The trigger
The trigger for me to start writing on the subject of being relevant is the world economic report that states
- By 2025, the work hours performed by machines will match the time spent working by human beings.
- 85 million jobs may be displaced, while 97 million new roles may emerge.
- 43% of companies surveyed indicate they are set to reduce their workforce due to technology integration
What is more interesting is
- 50% of all employees need re-skilling
The trigger for me to start writing on the subject of being relevant is the world economic report that states
- By 2025, the work hours performed by machines will match the time spent working by human beings.
- 85 million jobs may be displaced, while 97 million new roles may emerge.
- 43% of companies surveyed indicate they are set to reduce their workforce due to technology integration
What is more interesting is
- 50% of all employees need re-skilling
Creating value to eco system
Creating value to eco system
I call the individual who creates continuous value to the ecosystem consisting of clients and colleagues as Relevanist, the journey they go through as Relevanism.
Relevanism is a journey, not a destination.
Most often you would have experienced, people who create value for the organization are the ones who get incentivized in terms of exposure, pay hike, promotion, rewards etc. How can you become a value creator holds key to not only surviving but thriving in the workforce.
Therefore, understanding what 𝐜𝐫𝐞𝐚𝐭𝐢𝐧𝐠 𝐯𝐚𝐥𝐮𝐞 means is fundamental to understanding our success.
For many years value creation practiced by the businesses is focused on “Maximizing shareholder value”. It is redefined during 2019 US Business roundtable, scope got extended to customers, employees, suppliers, communities (including the physical environment), and shareholders. “1
When I researched, I found value creation can mean many things like efficiency gain, time savings, quality improvement, affordability, convenience, accessibility the list goes on. All lead to retention and new customer acquisition, employee satisfaction, profitability, and commitment to society.
I was looking for a set of finite parameters using which we can define value creation across all these industries. Once you have this list you can align your effort in terms of learning and its implementation surrounding these parameters.
Sustained focus on a few parameters is easier than chasing too many parameters. This I strongly believe will make the person a value creator and hence relevant to the ecosystem.
Therefore, the goals I set myself are:
- Discover common parameters of value creation. I call these parameters Pearls of Relevanism
- Pearls of Relevanism should be applicable industry agnostic. In other words, it should apply across industries.
- Pearls of Relevanism should be a finite set, not more than 10.
- Should be able to explain Pearls of Relevanism within 15 minutes
With these goals, I set out to work. The day I discovered Pearls of Relevanism I was excited!!! I ended up with Six instead of 10!
I strongly believe the continuous focus on these parameters in day-to-day work, defining them as the outcome of your learning will make you Relevanist (continuous value creator) in the industry for a long period of time. When more people in the organization adopt this approach, the organization will grow and thrive … continuously.
I will share Pearls of Relevanism and how it applies across industries in my next post on 23-Jan-22
Acknowledgments
Thank you very much Ponnambalam for naming my endeavour as Relevanism
Thanks, Chandra for your valuable time and Patience in listening to my ideas and giving constructive feedback.
Thanks to all who have read, liked, commented, rehashed my post.
References
𝐂𝐫𝐞𝐚𝐭𝐢𝐧𝐠 𝐯𝐚𝐥𝐮𝐞 𝐭𝐨 𝐞𝐜𝐨 𝐬𝐲𝐬𝐭𝐞𝐦 - 𝐏𝐚𝐫𝐭 2 (𝐏𝐞𝐚𝐫𝐥𝐬 𝐨𝐟 𝐑𝐞𝐥𝐞𝐯𝐚𝐧𝐢𝐦𝐬)
In my last post, we saw value creation is important for success. I outlined 6 parameters which I call Pearls of Relevanism are most import for value creation.
Examples given this post are from business perspective. Will write more on individual perspective in subsequent posts. Here is the explanation of the Pearls.
Pearls of Relevanism are:
- Speed
- Convenience
- Trust
- Cost
- Resilience
- Agility
Let me define them individually,
Speed: Reduce customer wait time.
Convenience: Comfort: Availability anytime, anywhere, usability and accessibility
Trust: Fundamental to any business: Quality, Compliance, Certainty, and Consistency
Resilience: Solid risk management: ability to deal with challenges (foreseen& unforeseen), delivery on the commitment during challenging times
Agility: The ability to adapt and thrive with changes in the marketplace, Transformation & Change
Cost: Affordability
Value to business gets created by improving on speed, convenience, trust, resilience, and agility of the business at an affordable cost.
Example:
Industry | Speed | Convenience | Trust | Cost | Resilience | Agility |
Banking | New account opening in 1 hour | Mobile banking | Regulatory compliance. Adherence to client contracts | Nominal fee | Overcome hits on balance sheet due to fraud, bad investments, bad loans etc | Implement Human-machine hybrid work force |
Hospital | Reduction of post-surgery recovery period | Tele-medicine | Highest success rate of recovery | Nominal cost for treatment | COVID time – how to maximize number of patients severed | Introduction of robotic surgery |
Retail | Delivery of grocery in 30 minutes | Order the product whenever I want and deliver where ever I want | Delivery of zero-defect products | Affordable price | Maintain delivery SLA during peak order seasons | Brick and motor to e-commerce business |
In my subsequent posts, I will explore individual and corporate success stories based on Pearls of Relevanism.