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Making the most of 2024 – How can Leaders and Managers Approach this Year to Drive Greater Impact?

Amrit Sandhar (CEO/ Founder, &Evolve)

Before we consider how leaders and managers can better engage and support their employees, we need to take a step back and consider what is happening in society overall. We’ve seen a huge rise in populism, since Brexit and then with the surprise election results in the U.S. with Trump becoming president in 2016. Michael Cox from the London School of Economics describes populism as reflecting ‘a deep suspicion of the prevailing establishment, that this establishment in the view of most populists does not just rule in the common good but conspires against the people.’ With the decline of trade union memberships from an all-time high of 13.2 million in 1979, to approx. 6.25 million in 2022, and with concerns about the trust in HR departments, there is a risk that this populist wave that seems to be pervading society as a whole, may be having an impact on our workplaces, with no one perceived to be looking out for the ‘ordinary people’. Whilst the Endelman Trust Barometer has consistently shown that more people have trust in their organisations than they do of their governments, however, with demands by some to be back in the office environments, it’s highlighted the tension that exists in whether employers really have the ability to trust their employees, and whether employees can really be trusted. And then who stands for the needs of employees if not HR or a union? It seems inevitable that this deep mistrust of the ‘establishment,’ will go on to impact how some people feel about their workplaces.

In a world full of division, our workplaces can be the one place where no matter what your politics, religious or sexual orientation, your background or upbringing, we can create a sense of belonging, work with purpose, have a feeling of self-worth, as our careers or roles often form a fundamental part of our identity. These aspects can go on to help define the degree to which we identify with our organisations as viewed from the psychological concept of Social Identity Theory. So, taking all this context into account, what should Leaders and Managers consider as their focus for 2024?

Leading with Empathy

An accusation made of some politicians is that they don’t understand what ordinary people are going through, often detached from the pain of survival during the financial hardship of the cost of living. Empathy has been highlighted over decades as being important, but still many managers and leaders struggle with it. To understand and share one’s feelings, is not enough, unless a person can express that empathy so others can see how much a person understands and shares those feelings. Expressing empathy requires action – the ability to act when seeing people are being overworked, the ability to show a genuine interest in peoples’ lives, the willingness to help people struggling with personal problems and showing compassion and care during times of loss or hardship. Leaders and managers often think they need to be seen as resilient and ‘keeping it together,’ remaining calm and in control. The truth is, that being vulnerable opens Leaders and Managers to express those emotions others are experiencing daily, leading to greater empathy.

Being Better Advocates for Self-Care

We’ve heard so much about the importance of wellbeing over the years, yet it’s hard to truly focus on your own wellbeing when everyone around you including your manager is seen as not prioritising their own wellbeing. By acting to look after our own wellbeing, we give permission for others to do the same. This is about breaking the cycle from talking about the importance of wellbeing, to showing the importance of it. Many would assume that those who look after their own self-care and that of others around them, will be naturally caring and compassionate people. Leaders and managers know that giving 100% on any given day will vary hugely, depending upon how individuals are feeling, what’s going on in their personal lives and what’s on their minds. Leaders and managers are not always the people who bring about pressure and stress at work, it’s often employees being hard on themselves. Supporting employees to understand that considering what they might be experiencing, if the best they can give that day is all they can give, then that is their 100% and that’s good enough. This goes together with personal recognition. Self-care is often seen as only focused on wellbeing, but when leaders and managers can recognise and celebrate their own achievements, they are more likely to see those in others. Culturally, across many organisations people are still too reluctant to shout about their achievements, often citing what they have yet still to do, or highlighting any achievements down to luck.

Leading with Authenticity

People are tired of a lack of truth. Whether it’s the news, social media, discussing topics with friend or family, there is so much confusion and mistruths (which may be what’s driving some of the populism that we are seeing) – we are more aware of it, and therefore we are looking out for it. In the world of work, leaders and managers need to lead being themselves, being more human and being more aligned to who they really are. This requires every leader and manager being aware of their own personal values and living their lives aligned to them. There’s something so refreshing when you meet an individual who knows what’s important to them and lives their lives aligned to that – we are drawn to them. This in turn goes on to create a more relaxed environment at work, where others can be more of themselves, feeling more psychologically safe. When we meet people who are anxious and on edge, it seeps out through every pore, and the mirror neurons kick in, causing emotional contagion. Leading authentically, with care and compassion, will create a culture where employees – whether remote or on site, begin to experience that culture, where they feel the impact through every interaction, every Teams call, email, phone call or visit to the office. People want to be their best at work, and it doesn’t come from working in a fearful environment where people are treading on eggshells. This is an opportunity to stop the clichés, to stop squaring that circle, and just to humanise the workplace through expressing behaviours aligned to our values, making how we are at work less of an effort.  

We have a golden opportunity to redefine our workplaces this year, to stop rhetoric and lead with empathy, authenticity and truly valuing employees, making them feel more comfortable, valued and cared for, wherever people choose to work from, allowing for the creation of a stronger connection to the organisation and the cultures we create.


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Enhancing sustainable commitments in retail banking

Source: Finance Derivative

Mikko Kähkönen, Head of Payment Cards Portfolio at Giesecke+Devrient

Today, more consumers are keeping environmental pledges from banks at the forefront of their financial decisions, and those banks that fall behind their competitors on sustainable action are risking the loss of customers, particularly among the younger generation. This shift highlights a growing expectation from consumers for their banks to make and uphold sustainable commitments, signalling a change in consumer priorities where environmental responsibility is increasingly seen as essential, not just an optional extra. Giesecke+Devrient research shows that as many as 64% of Gen Z consumers would be happy to switch banks if their current provider didn’t meet their expectations.

However, sustainable commitments must be authentic to avoid any accusations of greenwashing. Unfortunately for the banking sector, consumer trust is being strained as greenwashing incidents have risen by 70% around the world. Banks can’t simply make claims that can’t be backed up; pledges must be supported by evidence. There’s a number of practical steps they can take to prove their credentials.

Banking on the evolution of cards

The bank card has increasingly become a physical symbol of the relationship between consumer and bank. As such, banks have taken steps to ensure that it is designed with sustainability in mind. Many are now created with recycled PVC material, commonly up to 100%, with a lower carbon footprint.

Some banks are elevating their sustainable credentials by utilising cards that are made from plastic collected in oceans and coastal regions, helping to clear up the world’s beaches. Alongside this, others are issuing cards made of polylactic acid sourced from (inedible) corn starch. This is a fully renewable biomass that could be industrially composted.

Sustainable cards can then encourage further sustainable initiatives. We’re more often seeing issuers now actively taking part in local conservation, community development and educational projects around the world to help benefit the planet. Communicating these efforts to customers can help reinforce sustainable credentials and leave tangible evidence that proactive action is taking place.

Contributing to the circular economy

Powering the sustainable credentials of issued cards is one aspect, but it’s also vital that banks encourage their customers to do the right thing with them once they expire and they need to be discarded of. We’re already seeing prominent banks making progress in this area. UK retail bank, Santander, has launched a pilot scheme in branches and ATMs that encourages customers to return their outdated credit and debit cards for recycling, for example.

The collected cards are then turned into plastic pellets to be used elsewhere, for instance to make outdoor furniture, sponsored by Santander, for local communities. As more banks opt for card recycling, consumers will be empowered to dispose of their old or expired cards in a green way and help to reduce ecological footprint.

Into the digital world

Outside of card innovations, retail banks can add to their credible green claims with digital solutions. As an example, the card issuance process has typically involved paper letters, with additional PIN letter, that are posted out to customers to activate their payment cards. Instead, an ePIN service can enable customers to instantly access their PIN via their choice of a mobile app or SMS message, reducing paper waste and waiting times.

There are also innovations taking place in terms of QR codes and augmented reality (AR) solutions to enable digital marketing offerings. This means that printed collateral doesn’t need to physically sent out in the post. The more that these types of communications are sent out digitally, the more that consumers see a tangible commitment to sustainable practices.

Banks can even take an additional step by deploying third-party partners to track the CO2 footprint involved with every purchase or payment. By opting for organisations that have a solid track record in green practices, such as supporting product certifications and information on eco-products and their claims, they can make steps to compensate for each transaction carbon footprint.

Contributing to the green story

To ensure they don’t come under any criticism regarding their environmental claims, banks and financial institutions have the opportunity to adopt sustainable practices that align with their customers’ expectations for eco-friendly commitments in both their physical and digital services. They can introduce banking cards made from recycled or entirely compostable materials, eliminating plastic waste.

Digitally, banks can minimise unnecessary paper use by employing online applications to simplify the process of delivering PINs. By innovating in these domains, they can fulfil their environmental responsibilities and establish that essential trust with consumers, contributing positively to the planet’s wellbeing.

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Successfully dealing with the unintended consequences of change

by Daniel Norman, Change Management Consultant at Symatrix

Most people dislike change. We are drawn to stability and established routines and feel unsettled when anything happens to disrupt the ‘status quo’. It’s bad enough when the local supermarket moves the bread section – but when the company we work for introduces a new digital system that completely changes how we work, it feels like ‘the sky is falling in’.

When change happens within businesses, there may initially be some resistance from employees: whether it be in the form of avoiding new systems, skipping training, clinging to old methods, or even quitting altogether. Change in business is a constant, however, and it is usually driven by a desire for improvement, and typically over time, becomes the new normal.

Good change management is all about smoothing this process of transition and that means engaging with people and helping them to seamlessly switch to a new model or ways of working.  Change management is not just concerned with implementing new systems or processes; it is just as much about listening intently to colleagues, customers, and stakeholders.

It’s working with people to get things right, building a deep understanding of the challenges we and our colleagues face, and shaping the vision for a future that resonates with people. Change is most successful when everyone feels they have a part to play in moving things forward. And that’s true of all change initiatives, large and small.

Finding a way forward

When it comes to managing change, it’s important to recognise that everyone will have their own journey; they’ll work through things at their own pace, and that’s more sustainable than pretending we’ll all arrive at the same point at the same time.

 It’s also important to focus on creating a supportive environment, or the right conditions for people to adapt, with as little friction as possible. The goal is to establish conditions that minimise friction and foster a collective sense of purpose. This philosophy is crucial in creating a environment conducive to individual and organisational growth.

Getting the planning process right

When planning for change, it’s essential to consider both the intended and unintended consequences. Just as technological advancements like social media have transformed communication but also introduced challenges such as misinformation and mental health concerns, organisational changes can have extensive, unforeseen impacts. A thorough exploration of current operational practices, beyond process maps or managerial assertions, is therefore, always a vital feature of any effective change management approach.

For that reason, it can often be a mistake to pull out those process maps the team updated 12 months ago or rely on the word of line managers that will tell you ‘this is how we operate’ without taking into consideration the work-arounds or simplifications that employees have developed over time.

Teams will naturally evolve, and patterns of work; ways of doing things that aren’t written down, will always be there. A good change manager must always be cognisant of that. Even small changes, like when a key person in the team changes roles, can have a big impact.

To manage change well, it’s important to talk to the people who will be most affected by it. This helps change managers to plan and effectively execute the change journey. By ignoring these key considerations, organisations risk their change strategy stalling from the outset and the opportunity for operational efficiencies may therefore never be fully realised.

Throughout the process, it is crucial to continuously monitor and measure the impact of change on all key stakeholders. One effective way of doing that is by embracing the principle of change curves: a popular model organisations can use to understand the different stages people and the organisation go through when a change occurs.

An effective strategy involves mapping stakeholders against this curve, whether as individuals or groups, during project check-ins. This approach can help project leaders gauge the current position of every team member on the curve, the impact of the project’s upcoming phase on them, or their colleagues, and additional support measures that could be implemented. Such an assessment facilitates a more tailored and effective change management strategy, ensuring stakeholders are adequately supported throughout the transition.

Not everything will run like clockwork, of course, no matter the change management approach that is put in place. Challenges, setbacks, and opportunities for improvement are inherent to any process, but proactive anticipation and planning for potential worst-case scenarios and unintended consequences significantly enhance our ability to support our colleagues and teams effectively. This strategic foresight is crucial in managing transitions smoothly and realising the intended benefits of initiatives.

A positive route ahead

Change, especially in business, are inevitable and often aimed at fostering improvement and growth. However, the journey through change is deeply personal and varies from one individual to another. By acknowledging this, creating a supportive environment, and engaging with all stakeholders, organisations can navigate the complexities of change with minimal resistance and maximum efficiency.

Effective change management, therefore, is not just about the technical implementation of new systems but about genuinely listening to and working with people to adapt and thrive in new circumstances. It’s about understanding the nuanced ways teams operate, the unofficial shortcuts and workarounds they’ve developed, and considering the broader implications of change beyond immediate operational efficiencies. Through a thoughtful approach that anticipates challenges and values stakeholder input, organisations can not only manage change but turn it into a catalyst for positive transformation and growth.

It is clear then that while people may inherently dislike change, with the right conditions, support, and leadership, the transition can become a journey of collective progress and innovation. Change, managed well, can transform the initial discomfort into an opportunity for development, making the once feared ‘sky falling in’ scenario a launchpad for reaching new heights.

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Embedded finance: What consulting firms need to know

By Michael Pierce, VP of Sales at Toqio

Consulting firms are the architects of change in the business world, offering insights and solutions that guide companies toward growth and success. They navigate the intricate landscape of markets and industries, providing invaluable advice to their clients. In this evolving milieu, an opportunity is arising as embedded finance enters the scene, creating a unique and prospectively vital synergy between consultants and platform providers.

Embedded finance, especially within the scope of B2B enterprises, is a hot topic right now among consultancies and the outlook seems to be quite positive.

To date, much of the initial traction in embedded finance has been in the consumer sector, with products such as no- or low-interest financing, buy-now-pay-later (BNP), and others. On the B2B side, there is an increasing amount of mobilization. In recent months we’ve seen incumbent banks either entering the banking-as-a-service (BaaS) market or enabling their services through open banking partnerships, while strategy firms are busy advising corporate entities on the potential routes they can take. Early adopters have already made embedded finance a cornerstone of their digital or financial transformation programs: MVPs and proofs of concept have been on the rise.

As we all peer forward, the market is starting to look for scalable use cases to take advantage of these massive, predicted opportunities. Companies are searching for solutions that go beyond the hype.

For consulting firms, the messaging remains positive. The fundamentals of embedded finance drive strong service revenue. Even more importantly, the business cases for their clients stack up as well. Numerous opportunities are on the table when consultants incorporate embedded finance platforms into their projects, including increased revenue, improved retention rates, access to a wider range of data for better decision-making, and many more.

Adaptability delivers excellent results

Embedded finance helps to break down barriers faced by many companies when trying to access affordable financial services. By integrating financial services directly into the supply chain, companies can enjoy many benefits, such as liquidity management, credit accessibility, risk mitigation, and many others. That’s one of the reasons why embedded finance platforms are proving to be the latest addition to the consultant’s toolkit. They offer a wide array of solutions that enable businesses to integrate financial services into their products and services. What makes embedded finance platforms especially appealing to consultants is their adaptability and scalability.

Consulting firms understand the need for versatile solutions capable of addressing various business requirements. Versatility and adaptability are key, giving consultants the flexible tools they need to deliver on time and within budget.

Embedded finance platforms are a natural extension of consulting firms’ capabilities as they offer a comprehensive range of financial solutions that integrate perfectly into existing business processes. This alignment provides consulting firms with several advantages, such as  enhanced client services, data-driven insights, streamlined processes, scalability, and versatility.

A match made in finance

The compatibility between consulting firms and embedded finance platforms is readily apparent. Consultants excel at diagnosing business issues and embedded finance platforms provide a precise prescription for financial enhancements.

There is an extensive list of benefits that consulting firms can get from platforms like this. Diversifying their business is just one of them as embedded finance platforms augment the services that consultants offer. They allow consultants to present clients with solutions for intricate business ecosystem operations, such as payment processing, receivables management, and liquidity optimization.

Partnering with an embedded finance platform can also open up new revenue streams as well as being able to scale the solutions built with more agility. Consultants can use them to address the unique needs of projects of any size, whether working with an SME or a multinational enterprise.

The relationship between consulting firms and embedded finance platforms isn’t just about expanding services, it’s about offering integrated financial solutions that improve efficiency, profitability, and competitiveness. This partnership drives results. In a world where businesses seek comprehensive solutions, embedded finance platforms empower consulting firms to address complex financial challenges effectively.

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