Thriving Amidst Change: Mastering Adaptability in a Fast-Paced World

In the mid-2000s, as a leader at a credit union, our executive team would annually travel offsite with the board of directors for a retreat to review and refine our strategic plan. Back then, it was common to develop plans extending 7-10 years into the future. We’d review market data, conduct a SWOT analysis, and leave the session with our core initiatives to focus on for the year and beyond. Each planning year was more about adjustment rather than reinvention. 

Just like the typical transactional leadership style of the past is no longer relevant today, many of the traditional practices of even a couple of decades ago are ineffective in today’s volatile world. 

The pace of change is so rapid, that leading in today’s world requires more agility, resilience, and flexibility than ever before. Yet in many interactions with my clients, I am hearing a narrative around change that is inaccurate, and not at all in line with the reality of running and leading a business in today’s world. 

Long-term strategic plans and annual budgets that are set for the year are not effective in this business environment. In today’s rapidly evolving landscape, leaders and employees must embrace agility and adaptability, responding swiftly to change and shifting demands.

Our approach to discussing change must evolve as well. Change isn’t a temporary challenge to overcome and then move past; it’s a continuous, ever-present part of our daily lives. Yet many leaders are still talking about change and volatility as an event we need to tolerate until things get back to the way they were. 

Have you heard leaders or employees in your credit union say anything like this lately?

• “When things get back to normal.”
• “When we get through this major project, things will calm down.”
• “This is just a busy time; things will settle down soon.”
• “When the new system is fully implemented, everything will stabilize.”
• “We’re just in a transition period; things will get back to normal afterward.”
• “Once the dust settles, we can get back to the usual routine.”

As leaders, we must rethink our narrative about change. Rather than reassuring employees with the idea that change is temporary or something to be feared, we should focus on guiding our teams effectively through the continuous change that defines today's environment.

The reality is, leaders and employees need to adapt faster and be more agile in their work. We can guide our employees through this “new normal” by shifting our language to reflect a modern, flexible, adaptive organization. Our job as leaders is to remove obstacles, facilitate results through coaching, and provide the encouragement and resources for our employees to not just survive, but thrive amidst change.  

If you think things will “get back to normal” soon, consider these statistics on how companies, and even universities, are becoming obsolete because they didn’t adapt fast enough to change. 

• 88% of the original Fortune 500 list (the list was started in 1955) are out of business. (American Enterprise Institute)
• 52% of the companies on the Fortune 500 list in 2000 are no longer in business. (KPMG)
• Colleges are closing at a pace of one per week. (The Washington Pos, April 26, 2024) 

Company lifespans are shrinking: 

• 1964—average company lifespan was 33 years
• 2016—average company lifespan was 24 years
• 2027—predicted average company lifespan is 12 years

          Source: Innosight

If you’ve been in the workplace for more than two decades, you experienced a time of working in a stable, predictable environment with lower turbulence to a time of rapid change, higher turbulence, and faster technological advancements. 

From a leadership perspective, we can’t lead and operate like we used to. The tools that worked for many years like traditional strategic planning and project management no longer work in today’s environment. Even budgets need to be adjusted throughout the year to reflect new information and changing market conditions. Leaders need to redefine our practices to be relevant in our current environment. Relying on outdated tools and practices won't just hinder your credit union’s success; it could jeopardize the very survival of your organization.

Here are four ways to cultivate a culture of agility, adaptability, and resilience:

1.    Change the narrative. As leaders, shift from old thinking (“when things get back to normal”) to modern thinking (change is constant, and we need to build our skills to adapt, flex, and change). How you approach and model change has a big impact on how your employees will navigate it. Avoid saying things like:

• Change is hard
• People don’t like change.
• Why fix what isn’t broken?
• We’ve always done it this way.
• It’s easier to stick with what we know.
• Change always comes with too many unknowns.

These phrases perpetuate negative thinking around change (fixed mindset) rather than approaching change as normal and a learning opportunity (growth mindset). 

2.    Update your processes. This is easier said than done, however, it is crucial to evaluate your practices and upgrade how you approach strategy, budgeting, project planning, hiring, technology, and every other practice and function in your credit union. Our organizational practices need to align with a fast-paced environment, and if not adapted, our organizations will struggle and be left behind. For example, one of my clients recently shared that it takes them four weeks to sift through resumes for job postings, and then the resumes are sent to the hiring manager, who is often overwhelmed and too busy to schedule interviews, which delays the process even longer. This hiring process may have worked two decades ago, but this company will continue to lose excellent talent if they don’t streamline their process and become more responsive. 

3.    Reinforce and encourage innovation, transparency, and differing views. You have talented employees in your organization who have different perspectives and knowledge based on their positions in the organization. In today’s fast paced environment, it’s crucial to tap into their brilliance, knowledge, perspectives, and concerns so that you as a manager or executive can make informed, timely decisions. Reinforce and reward when employees speak up (especially with differing viewpoints), share perspectives, and create better ways of working. Encourage diversity of thought and approach. Reward risk taking, review lessons learned, and readjust approaches based on these experiences. Model transparency, and encourage others to be transparent with their experiences, ideas, and concerns. 

4.    Reinvent before the decline. Research shows that most companies wait to reinvent until there is a decline in business, yet the way to continue to grow is to reinvent before the decline. This means that organizations need to consistently evaluate their practices and enhance and change when things are going well. Get in the habit of regularly asking, What is working well? What is not working well? What do we need to adapt in this project/process/plan to stay relevant? What are emerging trends, and what does this mean for our credit union? How do we need to adapt and evolve based on these trends? Even if something is working, how do we make it better?

To succeed in a world of constant change, it's crucial to begin by shifting your mindset, narrative, and approach within your credit union. This foundational step is essential for ensuring your credit union's success both now and in the future.

Laurie Maddalena, MBA, CSP, CPCC, is a certified executive coach, leadership consultant and founder of CUES Supplier member Envision Excellence LLC in the Washington, D.C., area. Her mission is to create exceptional cultures by teaching leaders how to be exceptional. Maddalena facilitates management and executive training programs and team-building sessions and speaks at leadership events. Prior to starting her business, she was an HR executive at a $450 million credit union. Contact her at 240.605.7940 or info@lauriemaddalena.com