Weathering the Brexit Storms with Change Management Best Practice
FTI Consulting takes a look at leading people through change and provides some top tips for leaders. With the UK voting to leave the EU, a new Prime Minister taking office 21 days later, and the upcoming US presidential election looming, we are all too aware of how ferocious the winds of change can be.
Business leaders need to strike a delicate balance with their people between the reality of the challenges they face and hope for the future. Yet collective wisdom accumulated through past moments of upheaval tells us that change can be managed successfully and can even present unforeseen opportunities for businesses and leaders to learn, grow and prosper.
Change is inevitable; the trick is to turn challenging circumstances to your advantage.
For those that remember the property crash of the 80’s, the dotcom bubbles and the 2008 financial crisis, they know only one thing is certain: financial markets and employees don’t like uncertainty. And yet, they might have to get used to it. There’s more to come.
In a recent poll conducted by FTI’s Strategy Consulting & Research team, 85% of institutional investors surveyed thought it likely that a new quantitative easing programme would be introduced as a result of post Brexit events, and 55% felt it likely the EU would try to punish the UK to discourage others from following the same path. Nearly half (49%) felt it likely companies would relocate from the UK into the EU [see graph 1] and the large majority of those surveyed also felt that in the years following Brexit (and potentially up to 5 years afterwards) the UK would experience worsening economic conditions.