AIM WA 2018 Leadership Summit: Advice for Emerging leaders – Be Passionate, Engaging and Think Long Term

ASK THREE of Western Australia’s most successful and recognised finance leaders what advice they would give the next generation of leaders – and prepare for some interesting responses.

That was certainly the case at last week’s AIM WA Leadership Summit 2018 when an engaging panel comprising Economic Regulation Authority chair Nicky Cusworth, PwC Perth managing partner Michelle Tremain and Bell Potter Securities head of wealth management Heather Zampatti was asked this question.

You should be studying economics, said Cusworth, lamenting the decline of core economics at university today.

An economist by profession and deeply passionate about her chosen discipline, Cusworth went on to highlight perhaps the most pressing issue facing today’s society, and therefore the largest challenge for our emerging leaders – short-termism.

“I think people don’t understand how important economics study can be, not just in terms of doing an economist’s job or a regulator’s job but in giving good policy advice to government,” Cusworth said.

“And one of the things we have seen over the last few years is either good advice is not given, or it is not being listened to. The consequences of that are that governments can make wrong decisions or make shallow decisions or make short-term decisions.”

Cusworth’s point about the short-termism is very real, not just in terms of policy settings and the pressure on leaders to achieve in the short term – often at the expense of considered, long-term planning.

But it probably also reflects the fact that too often the next generation is short-term in its employment and career outlook, and too often will succumb to the temptation of current trends rather than long-term ideals.

And with a rapidly changing work environment there are also changing demands for skills – and pressure for participants to continuously right-skill.

PwC’s Tremain says her key advice for the next generation of leaders is that it’s all about people skills.

“It doesn’t matter which profession you are really interested in because what will be the differentiator will be you being able to understand what people need,” Tremain said, and the ability to adapt your skill set to relate it to those who need it. 

This becomes particularly relevant in today’s era of constantly changing job descriptions driven by industrial disruption.

Combining Cusworth’s and Tremain’s advice is perhaps the most important tip for tomorrow’s leader.

Do what you are passionate about, urges Bell Potter’s Zampatti. 

“I believe we are all skill sets that are transportable, and we all have a mix of skill sets. Throughout your career you will pick up things and you learn what you like and what you don’t like. And then you get to a point in your career where you want to excel, and then it becomes very much about something you are passionate about.”

No one will deny that pursuing something that you are passionate about is crucial. As are the need for people skills. And, in relation to Cusworth’s advice, think long term. 

You may not get there straight away but with the right passion and willingness to work and engage with people, you are on the right path towards being a strong leader.