Canadian HR Reporter

CANADIAN HR REPORTER JUNE 2018 FEATURES 25 HR TECHNOLOGY Finding leaders for blockchain tech To embrace newest technologies, boardrooms require disruptive visionaries By Yanouk Poirier W ith blockchain and other "fintech" set to transform many in- dustries, it's in the boardroom that organizations need to pre- pare for the disruptive challeng- es ahead. Senior leaders require new skill sets not only to tackle the threats, but to harness the wealth of opportunities offered by these technologies. This raises some important questions about how organizations identify the quali- ties they need at the C-suite level. Understanding blockchain Blockchain is among a growing list of technologies that corporate leaders need to come to grips with. Essentially a digital ledger, block- chain stores, manages and trans- mits records known as blocks. e system was originally invented to record transactions made in the bitcoin cryptocurrency. Each block contains a time- stamp, and a new block can only be authorized by following strict protocols. Accessible and easily distributed, blockchain is crypto- graphically secure and inherently resistant to modification and cor- ruption. It serves as an indelible and transparent record for all transactions, providing proof of who has owned what at any time. Blockchain is causing quite a stir in the financial services sector because of its potential to improve the efficiency and security of transactions, simplify compliance, and ensure privacy and anonymity. For example, by dispensing with the need for a middle person in processing transactions, it could mean the two billion people in the world who don't have a bank account could have access to the financial services they need. e ability to immediately and securely transfer funds also creates opportunities for new businesses. Blockchain could be used to track car and property ownership or up- date medical records, for example. In short, it could radically alter the way customers, vendors and em- ployees deal with each other. is will mean old business models will need a rethink to ensure they're still relevant. Boardroom competencies Organizations should be prepar- ing for blockchain and other dis- ruptive technologies by ensuring they have leaders in place with the capability to embrace them. Responding to these changes requires a new approach to lead- ership so change is driven from the top. e board should not only be aware of the potential of new tech- nologies, but be ready to adapt in a fast-changing environment. is requires core competen- cies in change management, in- novative thinking and the ability to drive values and build trust. Leaders need the ability to not only set strategy, but gain buy-in across every level of the organization. Collaboration and creativity will therefore be core strategic characteristics required by leaders and managers if an organization is going to compete, survive and thrive in this new business landscape. Digital leadership We're now moving into a new phase of digital leadership — lead- ers with disruptive vision who delegate authority, ferment new cultures, and understand that everything is about client-centric execution based on constant in- teraction and experimentation with customers. Digital leadership is an ap- proach born during the dot. com boom when the new wave of digital corporate giants dra- matically redefined strategy and management. It's a culture that relies on agile management and leadership prin- ciples that allow more decisions to be made at the lower levels of an organization through delegation of responsibility and authority to small teams. It's a method of leadership that features collaboration and transparency for unrestricted communication, real-time prob- lem-solving and fast-paced cre- ative thinking. Digital leaders are often seen as coaches, creating the conditions for their teams to outperform. Digital leadership in Silicon Valley has proved so successful that leaders in traditional orga- nizations now have to integrate this new approach as a matter of survival. Of course, leaders rarely de- pend on just one leadership style and they will need the flexibil- ity to combine digital leadership with other styles, such as more traditional authority leadership involving greater direction, less delegation and an expectation of loyalty, and performance leader- ship — typically based on build- ing a strong team aligned to a clear market vision. A useful complement to digi- tal leadership is the concept of an advisory board or commit- tee to help C-suite leaders make key strategy decisions. is can bring fresh perspectives on new problems and challenges, assist in the hiring of key players, act as a sounding board on big projects and provide a complementary network of contacts. Above all, adapting to techno- logical change requires talent that can create value — ultimately, this is all that matters to the people most important to the bottom line: e customer. Yanouk Poirier is global lead for technology, media and telecoms at executive search firm Penrhyn International, and managing partner at Leaders International, Penrhyn International's member firm in Canada. He can be reached at yanouk. poirier@penrhyn.com or for more information, visit www.penrhyn.com or www.leadersinternational.com. 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