Two of the five most frequently quoted concerns in the board room relate to government: overregulation and geo political uncertainty. Breaking it down, what are the key trends to recognise and prepare for?
What you face when you run a business today
- Customers expect more, say so and everyone hears them
- Fierce competition for the best talent
- Employees expect more and only stay as long as they grow
- New competition from non-traditional companies
- Value chains: Profit moves to infrastructure and data owners
- Corporate Social responsibility as an add-on isn’t enough anymore
- Long term investments must include Shared Value
- More written and unwritten rules of doing business
- Your actions today will be judged against the standards of tomorrow.
What government is doing that impacts you
- Governments adjust regulatory frameworks faster and more decisively.
- Transparency laws implemented (e.g. MIFID).
- Governments compete with other governments, but also…..
- Intensified collaboration within governments and between governments
- Enforcement technology (e.g. parking, speeding, fraud, tax evasion).
- Fines on the back of ABC legislation, Anti trust and Privacy legislation.
- Consequences of retreating US leadership, assertive Russia and emboldened China.
Government Relations staff oftentimes act as the antenna for your organisation. Bringing the outside in and helping you navigate an increasingly complex environment. Given what is happening outside, for your organisation to thrive, the GR function needs explicit support. Is it getting enough of it?
Posted on 08 April, 2019.