew that already.) Stick to plain, inclusive English (or whatever language you are communicating in) wherever possible. You want your ideas to shine, not be eclipsed by the way you express them.

If you are communicating to a closed group of individuals who are all well versed in your specific sector language, acronyms and technical terms are acceptable.

In all other instances, avoid them. If you are communicating with a broad audience, imagine you are talking or writing to an intelligent 12-year-old. That way, you will avoid being condescending or alienating people. Always use the shortest appropriate word instead of trying to dazzle with complex vocabulary. If you need to use a specific technical term, explain what it means.

6: Use humour (when appropriate). Humour is the great leveller, gets people off their guards and creates emotional connections. If you aren’t naturally gifted or confident trying to be wry or witty, borrow other people’s funny stories or jokes. It’s a good idea to run your content past someone whose judgement you trust and who won’t be afraid to give honest feedback or via a specialist team before you share. A misjudged quip can be more damaging than silence.

7: Keep it brief and memorable. Go back to steps one and two. The fewer words you can use to get your key messaging across, the more effective it will be.

8: Make it visual and lively: This applies especially if you are appealing to a younger market or have a visual product to promote. Visual learners respond to images and graphics, auditory to verbal information. If you can incorporate both, you’re spreading your net wider.

9: Conversations not monologues. When communicating with stakeholders, especially employees, ensure channels are open for two-way communication. Not only will it make people feel invested, appreciated and listened to, they may have invaluable insights to share. As a leader, you can offer them a safe space to sound them out without risk of being shot down or ignored. Respond positively to every suggestion, whether or not it is a goer, to encourage appropriate risk taking and creativity.

If you are limited to text, whether via social media or more traditional formats, ask lots of questions to fully engage your readers’ minds.  On social media, use hashtags, try to get a conversation going.

10: Give something of yourself. If you feel comfortable and safe doing so, connect with your audience by sharing personal anecdotes, thoughts and feelings. For example we’ve just had International Women’s Day – the perfect opportunity to praise the women in your life, whether your mother, partner or Chief Finance Officer. Let people see that you are a human being with multiple facets who understands your customer base or workforce.

Be brave and authentic. Showing humility by revealing your own vulnerabilities or admitting to mistakes is one sure fire way of building genuine trust with your audience.

11: Listen. There is so much more to be gained from listening than from speaking. Once you have initiated a conversation, how will you measure its impact and learn from the response? Feedback is invaluable data, whether positive or negative. The more personalised your response to incoming communication, the more you will positively engage your target audience. Active listening and effective communication can turn a critic into a fan or at least neutralise any negativity.

If you provoke an unmanageable volume of responses, it’s a good sign for starters. Respond in general and use analytics to help extract insights, measure sentiment and adjust your tone or content in future communication.

Of course, every individual has a different style of communication. Finding your voice and platform can take time. Think about what you want to achieve and look at the feeds of the leaders you admire or some of the most renowned influencers such as Arianna Huffington, Bill Gates and Mark Cuban. Also look at those in your own networks at those who resonate or your admire on what they do well.  See how they combine the personal with the professional while maintaining dignity and suitable distance.

Whatever your position, field of expertise or experience in communications, remember your wealth of information is an asset which is valuable to others and carries great currency. Sharing it can only open doors and build stronger relations.

At Rialto, we have a team of specialist consultants covering every area of leadership coaching, including communicating with purpose. If you need support building your profile or communication strategy, contact us on +44 (0) 20 3746 2960.

“Trying to predict the future is like trying to drive down a country road at night with no lights while looking out the back window.” Peter Drucker (a founding father of modern management theory)

If death and taxes are the only certainties upon which we can rely, the best we can do is consider and interrogate the likely developments of the near future and prepare our business models and personal career growth plans accordingly.

Here are some of the major themes that the Rialto team believe will influence the economy and global executive job markets in 2024.

1: Optimising AI.  

If 2023 was the year that early adopters got ahead and most doubters came round to the reality that generative AI is here to disrupt every part of our lives and many occupations, 2024 will see a more mature, pragmatic and strategic integration of frontier technologies into all aspects of work automation priorities.

It is imperative that executives prioritise the need to ensure senior leadership are bringing in the talent or hiring expertise to identify the most appropriate applications and introduce them across the business as seamlessly and effectively as possible.  By the end of 2024, the gulf between believers and dinosaurs will become increasingly evident.  The influence of generative AI is developing exponentially. Looking back at the pace of acceleration of adoption in 2023, it is almost impossible to imagine the disruptive force it could generate over the coming 12 months.

As McKinsey succinctly stated in its recent report, “What matters most? Eight CEO priorities for 2024”,  executives need to ask: “which parts of the business can benefit? how can applications be scaled from one to many? and how will new tools reshape their industry?”.

This is not just a paradigm shift, it is a revolution, with accelerated change now a constant; business models and mindsets need to adapt to be able to respond in real time to stay ahead of the competition.

Rialto can help you benchmark your personal readiness for the future of work and identify any skills gaps. We also offer a programme of live online events presented by experts in specific fields around the frontier technologies and their application in various functions and sectors.

2: Another year of economic uncertainty.

2023 proved to be a year of economic contradictions and we go into 2024 with the same equivocation. Despite all of the crosswinds which threatened to push the UK and major global markets into recession, including conflict in the Ukraine and the Middle East, double-digit inflation, record energy costs, high interest rates and the legacy of Covid driving a cost-of-living crisis, markets ended the year buoyant with the US indices reaching record highs.

With inflation falling rapidly, interest rates likely to follow later in the year, wages rising faster than prices, and promised tax cuts in the Spring, many forecasters are now predicting a grey market up to the UK national election, with stagnation rather than recession.

In the background, the risk of conflict spreading and causing energy prices to spike will continue to prompt caution among investors.

Executives and board members across most sectors will be emphasising the need for resilience, efficiency and frugality. Spending is likely to be targeted on processes, technologies and strategic priorities that will focus on savings to build up reserves and create agile business models to adapt to the fast pace of AI-driven change; leaders will look for creative, low risk ways to promote growth in an otherwise stale UK economy which continues to lag behind other G7 countries.

That could offer little in the way of relief to the lean executive job market which Rialto highlighted with exclusive data at the end of 2023. It showed a dramatic fall in publicly-advertised executive level vacancies on the year, highlighting the increasingly critical need for the most senior level job seekers to be able to access the hidden market, identify the opportunities meeting their requirements and upskill or retrain if necessary. Pivoting towards new roles created by the technological revolution could open further pathways to successful career transitions.  The focus is on creating a brand and skillset which are more relevant than ever to the new market demand curve for leadership talent.

3: Elections.

2024 is a year of elections, local, national and global.

Will it be a 1992 – the year Labour leader Neil Kinnock snatched defeat from the jaws of victory after taking a tumble on Brighton beach? Or another 1997-style landslide for Keir Starmer’s more centrist Labour party? Markets are always averse to uncertainty. How might that affect the economy?

PM Rishi Sunak has indicated he will call a General Election mid=way through the year.

Will his promised tax cuts fuel increased consumer confidence and prompt a commerce-led recovery? – or spook markets concerned about further increases to record borrowing levels?

The most recent polls put Labour 19% ahead of the Conservatives which would give them the seats they need for an outright majority and a strong mandate for change.

However polls are notoriously inaccurate. Not only did they get it wrong in the last two US elections and our Brexit referendum, they can reduce turnout for the leading party from voters convinced the outcome is a foregone conclusion.

Rishi Sunak will betting on an economic turnaround as inflation and interest rates fall globally to carry him over the line but will his immigration all-in on the divisive Rwandan policy see him go bust and bring on a surprise early election?

And what will it mean if Labour do win? Starmer is keeping his cards close to his chest so little detail in his manifesto so far. He and shadow chancellor Rachel Reeves are, however, determined to prove Labour can take care of business and keep tight fiscal control with new powers for the Office of Budget Responsibility so don’t expect any big public spending contracts, though the construction industry would see a shot in the arm with a promise to build 300,000 new homes a year for five years.  They have promised is to secure billions in private funding to promote growth in the regions, focusing on the green energy economy for which a massive injection of cash would follow a Labour victory.  Along with AI, it’s the growth sector of the moment. Can Starmer pull a rabbit out of the hat and rejuvenate the former industrial heartlands?

In contrast, Sunak has backpedalled on renewables in a bid to put fresh air between him and Starmer, so uncertainty over related future financial and economic policies is likely to deter foreign investment at a crucial time for the sector, potentially leaving the UK too far behind to play catch up with China and the US who are going full steam ahead in the race to become the green superpower.

Whatever and whenever the result, executives seeking new positions and career transitions could do worse than to reskill and pivot towards these emerging technologies.

Business leaders also need to keep an eye on regional elections, including the London mayoral election which could have a big impact on the City, and global elections, including US Presidential elections which will have an important bearing on Western relations with the crucial Chinese market.

4: Laser-focused strategic growth.

As leaders and executives seek to navigate stormy waters at the beginning of the year,  laser-focused strategic growth will be more important than ever.

Budgets remain tight, investment in new technological infrastructures will remain a priority; now is a good time to revisit and update McKinsey & Company’s 2022 10 rules for intelligent growth.

1. Put competitive advantage first. Find your winning formula first then scale up.
2. Make the trend your friend. Stay on top of emerging markets; recognise when the trend is waning and change.
3. Don’t be a laggard. If you’re ahead, keep moving to stay ahead, no treading water. Be more Apple, less Blackberry.
4. Turbocharge your core. How can you build strength into the core that will support new growth? Technology? Product development?
5. Look beyond the core. Expand organically using natural connections and progression.
6. Grow where you know. Optimise your local advantage, knowledge, connections etc.
7. Be a local hero. Win strong loyalty and brand awareness in your locality.
8. Go global if you can beat local. But be sure your product will transfer to new markets first
9. Acquire programmatically. Plan organic growth alongside new ventures. Think about the emerging sectors such as AI and green technologies.
10.  Shrink to grow. Prune dead wood and re-seed for stronger growth,

In this time of uncertainty, it is more important than ever that all leadership teams are constantly looking for opportunities for growth and development with minimal risk, whether micro or macro, into new markets, new sectors or improving on core business performance. Entrepreneurial curiosity needs to be built in to the workforce with strong two-way communications to open opportunities for all employees to contribute ideas to optimise performance at every level.

5: Filling skills gaps.

Technology is disrupting the way we do business at all levels but we need the right people at the wheel to prevent a kamikaze ride into the future.

Generative AI and other frontier technologies are bursting with almost limitless potential but are also fraught with tensions and risks that need a human touch. The most advanced business leaders are starting to recognise that abstract skills such as empathy, curiosity and adaptability are becoming more valuable to the fast-changing, AI-led economic landscape than traditional qualifications such as superior formal education. Emotional intelligence, creativity and strategic thinking are among the skills that cannot (yet) be replaced by technology.

The UK’s education system has been slow to catch on to the need for these skills to power the country’s future economic success. Even young people graduating from universities and sixth forms now have not been prepared for this brave new world.

Senior executives need to demonstrate these skills in their own leadership but also build them into the workforce through strategic recruitment and continuous upskilling and training. HR leaders should be bringing in AI applications to analyse and meet current and future skills requirements particular to the growth strategies of the business.

6: Minding mental health.

As the New Year blows in on the back of grey skies, driving rain and warnings of another gloomy economic 12 months ahead with further job layoffs and a lingering cost-of-living crisis, maintaining a feel good factor in the workplace is a challenge facing leadership in all sectors.

According to Gallop’s State of the Global Workplace 2023 report, almost six in 10 employees considered themselves quiet quitters – psychologically disengaged from work without a sense of meaning or purpose. It claimed that active and psychological disengagement costs the global economy $8.8 trillion a year or 9% of global GDP.

By genuinely committing to caring for the wellbeing and welfare of staff, companies could potentially make huge savings with minimal outlay at a time when critical skills shortages and economic uncertainty are threatening to undermine growth in every sector.

Investment in cultivating relational intelligence, empathy and introducing mental health toolkits, evaluation and support will pay dividends. That may mean hiring consultants or using AI programs to deliver focused training, continuous assessments and easily-accessed support services.

Employees who are being made to return to the office after the homeworking of Covid times and adjust to constant technology-driven changes in their daily operations may be at risk of burnout and disillusionment. Open, two-way communication, flexibility and understanding can all help cushion employees and make them feel safe and valued.

The CIPD claims flexible working can reduce staff turnover by up to 87%.

Some companies are going further, offering sensory spaces, menopause support and introducing wearable devices to track mental health, sleep patterns and AI programmes to analyse sentiment around workplace developments. HR directors should be actively analysing workforce engagement and identifying risks to reduce attrition rates and costs and maintain a healthy workforce to boost engagement and drive performance.

On a more personal level, executives and leaders have had to take on more responsibilities and cope with more change than at any time in history. Those in position should be aware of their own stress levels and look for ways of managing competing challenges, whether by re-evaluating leadership teams to maximise opportunities for delegation of duties or building in moments of decompression, rest and mindfulness throughout the working week.

For those seeking a career transition or out of work and actively looking for a new position, share your journey with a trusted relative, friend or consultant. It is too easy to get caught in a cycle of hope and despondency as opportunities come and go. Take time to reflect on any rejections and seek advice from someone who may have a more objective perspective and be able to help turn challenges into positive development.

If senior executives could have accurately predicted the full scope of the 2008 financial crisis, the coronavirus pandemic, or any of the other difficulties the economy has faced, chances are the market would look a lot different than it does today. While no one can predict with certainty what lies ahead, strategic readiness is paramount with leadership success determined by your ability to skilfully play out the hand you are dealt.

The dynamic landscape of the future of work is rife with challenges, driven by technological advancements, societal shifts, and other global factors, and the trends we are seeing now are likely to have a lasting impact on what is to come. Rialto research into growth areas, senior-level strategic priorities, and the macro factors impacting today’s market has identified the following trends and areas of future focus for senior executives:

• Increased Organisational Complexity & Strategic Transformation: As Automation, artificial intelligence, and robotics are reshaping industries and transforming the nature of work, efforts to reimagine and reconfigure how businesses operate will increase. Within the next year, companies that have not integrated and adopted a digital strategy may find themselves unable to compete in the evolved market.

To remain relevant and competitive, organisations need to ensure more time and effort is invested into creating a robust executable future-of-work strategy. This includes a greater need for strategic thinking around business imperatives such as data analytics, sustainability, marketing and leadership including the approaches, tools, and resources needed. Personal interfaces, virtual collaboration and new media will enable global and real-time communications requiring different environment thinking focused on facilitating the flow and exchange of ideas, providing greater autonomy and transparency.

• Shifting Workforce Demographics: With people generally living and working longer, the complex dynamics of accommodating five generations within the workforce are often underestimated. This is further influenced by both the potential rise in the retirement age and a potentially lower entry age.

The expectations and motivations of these different groups vary, presenting multifaceted challenges for recruitment, retention, and engagement. With younger workers expressing a preference for more flexible working models, employers will likely need to rethink their traditional stances on in-office work. This could also lead to more diverse workforces, as remote work expands the talent pool globally.

For business leaders, this potential diversity necessitates the creation of alignment across generational and geographic boundaries. Achieving this alignment may require adapting employee experiences, fostering a strong corporate culture, and strategically matching skills to specific roles.

• Skills Driven Hiring: Having the right skills will be paramount to success in the future of work. We are already seeing a shift towards skills-based hiring over experience, as employers have come to recognise that a candidate’s past job titles matter far less than that candidate’s ability to bridge knowledge gaps and adapt to new challenges

This shift in perspective will give rise to a workforce that’s not only recruited based on existing skills but also on their capacity to acquire new capabilities. Those ahead of the curve will nurture talent not only to open doors to business expansion but also to fuel personal career development.

However, this transition isn’t merely about shifting from one hiring approach to another. It’s also a profound transformation of workplace structures. The traditional, pre-pandemic, role-based hierarchy is increasingly at odds with the skills-based hiring model. As titles take a back seat and skills and capabilities become the primary currency, we predict the workplace’s meritocracy will undergo a significant shift.

• Balancing Human and Digital Productivity: As we peer into the future of work, the convergence of productivity and efficiency considerations encompasses both the human and digital workforce. The strategic integration of advanced technology to elevate organisational capabilities offers immense potential, particularly when underpinned by a commitment to practicality, ethics, and risk management.

In the World Economic Forum’s 2023 Future of Jobs report, respondents predicted that 42% of business tasks will be automated by 2027. To benchmark, current estimates indicate that approximately 34% of all business-related tasks are performed by machines. This implies that a substantial 10% growth in automation is on the horizon over the next four years. This estimate is more conservative than others have made, and while it is hard to predict exactly where AI development will reach in the next several years, the fact is that it will have a transformative impact on the future of work. The rapid evolution of robotics, Cloud infrastructure, Generative AI, and more have already generated major operational efficiency and productivity gains for those who have adopted them, and as technologies develop and AI becomes more intelligent, there is only more to be attained.

• Purpose-Led Businesses: Finally, we expect to see both organisations and their operations becoming more globally transparent, which will require more purpose-driven decision-making in the future. This will require a genuine commitment from leadership and a deep understanding of the organisation’s purpose, values, and the societal and environmental challenges it aims to address. Both customers and employees alike increasingly want to associate themselves with social causes that align with their values and share their sense of long-term social and corporate responsibility. Successful organisations will be those with a clear focus on their mission who champion it effectively through both their actions and their words.

Looking ahead, we recognise that predicting the future of work is a complex task but preparing for it strategically is within our control. The trends we’ve explored all point to a future where adaptability, agility, and a joined-up focus on talent and technology will be paramount. For senior executives, embracing these trends and proactively aligning strategies with them will not only help to weather the storms but also seize the opportunities that lie ahead. The journey is uncertain, but by keeping a firm focus on the future as we navigate the now, leaders can guide their organisations toward continued growth and resilience.

There have been hundreds, thousands, some say millions of adaptations of Charles Dickens’ A Christmas Carol since its publication 180 years ago including blockbuster movies, theatre productions, graphic novels and even two operas.

Clearly, its lessons are as apposite now as they were in 1843.

Few of us would ever wish to be associated with old Ebenezer Scrooge, at least from the opening chapters. But, as we wind down for the festive break, could we perhaps take a moment to think about the literary miser’s journey and reflect upon what has brought us to this moment in time, be mindful of the present and ask how we can make our own futures brighter, more connected and, well, happier?

What actions can executives and senior leaders take right now to go into 2024 refreshed, focused and ready for a whole year of challenges new?

Chapter One: No humbug! – send your staff into the holidays with a boost. 

Dickens’ novella opens with the parsimonious money lender refusing an invitation to spend Christmas with his nephew, turning away charity collectors and only begrudgingly allowing his beleaguered and underpaid clerk Bob Cratchit a single day of paid holiday.

Sounds like the gig economy?!?

The ghost of Jacob Marley with his clanging chains of doom warns Scrooge to pay attention to the three ghosts unless he wants to spend his own eternity in a netherworld of miserable penance. Reflection and projection now will save much pain later.

2023 has been yet another tough business year with economic pressures, high inflation and interest rates and organisations forced to restructure to save costs. Maintaining morale from the factory floor up to the executive offices is never easy when money is tight and the future uncertain. There are steps senior leaders and HR professionals can take that cost little and can send staff into the holidays feeling valued and appreciated.

In recent research by Workhuman, a third of workers surveyed said feeling seen makes them more engaged and 40% said their performance improves. Not many employees would stick around like poor, undervalued Cratchit. Imagine the attrition toll if your CEO was Ebenezer Scrooge.

It costs nothing to say thank you to your people. Whether in person or via a live virtual link, a genuine, warm Christmas message, looking back on the year, celebrating the wins, acknowledging the difficulties you have faced together, looking to the future and capitalising on the communal festive cheer to build a seasonal sense of belonging and identity will go a long way. If you haven’t been able to afford generous Christmas bonuses this year, can you announce a surprise early closure for those you can lose for an afternoon – and promise an extra half day in lieu to the rest? If you can send your workforce home for the holidays with an extra boost you’ll reap dividends in loyalty and productivity when they return at what can otherwise be a depressed and lethargic time of the business year.

Get leaders and managers to personally thank everyone in their teams and identify and name the action or success that stood out for each individual in 2023. You want your workforce charging out of that door (or clicking laptops shut) with a smile and a surge of positive energy, not a sigh of despair and sense of dread at the thought of returning.

Chapter Two: The Ghost of Christmas Past – how did you get here? What did you learn? 

Before he could see and appreciate the lessons of the Ghost of Christmases yet to come, Charles Dickens’ Scrooge has to accept some very difficult truths of the past and present. The childlike Ghost of Christmas Past shows him for the first time how he was the architect of his own miserable isolation, driving his friends and his beloved away with his all-consuming pecuniary lust.

Understanding how we came to be where we are today, as individuals and as organisations, is an essential part of the cycle of development and growth. Have you been too single-minded? Too unapproachable or shied away from critical conversations? Have you missed golden opportunities?

Take time as you wind down for the break to analyse productivity levels over the year. Can peaks and troughs be explained? Instruct leadership teams to identify individuals or departments losing productivity. Are they suffering end of year ennui, a longer term burnout? How can they be reinvigorated, lifted, motivated, engaged? Where are the bottlenecks? Which teams are flagging? Where has the energy gone? Or has the market changed and your organisation failed to respond? What have your competitors done that you haven’t?

On a personal note, take time to think about your past, historic and recent. How did you get here? Why are you here? Did it happen by accident? Did you mean to go somewhere else? What motivated you to start on this path? Are you still as motivated? If not, why not? How can you get that back? Who did you meet along the way? Have you lost contact with anyone who could be valuable to you now? Look up your old contacts and friends, take the opportunity of the festive spirit to network and reconnect.

When were you happiest and why? When were you least happy and why?  Look at the dark times and the good times. Also, stand back and congratulate yourself on your achievements. Go through your diary for 2023, think about every win, no matter how big or small. How did you achieve them? How can you repeat that? Think also about what went wrong. How did it happen? What did you learn?

Chapter three: The Ghost of Christmas present. Now you’re here, is it where you want to be?  

Traumatised by the spectral visions of the previous night, Scrooge is whisked off by a jolly giant apparition who allows him to bask momentarily in the glow of joyful festive celebrations that will take place that Christmas – including poor Bob Cratchit’s, where Scrooge’s cold heart is warmed by the stoic charms of his crippled son, Tim, and his nephew’s, whose kind invitation he sullenly declined. He now regrets this and begs to stay.

This is a very good time to think about where you are now. Is it where you wanted to be? Do you look forward to every day? Or, now that you think about it, have you taken a wrong turn along the way? Bad advice? Or just allowed yourself to drift aimlessly?

Do you have burn-out? Have you lost your mojo? Do you have any serious regrets? Has your work/life balance gone all out of kilter?

If you are feeling dissatisfied, this break from the daily grind could present the perfect opportunity to assess your present situation. Can you leave an out-of-office message on your email and put your work mobile in a drawer for the holidays? Only then can you truly clear your mind to think about your executive career progression  with clarity.

Plan quiet times to allow those thoughts to crystalise. Try “naked” walking or running in the countryside or on the coast – don’t worry, you can keep your clothes on, just leave the phone in the car, no music, no company. Just your thoughts.

You may realise you are happy in your organisation but feel you have stagnated. Or perhaps, the time has come to seek pastures new. Do you need support to dig your way out of this rut? A fresh pair of eyes and professional coaching could be just what you need. Our executive career coaches see a surge in inquiries at this time of year from people looking for a career boost, so if that’s where you find yourself, rest assured, you are not alone.

On a more personal level, what can you do to recharge your batteries over the festive period? Think about who and what makes you feel happy. Can you even remember what makes you relax? The power of true rest and recuperation cannot be under estimated.

Work stress and lack of sleep can elevate damaging cortisol and epinephrine hormones which suppress your immune system and contribute to heart disease, high blood pressure and poor mental health. Allowing your mind and body to rest and engaging in healthy and happy pursuits, such as walking in nature and enjoying quality time with loved ones, reduces stress hormones and charges feel-good hormones like oxytocin and endorphins.

Using holidays to catch up on sleep and switch off from stress helps improve mood, memory and motivation, decluttering the mind and energising the spirit enabling you to return to work more focused and possibly even inspired.

A study by Ernst & Young showed that for every extra 10 hours of holiday time taken, annual performance improved 8%.

Aim to return to work free of the baggage you have built up over 2023 and go into 2024 lighter, clear-headed knowing what you want and how you are going to get it.

If you are out of work, it’s the perfect time to take a break from the often demoralising cycle of applications and rejections, spend time with loved ones, do all of the above and boost your energy, health and motivation. Spend time talking with family and friends and work out what it is you really want to do so you can return to the job search feeling focused and confident.

Chapter 4: The ghost of Christmas Yet To Come. You have the power to shape your future? 

Another night, another ghost. This one silent, ominous, foreboding. Scrooge is guided through scenes leading to a funeral, clearly one of someone who was loathed and will never be missed, in contrast to the funeral of Tiny Tim whose future death moves Scrooge deeply. Pitying the poor unloved soul and keen to learn from his previous visitors, the old man asks, who dies with nobody weeping? He is shown his own gravestone. He begs for a chance to repent and make up for a lifetime of avarice and greed. And wakes back in his own bed. Is it ever too late for redemption?

When you have a quiet moment over the break, look into 2024. What do you see if you carry on the path you are walking? Is it a happy scene?

Where would you like to be in three months, six months, the end of the year? Visualise it. How will you get there?  Imagine looking back on 2024, what do you hope to have achieved?

It is a time for questions. What would you change if you could? Would you spend more time with your family? Is there room for development and growth or change in your current position and organisation? How can you progress within it while maintaining your work/life balance? Or is it time to start considering a total change of scene?

Think about first steps in the New Year and how to start it in the right spirit. Look at blogs, Ted talks and news articles on predicted executive trends. Will you be ahead of them? Do you need to freshen up your skill set and knowledge? We can be certain technology, and especially AI will continue to play a big part.

If you’re making New Year’s resolutions, how about mixing up work and personal. Have you always wanted to learn how to play banjo or jive? Throw pots? Grow vegetables? What are you waiting for?

We all know we should do more physical activities but all hobbies, even sedentary ones, can be hugely beneficial. Learning a musical instrument can boost your memory and has been linked to lower levels of dementia while doing anything that you enjoy stimulates those feel-good hormones, boosts creativity and motivation while repetitive engagement and learning anything new stimulates the mind.

Chapter five: Embrace the spirit of Christmas and take it into 2024. 

Grateful to be alive and given a second chance, having seen the bleak future unchanged, Scrooge rushes out into the street brimming with Christmas cheer. He finds the Victorian chuggers he had turned away and hands over an extremely generous donation, sends a huge turkey to the Cratchits and surprises his nephew’s family by showing up and throwing himself into the day. He is a changed man, spreading kindness and joy for the rest of his years and becoming an avuncular figure to Tiny Tim, who thrives thanks to his new benefactor.

Whether you are feeling run down and on empty after a difficult year or you’re throwing yourself into the social whirl of the season, could you do more to embody the spirit of Christmas? think of Scrooge’s transformation. You will never feel poorer for making a generous donation to a cause you really care about. Can you spare time for a soup kitchen? How can you help practically? Do you have any neighbours or friends who will be alone this Christmas? Philanthropy is good for society and good for the soul. Research shows that giving can boost your physical and mental health in numerous ways.

Is there something you could do on a more permanent basis throughout the year? Voluntary work? Create a strategy to involve your business in a worthwhile cause, if you don’t already have one. Working as a team to do good boosts morale and belonging in the office, two assets you can’t just buy off the shelf.

Like Scrooge, if we can know how to keep Christmas well… “May that be truly said of us, and all of us! And so, as Tiny Tim observed, God bless Us, Every One!” 

“Information is power. Particularly when the competition ignores the opportunity to do the same.” US billionaire Mark Cuban.

 At Rialto, we pride ourselves on staying abreast of current and emerging market trends with one eye on the present and another into the future. This is one of the ways in which we support our clients from c-suite and senior leadership level to stay ahead of the competition, whether seeking career progression or career transition.

We share some of the most relevant, timely insights our executive career coaches and other colleagues through our regular articles and blogs, and our quarterly programme of webinar events

Here, we review what we believe to have been the top five themes of 2023, largely aligned with our predictions from the end of last year, linked back to some of our previous insights and articles of the year.

1: Generative AI

Without doubt, Generative AI was the biggest business trend of 2023 and, barring any unanticipated seismic disruptions, most likely to hold its place into 2024 and beyond. This time last year, ChatGPT was a bit of a novelty. People were using it to write poems to their dogs and test its joke-telling ability. Two months later, it had broken all records by acquiring 100 million active users. In May 2023, a Gartner poll of 2,500 executive leaders found that publicity around ChatGPT had driven almost half of them to increase AI investments with 70% in exploration mode and 19% piloting or using the technologies.

As we head into 2024, the breadth and scope of generative AI and its more analytical technological sibling, large language models (LLMs), is almost limitless, affecting every single sector and function of work with a market expected to grow from $6.2 billion in 2023 to $58.5 billion in 2028.

Over the last year, Rialto insights, articles and webinar events have reported on the dazzling potential of GenAI applications in areas including, but not limited to: intelligent recruitment, training tailored to current and anticipated skills needs, market trend analysis and response, enhanced employee engagement, resource optimisation, supply chain management, sales and marketing, personalised customer experiences, report writing, content generation, sentiment analysis and insights, data management and analysis, internal communications, real time reviews of diversity, equality and inclusion policies and sentiment.

We also looked at research into which areas were expected to see the biggest productivity gains from AI while this article looked at how c-suite executives should be forming a strategic relationship with technology to drive impact. Here we looked at key areas where HR leaders can harness AI to revolutionise recruitment processes, enhance employee experiences, and provide data-driven insights to inform strategic decision-making HR.

Rialto has been ahead of this sharp curve in raising awareness with many senior level clients on how to become proficient in these technologies, building the confidence and expertise needed to oversee transformation strategies to integrate appropriate applications seamlessly and safely across the business. We have supported others seeking new opportunities to learn the language and capitalise on the capabilities of AI or pivot towards emerging technology-based C-suite roles such as chief data officer, chief information security officer or chief digital officer.

A central role played by these new positions is to safeguard organisations from reputational and AI financial risks.

Highly-trained co-pilots will be essential in managing ethics and compliance, monitoring accuracy and, of course, ensuring all AI-driven objectives and outcomes are imbued with human sensitivity. Here Rialto explored five skills needed for an AI-enabled executive workforce.

2:  Resilience and adaptability

Disruption and unpredictability have become the new normal. Today’s business leaders need to be able to absorb the shocks, endure adversity and adapt their business models, cultures, systems and workforces to respond and adapt fluently, with resilience no longer being a “Nice-to-Have”.

Executives have had another tumultuous 12 months, dealing with the legacy of 2022’s UK leadership chaos, sky-high inflation, rocketing costs and energy prices, economic uncertainty and pessimism, a slow job market, conflict close to home in Ukraine and Middle East, continued post-pandemic changes to working culture, not to mention the new technologies discussed above.  Those who have shown resilience and adaptability have been better able to create a unified, collaborative business environment, driving cultures of innovation and learning, and making faster and more dynamic decisions.

On a more personal level, in-position executives continue to need to adapt their own leadership style and skills to evolve with the fast-changing market and the traditional requirements of their roles. We looked at common challenges faced by those preparing for navigating senior leadership transitions, Top Resilience Strategies during Career Transition and how to turn a negative into a positive, making the most of rejection in an executive job search. while this piece looked at ways executives can adapt, evolve and pivot to reposition themselves in a more desirable, future-focused niche.

3: Strengthening relationships

Whether encouraging belonging among increasingly geographically-isolated staff, developing a wider network or consolidating stakeholder partnerships, building stronger relationships has shown itself to be at the heart of successful leadership in 2023.

A recent YouGov poll found that half of UK employees work from home some or all of the time and while the jury is out on the impact on productivity, many surveys have shown that distance workers often feel disconnected and worried they are invisible and so less likely to progress in their careers. C-suite need to work with HR to explore more collaborative operating models to recreate the interactive and sociable in-person dynamic alongside well-organised real life meet-ups. This approach can help avoid drops in morale and productivity, pitfalls of silo working, to build cohesive cultures, positive workforce identity and maximise joined[up performance.

In this insight, our expert Rialto executive career coaches shared five essential strategies they encourage executives to employ when seeking to enhance their leadership influence to motivate teams, engage stakeholders, inspire confidence and shape outcome from a distance.

We also looked at the value of continuous executive networking to build new and reinforce existing partnership relations. Data from McKinsey shows that only 14% of professionals have grown their networks since 2020, while less than 50% reported making any effort to do so. Yet the more extensive & relevant your network is, whether long-established or newly-connected, the greater your reach when you need to expand into new sectors or terrains or bring in expertise for business or personal growth. We looked at four key activities we recommend our executive clients to practise when networking: personal benchmarking, development and growth, gaining wider perspectives on innovation and sharing insights and advice.

4: Still reaching for Glass Ceiling

This term was first coined in 1978 to describe the invisible social barrier preventing women from reaching higher levels then almost exclusively occupied by men.

More recently, its meaning has been expanded to include any prejudices or working conditions that hold individuals back, whether due to gender, race, disability, mental health, age, sexuality or gender identification. 2023 also saw people start to talk about the impact of the menopause on women in the workplace and ask how explorers could support them.

Equality, diversity and inclusivity (EDI) are now built into any successful business model and there are legal requirements to do so with serious consequences for discrimination.

Rialto director Richard Chiumento says: “Most executives may remember a time when the boardroom and senior management were homogenous zones of white males. Today, it is a joy & much more appropriate to see a make-up from every cultural background and of all ages, a real diverse group of individuals which makes the workplace so much more vibrant, dynamic, productive and interesting”.

However, while things have improved greatly, and progressive business leaders are truly recognising the unmistakable value of having an expansive plurality of views, experience and backgrounds in any boardroom or business environment, there still remains much work to be done.

“We still hear from clients who are coming up against these discriminatory barriers, whether seeking to progress within their organisation or looking at career transition. We help them to identify and overcome them while also advising leaders how to capitalise on an increasingly global market by building visibly and displaying a genuinely inclusive and welcoming culture.”

From 2022, the Financial Conduct Authority set “comply or explain” targets for listed UK companies of 40% female board members including at least one senior position and at least one member from an ethnic minority background.

The deadline saw a flurry of new appointments, with 60% of new non-executive vacancies filled by women in 2021-2022.  However, the theme for 2023 was something of a regression with boards wary of geopolitical and economic tensions reverting to the security of experience over the unknown, suggesting that for some, it remains a box ticking exercise rather than a genuine commitment.

Headhunter Spencer Stuart surveyed the UK’s 150 biggest listed companies and found increased caution around appointing first-time directors, down to 31% from 44% the year before. The number of candidates from ethnic minority backgrounds was at its lowest level this year since 2020 while the proportion of non-executive vacancies going to female candidates peaked at 60% in 2022 but dropped to 51% in the 12 months to April, 2023.

Richard Chiumiento said: “Instead of just paying lip service to EDI, organisations need to set metrics and actively seek to redress any imbalances or obstacles to genuine equality of opportunity and remuneration parity. As well as ensuring compliance, this ensures better, more trusting and productive relations with employees, potential candidates and other stakeholders. Organisations that do not comply or only commit to the bare minimum risk a damaging financial impact as well as reputational damage.”

We spoke to some of our female clients about their experiences to mark International Women’s Day in March, 2023. They told us some of the greatest barriers they felt were thrown up by unconscious bias, imposter syndrome, misunderstanding of equality and AI bias within automated recruitment processes. You can read more and find advice from our executive career coaches here.

We will revisit EDI and look at the tangible benefits of a healthy and robust culture and policy in the New Year.

5: Talent shortages:

Post-Covid, we saw a “quiet quitting” trend, where employees and leaders at all levels stepped away or down in search of a better work-life balance having spent so much time out of the office during lockdowns.  In 2023, finding, attracting and keeping the best talent from the resulting smaller pool became a strategic priority for every sector and at every level, as did investing in existing teams.

We talked throughout the year about the many tools and methods organisations can employ to ensure they have an intelligent recruitment system and a positive culture, which encourages organisational commitment and an ethos of continuous learning and career progression.

We looked at strategic HR priorities including cultivating talent and upskilling, and taking the initiative with AI to help achieve those objectives and drive growth and productivity.

We looked at how predictive analytics can identify trends and patterns needed now and in the future. AI can then find potential candidates with those skill sets, even if passive, and tailor individual job offerings based on market and internal data and the individual’s experience and requirements. While generative AI can create and deliver bespoke training programmes designed to meet organisational and individual need and ensure the workforce remains agile and responsive to the dynamic internal and wider economic landscape.

We also analysed what this meant for our clients who were seeking career transitions. Unfortunately, our exclusive data revealed that the talent shortage had not led to an abundance of opportunities.

Our analysis of publicly-advertised mid and senior level executives and leaders found an incredibly worrying decline in vacancies. For example, in November 2022 there were 12,761 publicly-advertised UK Chief Executive Officer vacancies. In October, 2023 the number was down to just 115. Non executive directors were down from 4,034 to 42 and Chief operating officers dropped from 1,814 to 82. (figures are a snapshot, and not a 100% accurate depiction)

We shared some of the invaluable advice provided to senior clients on how to shine in a gloomy marketplace and some of the bright spots on the otherwise gloomy horizon.  Rialto director Nick Storey also shared his advice on staying ahead in executive career transition.

It has certainly been a tumultuous year and we hope you have found some of our insights and articles helpful in navigating the fast-changing marketplace and economic landscape. We will continue to monitor trends and developments across 2024. Please let us know if there is any subject or angles you would like us to look into.

In a recent survey, chief executives cited financial growth as the second highest priority for HR in 2024 after talent management.  HR leaders rated this tenth, revealing a disconnect which could be limiting potential for growth. CEOs also placed “efficiency and productivity” and “technology review and investment” much higher than HR Leaders.

Here are three key areas where HR Leaders and the C-suite should be working together to strengthen the contribution and impact of HR and add greater value to their organisation.

1: Leadership effectiveness  

HR need to constantly evaluate the evolving challenges and expanding responsibilities that functional business leaders are now expected to take on. A substantial three quarters of HR professionals acknowledge that leaders in their organisation feel overwhelmed by the growing scope of their responsibilities with more than half stating that their leaders bear more responsibility than they can effectively manage.

Regardless of sector or discipline, these are just a few of the day to daily challenges leaders may face on top of their specific positional duties: balancing short-term responses to crisis vs longer term visioning, cultivating fit-for-purpose behaviours, understanding and integrating fast-developing technologies, leading hybrid teams, managing multiple, sometimes competing stakeholders. On top of all that, they must oversee healthy cultures with clear EDI policies and execution and motivate workforces who may feel burned out and be seeking better work/lifestyle balances.

In order to thrive and drive productivity and efficiency, organisations require HR to step up and proactively support the path to navigate multiple priorities.  This means listening and being responsive. Among the strategies HR can employ to assist are: resetting expectations; enabling effective delegation and communication training through access to coaching and training for staff; simplification of structures and tasks; identification and help integrating new technologies to improve efficiency; and ensuring directives around business culture and expectations are clear and visible.

Leaders should be made to feel confident in asking for help without being judged and have built-in time for reflection and mentoring.

2: Talent Management and upskilling  

In the domain of talent management and upskilling, HR has an opportunity to take centre stage in its strategic input to the rapid evolution of workplaces and business models.  The integration of AI into HR functions will support the evolution of job specifications, with HR leveraging AI audits to assess skills, experience, and talent. AI applications will further empower HR to identify and cultivate individualised training programmes, aligning upskilling initiatives with the dynamic and agility needs of an organisation.

As the landscape of talent acquisition continues to transform, acquiring, retaining and optimising talent extends beyond traditional measures.  In a survey conducted by Gartner, only one in four employees surveyed said they felt confident about their careers. Scope for promotion, progression and personal enrichment can be as important as income when valued employees consider factors influencing their career decisions.

This shift requires a focus on creating a holistic approach encompassing employee wellbeing, coaching, transparent career progression and more flexible work arrangements as well as a commitment to continuous learning and upskilling.

Career progression is moving further away from being a vertical ladder with clear scripts and gateways, unfolding instead as a matrix with interconnected paths.  HR leaders should be ready to tailor talent strategies to these new business models which will open wider career possibilities, more diverse employee expectations and opportunities that represent finite cycles of work with dynamic possibilities for personal growth.

3: Embracing AI  

Surveys show C-suite buy-in to AI advantages is not being matched by enthusiasm from HR leaders. More than two thirds of executive leaders agree benefits of AI outweigh risks yet only a fifth of HR leaders are actively engaged in AI discussions across their organisations.

Most describe the application of AI as being something that will become increasingly important in the future. However, the most advanced organisations and their HR leaders are using it now to streamline processes, improve efficiency and enhance employee experiences, lifting HR’s role in the organisation.

First steps for HR are creating a framework to assess and identify appropriate AI applications and support departments to adapt existing organisational working models to assimilate and fully exploit their potential to drive progress and efficiency.  Importantly, they must also be aware of the risks and create a framework to ensure their ethical, transparent and responsible use.

There are known issues around generative AI, such as bias and a built-in tendency to “hallucinate” – literally to make things up. Whether you have AI tools built for your organisational needs or integrate existing applications, ensure there are humans testing, overseeing and constantly assessing output before it reaches any audience.

While younger generations may be unphased and embrace the fast pace of technology-driven change, adoption of frontier technologies may alienate some older workers who are already feeling bewildered by the pace of change, post-Covid, and worried about being displaced by automation.

Manage their concerns with genuine, effective two-way communication. Explain any changes, why they are necessary and how they will benefit them, ensure they get proper training to co-pilot the technology effectively, open channels for feedback, listen and respond.

If you want to learn how Rialto can help your HR teams to explore and prepare for the future of work and emerging business models, contact us on +44 (0) 20 3746 2960.

In the World Economic Forum’s 2023 Future of Jobs report, 49% of those surveyed across industries anticipate AI to be a catalyst for job creation while 23% also expect it to drive job displacement. This displacement does not just apply to automation making certain roles redundant but also entails reshaping certain functions and shifting the skills needed by the professionals working alongside AI.

When thinking about the skills needed for future success, leaders need to consider both their own capabilities and the skillsets their team will need to possess to deliver impact while working alongside the digital workforce. With Generative AI and other forms of advanced technology taking over specific tasks and functions, what gaps may humans need to fill? How can man and machine work together in tandem to drive business growth? Our team have identified the following five skills for senior executives to focus their upskilling and reskilling efforts on:

1. AI Understanding: To work alongside AI effectively, one must possess a solid understanding of its capabilities, limitations, and functions. For senior leaders, it is imperative to understand what value AI can bring to your business, to be clear on the ‘how’ and ‘why’ your organisation plans to adopt it, and to ensure the rest of your team shares that same vision and understanding. Having a grasp of the scope of AI’s capabilities will make it much simpler to assign actions and owners, all while knowing that AI will not be a total replacement for all tasks and functions. While intelligent and impressive, this technology is not yet autonomous and will need a human at the helm prompting it into action and overseeing its outputs. Executives and their team members alike should treat AI as an assistant rather than a leader, learning how to coexist beside this technology rather than fixating on the losses it may create or overinflating expectations about its capabilities.
2. Analysis and Critical Thinking: One key area that AI excels at over human intelligence is its ability to process vast amounts of data in real-time and provide valuable on-demand business intelligence to business decision makers. This will include insights into markets, competitors, customers, supply chain productivity, and employee performance. While AI can compile this information into clean and digestible formats, artificial intelligence is not always able to assign relevance, perspective, or meaning to the insights it produces. It is therefore essential for leaders to hone their analytical and critical thinking skills to provide relevance to the information generated by AI and relate it back to the business’s objectives and strategy.
3. Bias Detection and Ethical Consideration: Of course, AI outputs should not be inherently and wholeheartedly trusted, as this technology has been proven to occasionally have ‘hallucinations’ and produce inaccurate outputs. Applying critical thinking and analysis to AI outputs can not only help mitigate the risks of misinformation but also help catch potential ethical errors. To be clear, AI is not an inherently unethical or biased technology, but with misuse or improper training can generate harmful outcomes. AI does not possess a human’s judgement to determine between right and wrong, and therefore leaders and their teams must be conscious of the dangers and potential harm of adopting this technology into business practices. This includes becoming conscious of the data sources AI algorithms are trained on, the potential harm of using AI for tasks such as recruitment or talent management, and the privacy concerns involved in sourcing and using information.
4. Emotional Intelligence: Adopting AI will be a major change for senior executives and their teams and is likely to cause discomfort and potential friction. Some members of the team may be eager to evolve, while others may feel threatened, intimidated, or anxious about the introduction of AI into their day-to-day activities. Therefore, it is of critical importance for senior executives to lead with empathy and understanding throughout the entire digital transformation process. Offer support and reassurance wherever possible. Understand your team’s perspectives and take their feedback on board.
5. Communication: To help ease concerns and make the transition to an AI-enabled workforce more effective, senior leaders need to become skilled and tactful communicators. Ensure that all goals, objectives, and expectations are shared clearly across every level of the business. Make it clear why the organisation is adopting technologies, how and when it plans to do so, and what this will look like in practice. Assign clear actions and owners with defined expectations and responsibilities. At the same time, it is just as important to listen as it is to speak. Open the feedback loop for questions, concerns, and suggestions. Making the entire team active participants in your business’s AI journey will help the process and man-machine partnership function much smoother.

In conclusion, as we stand at the crossroads of a transformative AI-driven era, senior executives must recognise that their role in shaping the future workforce goes beyond merely adapting to technology. It involves a profound shift in perspective, from viewing AI as a tool to seeing it as a collaborator in business innovation. These pivotal skills are the pillars on which executives can build a bridge between human ingenuity and artificial intelligence and are not just keys to embracing AI; they are the compass guiding us towards a more agile, empathetic, and prosperous future of work, where man and machine together drive the evolution of business and society.

While authority and formal titles may dictate a certain level of control or gravitas, true leadership is not about your ability to command others but rather your ability to inspire voluntary action. Influence is a delicate fusion of empathy, communication prowess, and vision. It requires an understanding of the unique motivations and aspirations of individuals and involves leveraging that understanding to guide teams toward shared objectives. A leader’s ability to influence reflects their ability to connect with people on a personal level, to build trust, and foster a sense of belonging and purpose.

Whether you’re championing a strategic initiative, leading restructuring efforts, advocating for new technology, strengthening  customer commitment or motivating your teams towards agility and higher performance, your ability to generate buy-in, inspire confidence, and shape outcomes hinges upon whether you are able to effectively gain support from your key stakeholders, many of whom will not necessarily be I the same room as you too regularly.

Our expert Rialto Executive Career Coaches have shared the following five essential strategies for senior executives to consider when seeking to enhance their leadership influence.

1. Master the Art of Persuasion: To influence effectively, it’s vital to master the art of persuasion. This involves appealing to both reason and emotion. Look to substantiate your position with data and facts, but also attune yourself to your audience’s feelings. Demonstrate how your vision and objectives align with their values and aspirations. Look to also clarify how their support and/or contribution support the broader outlook. A common error which many leaders often make is not focussing on multiple stakeholder benefits, even though they know that not everyone shares the same level of commitment to a particular cause or direction. To be truly influential, you need to be realistic about the various drivers for your different audiences and persuade them from that vantage point.  Segment your audience to customise your approach and consider their different interests and priorities.  Emphasise positive impact and what success looks like but equally anticipate and openly address challenges and risks, inviting feedback and creating space for dialogue.  Remember, mastering the art of persuasion is an ongoing process requiring self-awareness, practice, and a genuine commitment to understanding and connecting with others.
2. Build a Compelling Personal Brand: Your personal brand is a powerful tool for influence, both online and offline. A strong personal brand can make your message more compelling and trustworthy, especially where you have shared your expertise and values and proven yourself as a trusted contributor in your field or on key topics. Consistently align your actions and communication with these attributes is essential, both within and outside your organisation. Those that have established credibility among peers, team members, and stakeholders are much more likely to have their voice heard and be followed. Many senior leaders use LinkedIn as a preferred thought leadership platform to raise personal digital brand awareness, given its professional reputation compared to other social networking platforms. Build a strong profile on the site that accurately outlines your background, experience, and professional identity. Ensure that the information you include creates the desired perception you would like others to glean. Then, use the platform to build your influence through your posting and activity. Share relevant research, comment on trends affecting your industry or business, and actively engage in conversations about your topics of expertise. Leverage your brand to build your network and get in front of key members of your audience. Name recognition goes a long way in creating credibility and trustworthiness. Having a well-structured and active profile can help to position you well as a leader in your industry or job function, which in turn will support your ability to influence others.
3. Leverage Technology Wisely: Using technology to build your influence is a must in today’s digital age but ensure that you are doing so wisely. Utilise it to your advantage but be mindful of its limitations. Video conferences, webinars, and social media can extend your reach, but they still don’t create the same impact as face-to-face interactions Be mindful of how and why you use technology in your communications efforts and ask yourself if this is the right platform or appropriate messaging for your audience and brand. With the rise of generative AI, employing a platform like ChatGPT to draft thought leadership and persuasive messages is being seen as a valuable time saver for busy executives. However, generating content this way without your own perspective does little to portray your unique voice, match your tone and can occasionally generate inaccurate or misrepresentative information. To be truly influential, you need to own your narrative and your messaging instead of handing over to AI. Generative AI is an incredible technology, but again has its limitations. Use it as an assistant to your efforts rather than letting technology take full control.
4. Develop a Community and Open Communication: Both online and offline, you should be listening as often as you speak and empowering others to share their thoughts as well. Do not just share or ‘publish your own thoughts and expect that to be enough to position you as ‘influential.’ The most successful influencers are those who build communities of trust first. Spark valuable and thought-provoking conversations with others. Invite your audience to share their opinions and respond to them. Comment on what others have to say be that in your organisation, in your industry or on a wider platform. Influential leaders do not exist in isolation.

As a leader, take the initiative  to create a culture that encourages and supports open communication and collaboration. Encourage feedback, welcome diverse perspectives, and ensure that information flows freely. A transparent, open culture fosters trust, honesty and creates alignment. It also makes it easier to generate buy-in for initiatives or strengthen decision-making through collaborative input.

5. Continuously Learn and Improve: Building your influence will not happen overnight, and effective communication is not a static skill. You should always strive to learn and improve your messaging and your method of delivery. Seek feedback, stay updated on trends, and adapt accordingly. A commitment to ongoing self awareness and growth will help you to become influential long term, which will prove valuable in times of both prosperity and turmoil.

When leaders lead by example, showcasing values and behaviours that align with the bigger picture and a shared purpose, they set the tone for those around them. This sparks a ripple effect that in an organisation creates greater workforce cohesion, fosters innovation, and improves agility and resilience in the face of challenges. In an era characterised by rapid change and complexity, influence becomes even more valuable. Leaders who can adapt and communicate effectively in diverse and cross-functional teams are better equipped to guide their organisations through tumult, bridge gaps, resolve conflicts, and navigate uncertainty with grace.