Waypoint Insurance - Risk & Business Magazine Waypoint Insurance Summer 2020 Magazine - Page 21

VIDEO CONFERENCING is to cascade the strategy throughout the organization and encourage employees to brainstorm ways in which they could best contribute to that strategy. A contest could even reward the business unit that comes up with the best plan for implementation, turning the process into a friendly competition that engages employees and helps ensure their ownership of the new initiative. MOTIVATE: At the end of the contest, the company could host a celebratory banquet to recognize the winners with awards such as “Most Innovative” implementation plan. This could be the first time that participants meet physically instead of virtually and should receive high visibility to help motivate employees and build camaraderie, which then prepares the organization for the tough work of strategy execution. Make no mistake: I am indeed calling for a major overhaul of strategic off-sites. The truth is that far too many traditional off-sites simply don’t work. They are well-orchestrated gatherings conducted mostly for show after important decisions have already been made by a small cadre of executives in backroom deals. It’s no wonder so many companies end up with “let’s do more of the same” strategies that lack innovative thinking and fail to muster enthusiastic support. To devise strategies that are based on keen insights and breakthrough ideas, companies need to open up the process, bringing in the entire organization. And the best way to do that is through the use of virtual technologies. + Keith Ferrazzi is the Chairman and Founder of Ferrazzi Greenlight, a research institute founded on the pillars of behavioral science and its effects on business. Keith started his career as the youngest CMO at Deloitte Consulting, then went onto become CMO of Starwood Hotels and Resorts, founded and sold two companies, and solidified his status as a successful entrepreneur. Keith now works with high-impact teams within Fortune 100 companies all over the world transforming and cultivating behavioral change, radically affecting business operations. KeithFerrazzi.com 21