Future proofing your
This time last year, many of us knew we needed to improve how we market, sell and price goods and services to our customers. It was commonly acknowledged that improving online pricing was critical to future growth and success. But everyone assumed they'd have much more time to improve pricing and many put price change and improvement initiatives on the back burner. Fast forward, one year later, and all the pricing chaos, mismanagement and mistakes of the past - left unresolved - invade many business' ability to protect their hard earned volumes and margins during this crisis. This recent crisis has been a wake up call for many executives and pricing leaders. Some pricing leaders, perhaps the ones we least expected, have risen to the occasion. Others have struggled to cope. How can organisations draw on what they have learned to build high performing pricing leaders and teams to accelerate through the turn?
Our point of view
In the next two years we will see more change than we have in the last ten. How we create and capture value for the business, our customers and end consumers. How we work in teams. How we connect to the market. What our customers value and what they do not. How we define the role of pricing in the business. It will be a rollercoaster through every emotion imaginable. Scary and disruptive. But also, transformative.
Q & A
How can we help you
In the face of unprecedented magnitude and a rapidly accelerating pace of disruption, leaders must not only have domain expertise, but also be resilient and adaptable. If your commercial executives and pricing leaders are defensive about pricing issues or are more comfortable reinforcing the status quo, then you need to take a fresh look at what’s required for success. Our research-based, predictive Success Profiles identify the vital leadership attributes needed for success in commercial executive roles and price leadership roles. Taylor Wells HR Hub holds a library of Profiles for all dimensions of pricing and commercial roles including for value based price leadership roles. We can work with you to develop a customised profile for business transformations, specific pricing projects, commercial initiatives, system implementations, roles or levels within your commercial function. They will be aligned to your strategy, culture and business priorities.
Now is the perfect moment to observe what leaders do when they don’t know what to do. Seeing your leaders behave during times of change may have yielded some surprises and disappointments. Now is the time to re-assess them using updated criteria aligned to your new business priorities, through formal assessments and talent discussions. What are their skills and knowledge gaps? Can they take feedback? How quickly and willingly have they unified around a shared purpose? How willing are they to learn new skills? Are they good leaders? Do they care for their team? How easily have they been able to pivot: to change direction without losing momentum? As you accelerate through the turn, how capable will they be of energising a change-fatigued organisation using their expertise, style, positivity, and optimism?
We have adapted our world-class assessments and research-based talent reviews to be delivered online and virtually. Recent research by Taylor Wells proves that our online pricing and commercial assessments deliver comparable participant experience, predictive power, and developmental value for individuals and their organisations as face-to-face equivalents.
The global uncertainty created by Covid is having a unique impact on succession plans and talent pipelines in pricing and commercial functions. What are the skills and traits you need to look for in commercial executives? Do you need to assess the level of burnout and panic of your leaders before you assign new projects and accountability? Who is demonstrating exceptional leadership and enabling teams during this difficult time? During this time, you will find commercial executives and pricing leaders who are rising to the occasion; making tough decision, taking action and getting difficult work done. At the same time, you’ll be finding those who are doing the opposite; waiting for tasks, procrastinating, hedging their bets, or simply floundering under changing remits. You want to find exemplary employees emerging from this crisis as they will be your value assets for the business now and over the next 2 years. One top of this, you’ll probably find that some key roles in pricing and commercial are taking on new visibility and meaning. Which means you need to redefine old roles, find out who can do more complex knowledge work and get the right people assigned to key roles.
Our team is working closely with clients to quickly review their pricing situation, assess their pricing leaders and teams and respond with a cogent plan to accelerate the ROI on pricing for the immediate future and beyond. Identifying and deploying the best leaders now (and their likely successors) for your most critical commercial and price leadership roles may mean thinking very differently about what and who is essential. The cost of poor leadership is untenable, and trusting only your instincts heightens risk. Taylor Wells provides expertise, objectivity and experience to help you make the best talent and team planning decisions in this time of uncertainty.
Our research shows that next generation pricing leaders are very different to the finance based pricing managers of the past. But, when we looked at our database of pricing skills and leadership assessments we found that these new breed of pricing leaders are in very short supply. Less than a quarter of pricing leaders now are leaders of the future – leaving at least 70 percent in urgent need to develop future-ready skills. So, where do you start?
Technology, customers, competition and disruption has and will continue to change the nature of pricing work. Pricing leaders are now finding themselves in the biggest experiment of their careers. Now is the time to update your leadership development programs for pricing professionals to reflect this new reality. We can help you shift your program design using webinars, eLearning, and virtual classroom experiences to accelerate the development of key talent pools. Alternatively, we can work with you to build a completely bespoke development program to suit yours and the teams development needs.
Helping your pricing leaders to develop a value mindset will take time. So, if you have immediate gaps in your pricing or commercial departments, you will need to acquire them. And with so few on the market this could be challenging. We can identify and attract these unique pricing leaders, assess for individual pricing capability and organisational fit, and build appropriate frameworks for capability building, performance management, compensation and retention.
Pricing Insights at your fingertips
In our hands it’s more than just data. We use it to build the DNA of outstanding pricing leaders, effective organisations, high performance cultures and game-changing reward and teambuilding programmes. In your hands it can continue to inform smarter pricing and people decisions backed by more than 1 million data points, including:
– Over 7,000 thousand assessment results
– Hundreds of employee engagement survey responses
– Rewards data for thousands of employees across hundreds of organisations and UK, EU, USA, CH, SA, AF, ANZ.
Our thinking & approach
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Questions? Call 02 9199 4523 To speak to a Taylor Wells representative or complete the form above.