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It’s tough to be a business right now. Recession and inflation are colliding with significant impact to fiscal growth. Despite challenges, businesses continue to show resilience as many survive and thrive in the face of economic uncertainty. But necessity is the mother of invention, with companies seeking to change their fortunes proactively, rather than becoming hostage to macro-economic trends. 85% of senior leaders have been involved in two or more major transformations in the last five years, according to data from EY.
Navigating organisational change in challenging economic times can be tough and involve difficult decisions, but there’s a positive, more holistic and human-centred way to overhaul a business—by listening to people.
It’s a cornerstone of how EY teams work in helping transform businesses, says Benoit Laclau, consulting managing partner for the UK and Ireland at EY. “We help organisations build cultures which centre transformation around people” he says. “By working with their people first to understand transformation requirements and impacts, we help simplify and enhance the running of a client’s business in a way that benefits the business as a whole.”
The approach is a tried and tested one. In studies conducted by EY and Oxford Said Business School, it was found that the most successful companies—ones that generate exponential value—put people, whether customers or employees, at the heart of their organisations. In fact, in a survey conducted by EY and Oxford University Saïd Business School it was found that organisations which put humans at the centre of transformation are 2.6 times more likely to succeed.
But too few companies do that, according to Laclau, which is why EY is often called upon to help enact that mindset shift. It involves reframing how a company works, rebuilding in a more customer- and employee-centric way. “For decades, we’ve been focusing on putting people at the heart of experience redesign, as they’re the ones who are most affected by any changes,” says Laclau.
One example of the consultancy being brought in to refigure how an organisation works is at Maidstone Borough Council, which was attempting to address homelessness in the area, which had risen by 58 percent in a little over five years. It was an issue exacerbated by disconnected data that failed to provide the insight and crisis indicators council staff needed to act proactively. The challenge set was to understand if data could stop homelessness before it starts.
EY teams and technology partner, Xantura, began working with the council, collaborating to develop a people-centric, data-rich tool called OneView that combined predictive analytics and natural language generation capabilities. The tool could identify residents at risk of homelessness and help the council devote resources to intervene to help people before they fell into homelessness. Within the pilot year of the scheme, nearly 100 households were saved from being left without a home. Since then, OneView has helped reduce homelessness across Maidstone by 40 percent.
The OneView program succeeded because it put people at the centre of the process, working collaboratively with all stakeholders, asking the right questions and reaching better answers. “People are central to the better running of an organisation, and so putting them at the core of any transformation increases its likelihood of success,” says Laclau.
The project has had a transformative effect on Maidstone as the borough faced a major homelessness problem. The results had a halo impact beyond the immediate issue. The program, generated £2.5 million in broader societal savings, reduced time taken on administrative tasks by 61 days and consolidated 15 different data files together, allowing easier access to important information for Maidstone Borough Council employees.
Countless organisations have managed to make meaningful, long-lasting, successful change by adopting a people-first approach. It is all part of the transformation journey that many businesses are undergoing during challenging times. While complex transformations are daunting, particularly at moments of economic downturn, success is possible with people by your side.
Can your organisation follow in Maidstone’s footsteps? What’s stopping you from realizing your transformation? Achieve your transformation goals with EY.
This article was originally published by WIRED UK
