The world has changed. Radically new technologies, new forms of working, new customs, new standards, and the gamut of changes spurred on by the "new normal" have drastically changed the modern day workplace.

Successful change management starts with people and without the proper approach, we risk losing both money and talent.

Across 35 years of professional experience, I have adhered to a few principles of management which are more relevant today than ever before:

WORK-LIFE BALANCE 

For far too long has the myth been perpetuated that work-life balance is a first-world concept and people in Bangladesh do not place as much value on it. On the contrary, the new generation puts a premium on making this balance work for them and will not choose to work in an organization which does not care about helping them manage it.

However, beyond just retention, fostering better work-life balance is an excellent business decision for organisations as employees who do not take proper breaks are widely known to be less efficient, harder to work with, less likely to be problem solvers and more prone to mental health issues.

Proper breaks, a maximum end-time for office each day, an effort to find solutions in times of conflict between work and family life, and placing a premium on helping employees find humane solutions to their problems are hallmarks of a modern day, people and productivity centric company.

GROOMING TALENT

Employees today look for an organisation which will be able to equip them for a career and not just for a job.

In the banking sector, it has become a common trend to see employees trained in a very narrow function without the ability to solve problems and take decisions.

Managers must make a conscious effort to diversify the range of experiences their employees are exposed to and groom those who perform best into future leadership roles. This is important not just to retain employees but also crucial to ensure that employees are able to create greater value for the organisation.

In banks, where decision making is becoming more important every day, it is an essential skill that managers must both teach and promote.

CREATING OPPORTUNITY AND OWNERSHIP

It is a common misconception that some people take ownership of their work and therefore are innately better employees. This is a costly mistake as a lot of talent is lost out on.

In a work environment where employees can see the bigger picture, are given praise for good work or constructive criticism for failing to meet expectations, and receive better opportunities if they are doing a higher quality of work than their peers, it will be much more likely that they would be motivated to take ownership of their responsibilities.

However, banks often fail to identify and reward those who are the best at their jobs. This means there is no reward for improving the way how our banking sector functions now.

Rewarding employees who improve system processes and make the organisation more efficient must be a cornerstone of banks in Bangladesh.

MEETING THE NEW NORMAL

It would be wrong to think that Covid-19 pandemic is the first time that the normal way of working has been disrupted.

Although the social distancing measures enforced throughout the past year has enhanced the use of video meetings and remote working, change in the way people work in large organisations is a constant process.

Mandatory physical presence at the office, requiring staff to stay back at work and frowning on flexible work arrangements are old world practices exhibited at companies which have not embraced change.

So, we should concern ourselves only with worker productivity and finding the right tools to motivate people.

DIVERSITY AND INCLUSION

Diversity must be pursued in each organisation, not just for diversity's sake, but with the firm belief that it drives better business decision making and outcomes.

Finding like-minded individuals might create an easier team to manage but diversity gives way to different perspectives.

Consequently, employees in a company with higher workplace diversity will have access to a variety of skills and experiences, which is important when it comes to planning and executing a business strategy.

As managing partner of PricewaterhouseCoopers (PwC) Bangladesh, I realised that a reason for PwC's rapid growth in the country has been the concerted focus on hiring talented women who have driven both decision making and client delivery.

Besides, they bring a set of skills and viewpoints that have proven invaluable to PwC, providing a differentiated level of service in the market.

RETENTION OF TALENT

Employee retention is a competitive differentiator. Organisations focus on attracting the best talent and promise major rewards for joining them but fail to retain these individuals. It is far more important to retain the talent you have trained after efforts made in grooming and training them.

The youth of Bangladesh are ambitious, driven, outspoken and expect to find purpose in the work they perform.

This is exactly where managers come in as they can provide a platform to help workers avoid everyday challenges and also let them know that help is available if needed.

This can range from allowing them to relax during extended periods of stress to simply helping them out with a particular function.

PwC has an initiative called "Pens Down", which is a firm-wide day off to ensure all employees take a well-deserved break.

Far too often, organisations feel monetary compensation will be sufficient to retain talented staff. However, it is challenging, purpose-driven work in an environment geared towards growth and personal responsibility under a manager who cares enough to nurture them that is the biggest determinant.

Our managers and leaders need to equip themselves with the right skills to help lead change with the right mind-set and expectations when faced with change. Change will no longer be daunting if it is well managed and the desired outcomes for businesses can be achieved.

The author is a managing partner at PwC Bangladesh. This piece is an excerpt of a recent lecture given to the operations managers of a leading private sector bank.