6 Key Takeaways from the Deloitte Best Managed Companies Symposium 2019

 

Best Managed Symposium

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As a Deloitte Best Managed Company 2019 the 2468 team got to attend the Best Managed symposium, held at Dublin’s Convention Centre last week. There we attended a range of discussions and presentations, with topics ranging from employee wellbeing to an agile mindset, from customer centricity to being an irresistible organisation. Here are 6 takeaways we took away.

Diversity and collaboration are key to success

The Irish Management Institute’s Simon Boucher set a context for business today which is one of rapid change. The average lifespan for an S&P 500 company has decreased to 12 years, from 61 years in 1956. Larger companies need more and more input and energy to continue to exist. This, among other things, is why collaboration is pivotal – for companies to survive, through the impending economic cycles and to last longer term. The more collaborative the organisation, from senior team down the greater the chance of success.

Diversity within the workplace can also be connected to growth and success – an leads to greater innovation.

When people feel good, they’re much more likely to succeed

Dr John Briffa, MD and Wellness Expert highlighted the link between wellbeing and organisational productivity. If attracting and retaining talent is the number 1 challenge facing businesses in the UK and Ireland today, then taking care of that talent is a key to success. When people’s wellness is attended to, when people are engaged in their roles, they are twice as productive. Ill health causes absenteeism and presenteeism (working while sick) , affecting UK business to the tune of £14bn per annum.

And some tips for good health? Intermittent fasting, cold showers, healthy sleep and limiting mid week alcohol. Simple!

Sleep is valuable – sleep is productive

Dispelling any illusions that sleep was unproductive, and that needing less sleep correlate with high performance, Dr John underlined the connection between a good sleep and productivity. In fact the RAND Corporation has measured the impact of poor sleep, estimated to cost British economy £45bn - or up to 2% of GDP annually. So when you sleep you are in fact driving your productivity. In the workplace we see smart use of light and air to create brighter workspaces, and the introduction of sleep pods to encourage productive napping.

Coffee would appear to be good for you

Dr Griffa confirmed the correlation between a reduced risk of death and coffee drinking. Quite why coffee drinkers appear to suffer less from life limiting conditions, isn’t known, but the link has been established. He pointed out that quality is key – it has to taste good.

Extreme Customer Centricity

"Connect to many, engage with individuals" was the advice of Nancy Rademaker, keynote speaker on the topic of customer centric strategies. Embrace digital tools to do this, she continued, and no half measures – you can only do this in an extreme way, from customer centricity to customer obsession.