THIS REPORTING SEASON WILL BE LIKE NO OTHER; RADICALLY RETHINKING CEOs; COMMUNICATING EXECUTIVE CHANGES

18 Jun THIS REPORTING SEASON WILL BE LIKE NO OTHER; RADICALLY RETHINKING CEOs; COMMUNICATING EXECUTIVE CHANGES

Welcome to this week’s business & media intelligence update, with insights collected over the past week.

THIS REPORTING SEASON WILL BE LIKE NO OTHER. HERE ARE SOME TIPS ON HOW TO MAKE IT WORK

• It’s almost reporting season, and this time around will be like no other, thanks to COVID-19 and the social and economic policies introduced to tackle the pandemic. This means investors will expect additional information about how companies are dealing with the pandemic – and what’s next. Investors will want that information delivered in new ways. So, what should companies consider as they prepare for reporting season? Read Cannings’ Director Susie Reinhardt’s top considerations for companies this reporting season here.

RADICALLY RETHINKING CEOs

• The legitimacy of major commercial organisations – and the people that lead them – is being questioned in new and fundamental ways. The new model of business leader is one that makes the long-term sustainability and resilience a priority. The World Economic Forum reveals sustainable leaders combine a sustainable mindset – a purpose-driven belief that business is not a commercial activity divorced from the wider societal and environmental context in which it operates—with four differentiating leadership attributes:
  • Multi-level systems thinking
  • Stakeholder influence
  • Disruptive innovation
  • Long term activism

Read more about these attributes on the World Economic Forum.

AND NOW FOR A FASCINATING FINANCIAL IMPACT INDEX FROM THE ACTUARIES. REALLY.

• Analytics and actuarial consulting firm Taylor Fry has compiled a COVID-19 Financial Impact Index that they say, provides decision makers with a granular snapshot of the financial impacts of the pandemic on Australians. The index provides an estimate of reduction in income relative to an individual’s baseline expenses, by post code.

COMMUNICATING EXECUTIVE CHANGES – IT PAYS TO BE “WARM”

• There’s a certain formula to communicating senior executive changes, writes AFR’s Chanticleer columnist Tony Boyd. First you reveal the changeover, outline the new person’s background and talk up their skills. Then you thank the outgoing executive and praise the contribution they’ve made. One example highlighted: announcing the retirement of BHP’s chief financial officer, Peter Beaven, Chief Executive Mike Henry went a step further acknowledging the “support and friendship he has shown me over many years”. Read the article here.

LOVE WILL FIND A WAY

• Like other sectors, the multi-billion marriage industry has had to adapt to the realities of social distancing. And while it has not always gone smoothly (much like marriage), The Economist reports on how the industry globally has coped with the pandemic. Read the full article here.

HOW OUR SUPERMARKET GIANTS AVERTED A PANDEMIC DISASTER

• The big supermarket chains have been criticised in the past for how they manage profitability. But the way Woolworths and Coles reacted to COVID-19 has been praised, especially the way they moved quickly to help vulnerable Australians. This highlights the need for Australian companies to ensure that they balance the needs of all stakeholders and how community trust and customer satisfaction are important KPIs that need to be considered alongside profitability. Read the Sydney Morning Herald article here.

TRANSFORMATION ON THE AGENDA

• Australian business transformation during COVID-19 was also on the agenda at CEDA’s State of the Nation Conference this week. Cannings Director Jennifer Parker shared highlights from the session on critical services during times of crisis in this LinkedIn post, and found key insights were: Focus on staff first; Learn from overseas experience; Support vulnerable customers; Trust and empower your people to get the job done; Don’t defer – either do it thoroughly and quickly or not at all. View the post here.

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