Business transformation: what’s the story?

Business transformation is now business as usual. Daniel Vergara González, Managing Director at Robert Half’s Executive Search practice in Germany, explains what that means for executive leaders – and why storytelling is a powerful force during times of change.

Businesses have always experienced cycles of change. The number of ongoing crises, compounded by new technology, makes it feel like the world is moving further and faster than before. According to Robert Half’s Boardroom Navigator 2023, the top skills needed for business growth are communication skills, previous experience and technical knowledge. They are important for executive leaders, because change does start at the top and needs to be communicated with confidence, pragmatism and honesty.

Stories help people visualise the future by engaging with their emotional experience, which is vital to encourage and sustain new ways of working; they also provide a reference point for people’s role in the change process, which can motivate individuals and teams towards a common goal. The problem: just 12% of private equity investors, and 20% of boards, believe storytelling is an important part of the process.

Why stories matter

The best leaders are people-driven, show empathy and possess high levels of emotional intelligence; they have the tools they need to tell powerful stories. In a market where there is a shortage of skills and candidates, they can use stories about the future to encourage people to join a business, or to stay.

Investors could also benefit from this approach. Their portfolio businesses are experiencing growth and operational change. Stories can help their portfolio executive teams to paint a picture of transformation: why it matters, the journey, the benefits, and everyone’s role.

Storytelling will also come to the fore with AI. The technology can already work quickly with words and data, but needs human input to get results. Stories which allow people to see the value of their skills will be powerful. They will help to reduce the fear associated with AI and invite curiosity and creativity instead.

Narrating the future of business

Business transformation is now business as usual; the difference this time: the drivers of change are exponential. The past three years have proved how quickly business can change and grow, and the arrival of artificial intelligence promises a similar script. Executive leaders can rely on their previous experience of change to some extent; their technical knowledge will help. But their ability to communicate through stories, and help employees visualise the future, will be vital.

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