In June 2016, the UK voted by a small majority to leave the European Union and we have now entered a transition period which is set to conclude on 31 December 2020. Over the last few years, Brexit has brought about fear and uncertainty for the UK economy, and this year will be no different. It’s a key time to cultivate leaders, build trust and collaborate effectively together in order to navigate successfully through the changes.
In order to survive, and most importantly to succeed, organisations will need to fully prepare and get ready to respond and adapt to change. In terms of coaching, the focus will be on managers and executives adapting their current style of working in order to steer their way through this time of limbo and develop the resilience of themselves and their employees. Leaders can no longer rely on their old styles of working. The ability to be open, flexible and agile under the current market pressures is key in order to navigate through the uncertainty. It is also an important time to motivate and unify organisations, and only through good leadership can this be achieved. Some organisations may think about nurturing their junior leaders now – giving them more responsibility and empowerment, allowing them to trial and error and thus transforming the current working culture.
The Financial Banking Sector is looking to be largely affected, particularly firms which carry out business between the UK and the European Economic Area. Meticulous planning is needed to prepare for varying outcomes until we reach the end of Brexit negotiations later this year. With great concern over the possible long-term negative consequences to the UK economy, some firms with European headquarters located in the UK may be considering moving their operations to an EU country. With such a huge change – settling into a new country and reforming teams – resilience and executive coaching will especially be needed to ensure a smooth transition period. Other organisations may need to expand their operations after Brexit with emerging financial centres outside of the EU. In this scenario, firms will want to ensure they are well placed to capitalise on long-term opportunities ahead of their competitors but also to mitigate the short-term risks. Enhanced and innovative leadership is therefore crucial. Executive and Team coaching, as well as Systemic Constellations, constellating a company at a C-suite level, can be hugely helpful to build and sustain success in this climate of change.
Perceptions will need to be altered: Brexit is a time to flourish, rather than a time to crumble. Clear communication across all levels and enabling people to fulfil their full potential is imperative. And through all of the uncertainty, the one thing that remains certain is that those who re-invent themselves and overcome the initial shortcomings, will be the ones who come out on top and take advantage of the opportunities for growth.
Contact Joanna at Distinctions Executive Coaching today to see how she can help you with your coaching journey.