ESG regulatory change, startup CFO and cultural thinking's role in an organisation
In this week's Hanover Talent Insights:
?? Navigating ESG regulatory changes: what you need to know
?? How Hanover successfully executed a search journey for a diverse CFO
?? What part does cultural strategic thinking play within an organization?
?? Tips for a successful board effectiveness review
Navigating ESG regulatory changes: what you need to know
As you’ll be well aware, the field of sustainable investing and environmental, social and governance (ESG) factors has gained significant momentum in recent years. As businesses strive to align with ESG principles, it’s essential to understand the evolving regulatory landscape. In the EU, regulatory changes for ESG laws, which will include a specific focus on reporting and equality quotas and will be mandatory for many companies, are on the horizon.?
Although the exact details of these changes are not yet known, it’s crucial to start preparing for them. This article aims to provide an overview of what you need to know, what actions you should take, and how the partnership between Illoominus and Hanover can assist you in navigating these regulatory changes effectively.
Understanding the ESG regulatory landscape
The regulatory environment surrounding ESG data usage can be complex - and added to that, it’s different across different markets. This complexity often leads to confusion regarding what data can and cannot be used.?
When it comes to utilizing data for ESG purposes, organizations face several considerations, including data protection and compliance with the General Data Protection Regulation (GDPR). Many leaders are unsure about what they can do and where to start. However, it is crucial to recognize that regulatory changes are happening in 2024, and companies must be prepared.?
Case study: How Hanover successfully executed a search journey for a diverse CFO
I recently finalized a very specific executive search with a new client who was looking to bring expertise, knowledge and diversity into their senior team.
My client, a mission-driven, vertically integrated investor, developer and operator of life sciences, research and mixed-use real estate, approached Hanover with a unique requirement. Even though they had an internal HR team, they were looking for external expertise with a search firm that specializes in the real estate sector.
Overcoming the competition
But my client didn’t just approach Hanover, of course. They did their due diligence as we would always expect, and spoke with several executive search firms.
So, how did we beat our competitors to win the mandate? It was our unique combination of deep real estate experience and a research-driven process that set us apart. Initially, my client entrusted us with formulating a job description for the CFO role without their input. This allowed us to showcase our proficiency in understanding industry-specific roles, an ability honed through years of experience.
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Creating the perfect job CFO description
Leveraging eight years of real estate search experience, I crafted three distinct job descriptions for the CFO role; one focusing on strategic leadership, the second on an accounting background and the third a blend of both.?
This versatile approach allowed us to cover all possible preferences the client might have for the CFO position.
What part does cultural strategic thinking play within an organization?
Cultural strategic thinking is a critical driver of organizational success. Leaders who are encouraged and able to think about both culture and strategy can mold and drive your organization’s ability to make decisions, innovate, adapt, and engage with your stakeholders.?
So, what is cultural strategic thinking? If you consider culture to be part of your organization’s lifeblood, it represents shared values, beliefs, norms, and behaviors. Strategic thinking, meanwhile, is the ability to anticipate, envision, maintain flexibility and work with others to create strategic change.?
The combination of these two components is “cultural strategic thinking”. Understanding the significance of this can be a game-changer, as it enables organizations to thrive in an increasingly competitive business landscape.
How are culture and strategic thinking linked?
Culture is often seen as a firm’s personality. Different company cultures, such as an adhocracy culture that values innovation and adaptability, or a hierarchy culture that puts more emphasizes order and control, greatly influence the company's strategic decisions and behavior.?
Different types of organizational culture lead to distinct forms of strategic thinking. An adhocracy culture, for example, encourages disruptive thinking and risk-taking, while a hierarchical culture emphasizes meticulous planning and procedure. Understanding these types of work cultures will help guide strategic thinking and decision-making processes.
A good example of the power of cultural strategic thinking is from Hanover client, Dudley Building Society. Hanover supported Dudley through a culture shift, which empowered employees and boosted team performance through a series of profiling, benchmarking, development planning and measurement, with a focus on leadership. The results are extremely positive, with individual improvements across the board and a marked upgrade in organizational culture.
Tips for successful board effectiveness reviews
A board review offers the opportunity to really move the needle for your business. It’s crucial for every board member to be present and be prepared.
Before any BER, whether it’s internal or external, these tips from?Elle Robinson?will help you reach a successful outcome.
Learn more here:?https://lnkd.in/eVVqmpid
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