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Extended Leadership Team
Michael Pratt AM
27 February 2020
Welcome!
Jo Blackwell
Update
Michael Pratt AM
Impact on Leading and Managing
DiversityEqual Opportunity and
Representation
ONEWorld Class Culture
Treasury Impact
Macro Challenges
Leadership impact
• Drought• Bushfires• Novel Cornavirus epidemic
• Reprioritise • Resourcing• Deliver Strategy and Outcomes
• Mission clarity• Stability• World Class Engagement
What is the impact?
Leadership impact in two vital areas
Stephen Johnston, Korn Ferry
Why Leadership MattersLeaders who adapt and excel in disruptive times.
Why leadership matters
1 Bn
200,000 years 1800
7 Bn
40 years
2x
Today200
years
Rapid growth of middle
class in Asia
Climate Change Digital technology
Domestic challenges –
productivity, education, tax
system, congestion and energy
prices
Aging population
Citizen expectations &
Societal pressures
Today’s leaders must deal with many trends and disruptions
Forces of
change
2.2x
faster than their
counter parts in the 90s-2000s
1965
33Ye a r s
2010
19 Ye a r s
The forces of change are accelerating,creating winners – and losers – faster than ever
Average S&P 500 tenure Young firms scale
~40X increase(data generated in zettabytes)
D A T A P R O L I F E R A T I O N
~2X increasein number of
connected devices
C O N N E C T I V I T Y
Exponential acceleration(calculations per second per $1k)
C O M P U T I N G P O W E R
The current wave of digital disruption is measurably differentfrom prior eras
The pace will accelerate as
expect to multiply the
c h a n g e i n i t i a t i v e s
they will undertake
75%
The typical organization
has undertaken
m a j o r f i r m - w i d e
changes in the past 3 yrs
5
How can I create an organisation
that will succeed in a world
of unpredictable and
accelerating change?
M o s t c o m m o n q u e s t i o n
Why Leadership Matters
Volatile Uncertain Complex Ambiguous
What matters in leadership?
Quick table discussion and post some thoughts on Slido
Visit slido.com on your phone
Enter event code #ELT1
Why
does leadership
matter at Treasury?ELT1
Why Leadership Matters
There may be a no more challenging, critical and strategic
endeavour than accelerating the development of leaders
who create enduring value ACROSS the enterprise.*
Leadership changes everything
*Kevin Cashman, author, Leadership from the Insight Out and The Pause PrincipleGlobal Leader of CEO & Executive Development, Korn Ferry
What matters in leadership?
Vision Understanding Clarity Agility
What matters in leadership?Fortunes Worlds Most Admired Companies
Agility
Authenticity (openness and transparency)
Emotional intelligence
Embracing diversity
Conceptual thinking
A global mindset
Working with people in other organisations
Skill with data and analytics
Humility (acknowledging mistakes and limits)
Facilitating virtual collaboration10%
5%
4%
9%
4%
3%
4%
2%
2%
2%
56%
69%
76%
78%
78%
81%
84%
86%
87%
91%
Disagree Agree
How important will each of the following capabilities be to the success of leaders in your organisation in 2025?
*FORTUNE’s World’s Most Admired Companies 2018 survey
What matters in leadership?
Quick table discussion and post some thoughts on Slido
Visit slido.com on your phone
Enter event code #ELT1
What matters in
leadership?
ELT1
GLOBAL INNOVATION INDEX
• We aggregated the assessment data at country level and related it to the Global Innovation Index (GII) 2018. There is a strong correlation between leaders in the most innovative nations and high performance on the five ADAPT dimensions.
GLOBAL LEADERS
• Measuring for the ADAPT Competencies and Traits, Korn Ferry assigned an ADAPT score to all 150,000+ participants in our assessment database across countries and modeled country-specific profiles.
ANALYSTS
• We surveyed 800 market analysts about what they looked for in leadership and organizations to recommend investing in one company over another. All were clear: the business landscape will be more disruptive, and they place a high value on transformational capability in leaders and the organization.
RIGOROUS “FUTURE FORWARD”LITERATURE REVIEW
• We anchored our outcome metrics and focus in the future, not just past research. We canvassed futurists and many other forward focused trends to triangulate leadership implications. This led us to the five ADAPT dimensions.
“BEST IN CLASS” LISTS
• We compared the ADAPT assessment scores of leaders on “Best in Class” lists: Fortune’s World’s Most Admired Companies, Fortune's Fastest Growing Companies, Forbes' Most Innovative Company, etc. Leaders from these companies scored higher across all five ADAPT dimensions.
Not a typical literature review
Participate in flow of knowledge
• Innovation in future is very different than
the past. It is social.
• Protective and self-reliant to Networked,
sharing, co-created
Does ADAPT relate to forward
focused business
performance?
How many are there?
How would analysts view this?
The self-disrupted leader research
DRIVE
Energize people
Give purpose
ACCELERATE
Implement ideas
Use quick
prototyping
Activate Perform and Transform through ADAPT behaviours
ANTICIPATE
Demonstrate contextual intelligence to make quick judgments and create opportunities; focus on the societal needs that the organisation wants to serve; provide a direction to unify collective efforts even among disoriented environments.
DRIVE
Energise people by fostering a sense of purpose; manage the mental and physical energy of themselves and others; nurture a positive environment to keep people hopeful, optimistic, and intrinsically motivated.
ACCELERATE
Manage the flow of knowledge to produce constant innovation and desired business outcomes; use agile processes, quick prototyping, and iterative approaches to rapidly implement and commercialise ideas.
PARTNER
Connect and form partnerships across increasingly permeable functional and organisational boundaries; enable the exchange of ideas; combine complementary capabilities to enable high performance.
TRUST
Form a new relationship between the organisation and the individual that centres on mutual growth; integrate diverse perspectives and values; help individuals to uncover their sense of purpose and facilitate them in providing their maximum contribution.
For each row, circle the descriptor that most describes the focus for leadership at Treasury(only choose one per row):
Bringing clarity in times of volatility
and ambiguity
Driving people´s energy and
motivation to perform
Pursuing continuous innovation
through rapid cycles of
experimentation
Promoting collaboration where
interdependency is voluntary and
transitory
Integrating diverse perspectives to
build trust
Identifying opportunities when
facing challenges and obstacles
Fostering a sense of purpose that
unleashes people´s discretionary
effort
Applying quick prototyping and
iterative approaches to rapidly
implement new ideas
Building partnerships that
promote people working together
in adaptable manners
Securing people’s commitment to
shared objectives in increasingly
heterogenous environments
Anticipating long-term challenges
and opportunities to guide short-
term judgements
Energizing people who are change-
weary
Promoting agile ways to empower
people´s creativity and build new
solutions
Fostering an environment of
openness that constructively
enables the exchange of ideas
Building employment relationships
of mutual growth that facilitates
individual’s living their purpose
Providing direction to unify
collective efforts, even among
disoriented environments
Managing the mental and physical
energy of self and others to
maximize effectiveness
Managing the flow of knowledge
through principles of Design
Thinking and Lean
Connecting and forming
partnerships across increasingly
permeable functional and
organizational boundaries
Promoting an inclusive
environment where differences
are appreciated and valued
Keeping up to date with market
trends and insights of tomorrow, to
build a sense of urgency to tackle
opportunities today
Encouraging optimism in the face
of obstacles and setbacks
Experimenting with new ideas;
seeing failure as practice to get
better
Combining complementary
capabilities that enable high
performance
Fostering the belief that strength
lies in differences, not similarities
Believing that if you wait too long
you will have bigger problems that
could have been avoided
Believing that people can give up
old routines and reskill themselves
to navigate uncharted territory
Believing that knowing how to let
go of control and empowering
people to create, is critical to
unleashing potential
Believing that friction and tension
between ideas produces new and
better ideas
Believing that differences do not
divide people; the inability to
recognize them does
Believing that disappointment is
inevitable; being discouraged is a
choice
Believing that empathy reduces
defensiveness and replaces it with
positive energy
Believing that one will never
accomplish something perfect, go
for 80% right
Believing that no matter how good
you are, people around you will
have all kinds of ideas to be better
Believing that the no one cares
how much you know, until they
know how much you care
TOTAL TOTAL TOTAL TOTAL TOTAL
A D A P T
Sum the total number of items circled per column in the space provided at the bottom.Enter the highest score(s) via Slido
EXAMPLE
Bringing clarity in times of volatility
and ambiguity
Driving people´s energy and
motivation to perform
Pursuing continuous innovation
through rapid cycles of
experimentation
Promoting collaboration where
interdependency is voluntary and
transitory
Integrating diverse perspectives to
build trust
Identifying opportunities when
facing challenges and obstacles
Fostering a sense of purpose that
unleashes people´s discretionary
effort
Applying quick prototyping and
iterative approaches to rapidly
implement new ideas
Building partnerships that
promote people working together
in adaptable manners
Securing people’s commitment to
shared objectives in increasingly
heterogenous environments
Anticipating long-term challenges
and opportunities to guide short-
term judgements
Energizing people who are change-
weary
Promoting agile ways to empower
people´s creativity and build new
solutions
Fostering an environment of
openness that constructively
enables the exchange of ideas
Building employment relationships
of mutual growth that facilitates
individual’s living their purpose
Providing direction to unify
collective efforts, even among
disoriented environments
Managing the mental and physical
energy of self and others to
maximize effectiveness
Managing the flow of knowledge
through principles of Design
Thinking and Lean
Connecting and forming
partnerships across increasingly
permeable functional and
organizational boundaries
Promoting an inclusive
environment where differences
are appreciated and valued
Keeping up to date with market
trends and insights of tomorrow, to
build a sense of urgency to tackle
opportunities today
Encouraging optimism in the face
of obstacles and setbacks
Experimenting with new ideas;
seeing failure as practice to get
better
Combining complementary
capabilities that enable high
performance
Fostering the belief that strength
lies in differences, not similarities
Believing that if you wait too long
you will have bigger problems that
could have been avoided
Believing that people can give up
old routines and reskill themselves
to navigate uncharted territory
Believing that knowing how to let
go of control and empowering
people to create, is critical to
unleashing potential
Believing that friction and tension
between ideas produces new and
better ideas
Believing that differences do not
divide people; the inability to
recognize them does
Believing that disappointment is
inevitable; being discouraged is a
choice
Believing that empathy reduces
defensiveness and replaces it with
positive energy
Believing that one will never
accomplish something perfect, go
for 80% right
Believing that no matter how good
you are, people around you will
have all kinds of ideas to be better
Believing that the no one cares
how much you know, until they
know how much you care
TOTAL TOTAL TOTAL TOTAL TOTAL
A 1 D 3 A 0 P 1 T 2
What Matters in Leadership
If I had asked people what they wanted, they would have said faster horses
Henry Ford
Build a cheaper, better, faster horse
Every single organisation needs to simultaneously
imagine the car
World Class leaders have impact through mastery of two vital activities
1. Run the business reliably and effectively
2. Change the business to capitalise on unpredictable opportunities
PERFORM
Run the business
TRANSFORM
Change the business
How we develop world class leaders
IMPACT
What is my leadership context?
Who am I to lead?
OUTSIDE IN
• Megatrends• Disruptive forces• MOG• Premier’s priorities• Community expectations
INSIDE OUT
• Purpose• Talents• Values & motivations• Mindsets• Identity
Anticipate Accelerate TrustDrive Partner
Our goal of 75% overall employee engagement will be realised when:
How we develop world class leaders?
Thank you!