There is a lot of talk about growth. In the halls of Westminster and at the Building Society Association Conference earlier in the year, everyone wants growth.
But the more I reflect on it, the more I think the real question is not just who wants to grow. It is who is actually set up in order to grow.
Growth is easy to talk about, much harder to deliver. Just ask any government or CEO.
Because it needs the right skills. The right leadership. The right operating model. The ability to adapt as member needs, regulation and technology all continue to shift. And it needs the shared ambition and strategy of the NEDs as well as the executive leadership.
How do we find the right, skilled leaders? The term ‘skills-based recruitment’ is becoming the modern-day version of ‘competency based’ interviewing. But what do we mean by it? We mean looking for those who can evidence leading the growth of a loan book, not someone who has simply worked at a successful competitor. Someone who has programme managed an IT platform change or digital transformation, which has had measurable impact on the bottom line, not someone who has just had the CTO badge.
What does leadership look like in a high growth business? It needs to be confident, bold, visionary, people focussed but also grounded in reality and with effective management of the risks. Someone who can surround themselves with specialists, trusting they know more about their team and area. They manage their resources adeptly, and know that the team will change, not just the bottom line.
Growth can be doing more of what you are already doing, or moving into adjacent lending niches, or diversifying into different markets, which are growing and where there are attractive opportunities. It can also come from collaborating with other businesses for mutual benefit. The further you move from existing capabilities, the more important it is to identify and acquire the appropriate skills, experience and supporting IT to effectively manage the revenue growth as well as the evolving risk profile.
Ambition matters, of course. But capability is what turns ambition into reality.
That feels like one of the biggest questions for the sector over the next few years.
This is the topic that will launch the ‘Ultimate Conversation’, a video / audio delivered blog focussing on the important issues that the Mortgage and Savings sector face.
The Ultimate Conversation brings together leaders and experts from across financial services to talk openly about leadership, people and the challenges shaping the sector.
Hosted by the team at Ultimate, each episode goes beyond job titles and polished corporate answers to explore how organisations find, assess and develop the people they need to move forward.
Expect honest opinions, practical insight and conversations that challenge familiar thinking about leadership, talent and change. To listen to our first episode where we talk to Andrew Craddock, former CEO at the Darlington and Buckinghamshire Building Societies and now an Advisor at Ultimate, go to Spotify by clicking here